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The diamond market is going through one of the most significant periods of change in recent decades. A combination of economic pressures, changing consumer behaviour, increased competition from laboratory-grown diamonds and a prolonged correction in diamond prices has created opportunities for buyers that would have been difficult to imagine only a few years ago.
For consumers, this raises an important question:
Could now be the time to buy the diamond you have always wanted?
The answer depends on what you are buying, but there is no question that today’s market offers buyers an opportunity to access diamonds at substantially different price levels from the past.
Economic Conditions Have Changed the Diamond Market
Diamonds are not immune to the broader economy.
Higher interest rates, increased living costs, weaker consumer confidence and pressure on household budgets have all affected discretionary spending, including luxury jewellery. At the same time, retailers and dealers have had to manage inventory more carefully as demand has changed.
But the diamond market is facing another major structural change: the rapid growth of laboratory-grown diamonds.
Laboratory-grown diamonds have the same basic chemical and physical characteristics as natural diamonds, but they can be produced at scale. The resulting price competition has dramatically changed consumer expectations.
Recent market reporting highlights just how far laboratory-grown diamond prices have fallen, with wholesale prices in some segments reaching around US$100 per carat.
Natural diamonds have also experienced significant price pressure. Rough diamond prices have fallen sharply, with Anglo American’s CEO recently acknowledging that the industry underestimated the competitive threat posed by laboratory-grown diamonds.
This does not mean every diamond has fallen by the same amount. Diamonds are not commodities where one price applies to every stone. Shape, carat weight, colour, clarity, cut, fluorescence, proportions, provenance, certification and overall appearance can make enormous differences to value.
That is precisely why expert advice matters.
Falling Prices Can Create Opportunity
For someone who has been considering purchasing a diamond, a falling market can be an opportunity rather than a reason to stay away.
When prices are under pressure, buyers can sometimes find exceptional diamonds at considerably more attractive prices than they could previously.
But there is an important distinction:
A cheap diamond is not necessarily a bargain.
The real opportunity is finding a high-quality diamond at a price that represents genuine value.
This is where diamond knowledge becomes critical.
A stone that appears inexpensive may have compromises in cut, proportions, clarity, colour, fluorescence or other characteristics that affect its beauty and value. Two diamonds with apparently similar specifications can look very different and have very different market values.
The challenge for consumers is therefore not simply finding the lowest price.
It is finding the right diamond at the right price.
Natural or Laboratory-Grown, Know What You Are Buying
Today’s consumer has more choice than ever.
A natural diamond represents a geological creation that formed deep within the earth over millions or even billions of years. A laboratory-grown diamond is created using advanced technology and has essentially the same chemical composition and crystal structure as a natural diamond.
Neither choice should be made simply because one is cheaper.
The right choice depends on what the diamond means to you, your budget, your priorities and what you expect from the purchase.
And with laboratory-grown diamond prices falling so dramatically, consumers need particularly good advice about pricing and long-term value.
Understanding what you are buying is more important than ever.
This Is Where the DCLA Diamond Exchange Can Help
For anyone considering buying, selling, upgrading or trading a diamond, the Diamond Certification Laboratory of Australia (DCLA) in Sydney provides access to an extraordinary depth of diamond expertise.
DCLA is Australia’s internationally accredited diamond grading laboratory and provides independent certification for both natural and laboratory-grown diamonds. Its Sydney laboratory works with buyers, sellers, jewellers, insurers and the wider diamond trade.
The DCLA’s expertise extends far beyond simply looking at a certificate.
Its founders and team have experience across the diamond industry, including rough diamonds, cutting and polishing, trading, grading, certification and jewellery. That industry knowledge provides an important perspective when assessing a diamond’s characteristics and market position.
More Than a Certificate
A diamond certificate tells you what a diamond is. Expertise helps you understand what that information means.
The DCLA can help consumers understand the differences between diamonds and identify the characteristics that can make one stone a better purchase than another.
Its diamond search service allows buyers to consider diamonds by shape, carat, colour, clarity, cut, fluorescence, laboratory certification and budget helping turn what can otherwise be an overwhelming purchase into an informed decision.
And for the diamond trade, DCLA has become a trusted resource when jewellers and dealers need independent grading, verification, valuation or professional assistance.
The Go-To Resource for Diamond Knowledge
The diamond industry is changing rapidly.
Natural diamond prices have been under pressure. Laboratory-grown diamonds have transformed the market. Consumers have more choices, more information and potentially greater buying power than they have had for many years.
But greater choice also creates greater complexity.
This is not necessarily the time to buy the cheapest diamond. It may be the time to buy the best diamond you can find at the right price.
That requires knowledge.
From mining and rough diamonds through to cutting and polishing, grading, certification and jewellery, the DCLA brings together decades of industry experience under one roof.
For consumers looking for a diamond, jewellers sourcing stones, or members of the trade who need professional advice, the DCLA Diamond Exchange in Sydney is a place where knowledge, experience and independent expertise can make a genuine difference.
In a changing diamond market, having an expert on your side could be the most valuable part of the purchase.
Diamond prices vary significantly according to individual characteristics, market conditions and certification. A fall in general market prices does not mean every diamond has fallen by the same percentage. Professional assessment is recommended before purchasing or selling a diamond.
Jewellery has always been more than an accessory. The right gemstone, cut or design can become part of a person’s identity and when that person is a globally recognised film star, athlete, musician or public figure, the jewellery can become famous in its own right.
For jewellery brands, this presents an extraordinary opportunity.
A celebrity does not necessarily need to create an entire jewellery collection. Sometimes, one distinctive gemstone, one unusual cut, one ring shape or one recognisable design can be enough to create a lasting association between the individual and the jewel.
The history of jewellery is filled with examples of this phenomenon.
Elizabeth Taylor and the Power of the Emerald
Perhaps the greatest example is Hollywood icon Elizabeth Taylor.
Taylor’s extraordinary relationship with jewellery, particularly Bulgari, helped transform individual jewels into cultural icons. During the filming of Cleopatra in Rome, Taylor became a passionate Bulgari client, and her relationship with Richard Burton became intertwined with some of the most famous jewels of the twentieth century. Bulgari itself describes Taylor as one of its most important celebrity admirers.
Her emerald and diamond jewels became particularly associated with her image.
One famous example was an emerald ring Richard Burton gave Taylor while they were filming Cleopatra. The ring featured an octagonal step-cut Colombian emerald and later became part of the celebrated Taylor jewellery collection.
Taylor demonstrated something fundamental about jewellery marketing:
People don’t always remember the technical specifications first. They remember the story.
Elizabeth Taylor + Richard Burton + Cleopatra + Bulgari + emeralds became a powerful combination of romance, Hollywood, wealth and glamour.
Princess Diana and the Sapphire Revolution
Another extraordinary example is Princess Diana’s sapphire engagement ring.
When Diana appeared publicly with her oval blue sapphire surrounded by diamonds in 1981, the jewellery world changed. The ring became one of the most recognisable engagement rings in the world and generated enormous demand for similar sapphire-and-diamond designs.
Today, the ring is worn by Catherine, Princess of Wales, giving the design another generation of visibility.
The lesson for jewellery brands is profound:
A celebrity or public figure can take an existing gemstone and give it a new cultural meaning.
Sapphire did not become valuable because of Diana. It was already a precious gemstone.
But Diana helped make a particular shape, colour combination and design language extraordinarily recognisable.
The Shape Can Become the Brand
The opportunity does not have to be limited to a gemstone.
A jewellery brand could potentially build an identity around:
An oval sapphire
A pear-shaped diamond
An emerald-cut diamond
A cushion-cut ruby
A particular halo design
A distinctive three-stone ring
A recognisable tennis bracelet
A signature necklace
A particular combination of gemstone colours
A unique setting or silhouette
The objective is to create visual recognition.
Imagine, for example, a famous athlete consistently wearing a distinctive emerald-cut diamond ring. Over time, fans begin associating that shape with the athlete.
The brand can then develop a collection around the same design language available in diamonds, sapphires, rubies and emeralds at different price points.
The celebrity becomes the storyteller.
The jewellery becomes the symbol.
Sport Can Be Just as Powerful as Hollywood
The opportunity extends well beyond actors.
Elite sportspeople have enormous global audiences and, increasingly, their personal style has become part of their public identity.
A footballer, basketball player, tennis champion or Formula 1 driver could collaborate with a jewellery house to develop a signature piece.
For example, a sports personality might choose a particular gemstone representing their nationality, birth month, team colours or personal journey.
An Australian sporting personality could build a collection around Australian sapphires.
A tennis champion might create a collection based around a distinctive tennis-bracelet concept.
A footballer might develop a diamond motif incorporating a number, symbol or shape associated with their career.
The commercial opportunity comes from turning personal identity into a repeatable jewellery design.
Couples Can Create Jewellery Stories
Celebrity couples offer another powerful opportunity.
A famous couple can make a particular jewellery style part of their shared identity an engagement ring, matching bracelets, eternity rings or a signature gemstone.
The story becomes emotional rather than purely commercial:
“This is the stone we chose.”
That story can then be translated into a jewellery collection.
The same principle was demonstrated spectacularly by Elizabeth Taylor and Richard Burton. Their relationship was repeatedly associated with extraordinary jewellery gifts, including emeralds, diamonds, sapphires and other important gemstones. Taylor’s collection eventually became so famous that her 2011 auction at Christie’s set records for a jewellery collection.
The Modern Influencer Creates a Different Opportunity
Social media has fundamentally changed this model.
A traditional celebrity might influence millions of people through a film, television appearance or red-carpet event.
An influencer can potentially influence an audience every day.
That creates an opportunity to introduce a jewellery design repeatedly:
Wear it. Photograph it. Explain it. Tell the story. Repeat it.
Over time, the audience becomes familiar with the design.
This repetition is important. A jewellery icon is rarely created from one photograph.
The Princess Diana sapphire ring is a perfect example. Its influence has continued for decades because the design has repeatedly appeared in public life and has been passed from Diana to Kate.
The DCLA Perspective: Why Identification Matters
For the jewellery industry, however, celebrity influence must be matched by gemmological credibility.
If a celebrity launches a “signature emerald”, for example, consumers need to know exactly what they are buying.
Is it a natural emerald?
Is it treated?
Where did it originate?
What is the colour and clarity?
How has it been graded?
Likewise, if a celebrity promotes a particular diamond shape or quality, the consumer should be able to distinguish between marketing language and objective gemmological information.
This is where an independent laboratory such as the Diamond Certification Laboratory of Australia (DCLA) can play an important role.
A celebrity may create the desire.
A jewellery designer may create the product.
But independent gemmological assessment can provide the confidence behind the product.
From Celebrity to Collectible
The ultimate goal is to create something that survives the celebrity.
That is the difference between a celebrity endorsement and a genuine jewellery legacy.
The strongest examples become part of popular culture.
Elizabeth Taylor helped make emerald jewellery synonymous with Hollywood glamour.
Princess Diana helped make the oval sapphire engagement ring an enduring symbol of romance.
Kate Middleton subsequently gave that same design another generation of visibility.
The next generation of jewellery icons could come from an actor, athlete, musician, entrepreneur, influencer or even a celebrity couple.
When buying or commissioning fine jewellery, much of the attention naturally goes to the diamond or gemstone, the design and the craftsmanship. Yet one of the most important decisions is often overlooked: which precious metal should the jewellery be made from?
The choice of metal affects far more than colour and price. It influences durability, hardness, scratch resistance, maintenance, weight, wear characteristics, setting security and how the piece will look after years of use.
There is no single precious metal that is best for every piece of jewellery. The correct choice depends on what the jewellery is, how it will be worn and what demands will be placed upon it.
Pure gold is exceptionally soft. For this reason, virtually all gold jewellery is alloyed with other metals to increase its hardness, strength and workability.
Gold purity is measured in carats:
Gold
Pure Gold Content
General Characteristics
9ct
37.5%
Harder, economical, less rich in colour
14ct
58.3–58.5%
Excellent balance of durability and gold content
18ct
75.0%
Rich colour, high gold content, softer
22ct
91.7%
Very rich colour, considerably softer
24ct
99.9%+
Extremely pure but generally too soft for most jewellery
The World Gold Council notes that alloying gold with other metals increases its durability and can also alter its colour.
This is an important point: a higher carat does not automatically mean a stronger piece of jewellery.
In fact, increasing the gold content generally makes the alloy softer, although the exact hardness depends on the particular alloy and manufacturing process.
9ct Gold — Practical and Affordable
9ct gold contains 37.5% pure gold, with the balance made up of alloy metals.
Its relatively high alloy content can make it harder than higher-carat gold alloys, and it is widely used for jewellery where price and everyday wear are important considerations.
Advantages
Lower material cost
Good resistance to everyday scratching
Available in yellow, white and rose gold
Suitable for many bracelets, earrings, pendants and everyday jewellery
Practical for consumers looking for a lower entry price
Disadvantages
Contains considerably less gold than 18ct or 22ct
Colour can be less rich and saturated
Alloy composition can be important for people with metal sensitivities
Some 9ct alloys can be relatively brittle rather than simply being “stronger”
This last point is important. Hardness and toughness are not the same thing.
A very hard alloy can resist scratching but may be less forgiving when subjected to bending or impact. Jewellery designers therefore need to consider the specific alloy, not simply the carat stamp.
14ct Gold — The Practical Sweet Spot
14ct gold contains approximately 58.3–58.5% pure gold.
For jewellery that is going to receive significant daily wear, 14ct can provide an excellent balance between gold content, durability, appearance and cost.
It is generally harder than 18ct gold, making it particularly attractive for jewellery that experiences continual movement, friction and contact with other objects.
Advantages
Good hardness and wear resistance
More gold content than 9ct
Generally more durable than 18ct
Excellent for everyday jewellery
Particularly useful for bracelets, rings and other pieces exposed to continual wear
Lower cost than 18ct for the same volume of metal
Disadvantages
Less rich gold colour than 18ct yellow gold
Contains more alloy metals
Exact performance depends on the alloy formulation and manufacturing technique
For many jewellery applications, 14ct represents an excellent engineering compromise.
18ct Gold — Luxury, Richness and High Gold Content
18ct gold contains 75% pure gold and 25% alloy metals.
It is a traditional choice for fine jewellery because of its rich colour, high gold content and luxurious appearance.
18ct yellow gold has a noticeably deeper and warmer colour than lower-carat gold, while 18ct rose gold has a softer, more refined pink tone depending on its alloy composition.
Advantages
75% pure gold
Rich, luxurious colour
High intrinsic precious-metal content
Excellent for fine and high-value jewellery
Traditionally associated with premium jewellery
Often preferred for heirloom pieces and important jewellery
Disadvantages
Softer than many 14ct alloys
More susceptible to scratches and dents
Can show signs of everyday wear more quickly
May require more care where continual friction occurs
This does not mean that 18ct gold is unsuitable for everyday jewellery. Far from it.
Rather, the designer needs to understand the application.
An 18ct gold engagement ring can be an excellent choice. But an 18ct gold bracelet consisting of hundreds of small articulated components may experience very different stresses from a simple ring.
22ct Gold — Beautiful but Soft
22ct gold contains approximately 91.7% pure gold.
It has a distinctive, highly saturated yellow colour that is particularly prized in some jewellery markets.
The problem is that the higher gold content also means there is less alloy available to increase hardness and strength.
Advantages
Very high gold content
Exceptional rich yellow colour
High intrinsic precious-metal value
Highly desirable for traditional and cultural jewellery
Disadvantages
Relatively soft
More easily scratched and deformed
Less suitable for delicate settings exposed to constant mechanical stress
Requires greater consideration when used for everyday jewellery
22ct can be beautiful, but it is not necessarily the best choice simply because it contains more gold.
More gold does not automatically mean better jewellery.
Platinum — A Completely Different Metal
Platinum should not be thought of simply as “higher-carat white gold”.
It is a completely different precious metal.
Jewellery platinum is commonly used at around 95% purity, often referred to as Pt950. It is naturally white and does not require rhodium plating to create its characteristic appearance.
One of platinum’s major advantages is its density and wear characteristics. Platinum tends to deform and develop a patina rather than behaving like a softer gold alloy that is progressively worn away.
Advantages
Naturally white
No rhodium plating required
Very high purity
Dense and substantial
Excellent for important gemstone settings
Does not require the same replating maintenance as white gold
Often a good choice for people concerned about certain alloy sensitivities
Disadvantages
More expensive
Heavier than gold
More difficult and demanding to manufacture and repair
Develops a visible patina with wear
Can scratch, although the metal behaves differently from gold
The development of a platinum patina is not necessarily a defect. Many owners actually appreciate it because it records the history of the jewellery.
18ct White Gold vs Platinum
This is one of the most common decisions when purchasing diamond jewellery.
At first glance, the two metals can look almost identical.
They are not.
18ct White Gold
18ct white gold contains 75% gold combined with whitening alloy metals. It is normally finished with rhodium plating to produce a bright, highly reflective white surface. The World Gold Council explains that rhodium plating is commonly used on white gold to create a brighter and harder surface.
The disadvantage is that rhodium is a surface coating.
Over time, friction can wear the rhodium away, particularly on rings and areas that receive constant contact. The underlying white-gold alloy can then become visible, and the jewellery may require professional cleaning and re-rhodium plating.
Platinum
Platinum is naturally white.
There is no rhodium layer that needs to be periodically replaced.
It will still scratch and develop a patina, but the colour of the metal itself remains white.
For consumers wanting the brightest possible white finish, 18ct white gold can be extremely attractive. For those wanting a naturally white metal without rhodium maintenance, platinum has a significant advantage.
The Tennis Bracelet: A Perfect Example of Why Metal Selection Matters
The tennis bracelet is an excellent example of why the metal should be selected according to the engineering requirements of the jewellery, rather than simply its perceived prestige.
A tennis bracelet is not a static piece of jewellery.
It contains numerous articulated links, settings, joints and moving components. Every time the bracelet moves around the wrist, components can rub against one another.
The bracelet can also encounter:
clothing
desks and tables
watches
handbags
other jewellery
skin
accidental impacts
repeated flexing
Over many years, these small movements can add up to significant wear.
Why 14ct Can Be an Excellent Choice
A well-designed 14ct gold tennis bracelet can offer a very good combination of hardness, strength and durability.
Compared with many 18ct gold alloys, 14ct is harder and can be better suited to jewellery that experiences continuous mechanical wear.
This is why a 14ct tennis bracelet can, in practical terms, be a better engineering choice than an 18ct version when maximum resistance to everyday wear is the priority.
However, it would be incorrect to say that every 14ct bracelet will automatically outlast every 18ct bracelet.
The alloy formulation, construction, thickness, setting design, quality of manufacture and maintenance are all critical.
Design and engineering matter just as much as carat.
Hardness Is Not the Same as Durability
This distinction is particularly important for consumers.
Hardness generally refers to a material’s resistance to scratching or indentation.
Durability is broader.
A piece of jewellery must also withstand:
bending
impact
repeated movement
fatigue
deformation
wear at joints
wear around stone settings
A harder material is not automatically tougher in every application.
For this reason, professional jewellery manufacturers select alloys according to the intended use of the finished piece.
The Importance of Jewellery Design
The metal is only one part of the equation.
A poorly engineered piece made from platinum can perform worse than a well-engineered piece made from 14ct gold.
For example, a tennis bracelet should be assessed for:
Link thickness Thin links can wear more quickly regardless of metal.
Setting construction The way diamonds are secured is critical.
Hinge and joint design Movement places continual stress on these areas.
Clasp security A strong bracelet is of little value if the clasp is poorly designed.
Metal thickness around stones Very fine metal can wear through over time.
Manufacturing quality Precision and finishing can make a substantial difference to longevity.
This is why consumers should not judge jewellery solely by the carat stamp.
Other Precious Metals
Silver
Sterling silver is approximately 92.5% silver and is widely used because it is attractive and relatively affordable.
Its disadvantages are that it is softer than many gold alloys and can tarnish through interaction with the environment.
Silver is excellent for many earrings, pendants, fashion pieces and larger designs, but it generally requires more maintenance than gold or platinum.
Palladium
Palladium is a member of the platinum group of metals and has been used in jewellery, including as an alloy in white gold.
It is naturally white and relatively lightweight compared with platinum.
Its use in jewellery varies by market and application, but it remains an interesting alternative for designers looking for a naturally white precious metal.
Maintenance: What Owners Should Expect
Different metals require different maintenance.
9ct and 14ct Yellow or Rose Gold
Generally straightforward to maintain. Regular cleaning and professional inspection are recommended, particularly for jewellery containing gemstones.
18ct Yellow or Rose Gold
Also relatively straightforward to maintain, although the softer alloy can show scratches and surface marks more readily.
White Gold
Requires additional attention because the rhodium plating can wear away. Periodic professional inspection, cleaning and replating may be required depending on how frequently the piece is worn.
Platinum
Does not require rhodium plating. It will develop a patina and can be polished when the owner wants to restore a brighter finish.
There Is No “Best” Precious Metal
The most important lesson for jewellery buyers is that the highest gold content is not necessarily the best choice for every piece of jewellery.
A 22ct gold bracelet may contain far more gold than a 14ct bracelet, but the 14ct piece may be better suited to constant mechanical wear.
An 18ct gold engagement ring may be exactly the right choice for someone who values its rich colour and high gold content.
A platinum ring may be preferred by someone who wants a naturally white metal and a substantial, high-purity material.
A 14ct tennis bracelet may be the more practical choice for someone who wants a bracelet that will tolerate considerable everyday wear.
The correct question is therefore not:
“Which metal is the best?”
It is:
“Which metal is best for this piece of jewellery and the way it will be worn?”
DCLA’s View: Design the Jewellery Around Its Purpose
At DCLA, we believe that understanding precious metals is an essential part of understanding jewellery.
The choice between 9ct, 14ct, 18ct, 22ct gold and platinum should be based on a combination of:
Purity
Colour
Hardness
Toughness
Wear resistance
Design
Stone security
Frequency of wear
Maintenance requirements
Budget
Personal preference
A beautiful piece of jewellery should not only look exceptional when it leaves the jeweller’s workshop. It should be appropriate for the way it will actually be worn.
The best jewellery is where the gemstone, metal, design and craftsmanship are considered as one complete system.
Because when it comes to fine jewellery, more precious does not always mean more durable and the right metal is the one that performs best for its purpose.
This article is intended for general educational purposes. The actual performance of a jewellery alloy depends on its precise composition, manufacturing process, design, dimensions, finishing and method of wear. Consumers should consult a qualified jeweller or jewellery professional when selecting a metal for a particular application.
