Chanel’s $4 Million Diamond Chessboard: A Masterpiece of Haute Horlogerie and High Jewellery

 

In a breathtaking fusion of artistry, craftsmanship, and innovation, Chanel has redefined the traditional game of chess with a spectacular high jewellery creation valued at approximately $4 million.

Unveiled at Watches and Wonders Geneva, the extraordinary chess set forms the centrepiece of Chanel’s Coco Game collection a suite of 14 limited-edition timepieces conceived by Arnaud Chastaingt. Drawing inspiration from the codes and symbolism of games, the collection elevates horology into a realm of playful sophistication and technical brilliance.

The 32-piece chess set is meticulously crafted from ceramic, gold, and an astonishing 9,000 diamonds. Each chess piece is a miniature work of art, representing iconic Chanel motifs such as the Vendôme Column, a mannequin bust, and the lion a symbol closely associated with Gabrielle Chanel. In a deeply personal touch, Coco Chanel herself is portrayed as both Queens, elegantly dressed in her signature tweed suit.

Each figure is fashioned from 18-carat white gold and set with 193 brilliant-cut diamonds. Beyond their sculptural beauty, these pieces conceal a hidden complication a secret watch embedded within the base. Ingeniously designed, the timepiece can be removed and worn as a necklace, suspended from a white gold chain adorned with diamonds and onyx.

The chessboard itself is equally striking. Carved from black obsidian, it is framed by a scintillating border of 516 brilliant-cut diamonds, reinforcing the piece’s status as both a functional object and a collector’s masterpiece.

Elsewhere in the Coco Game collection, Chanel continues to explore the interplay between time and design. The Gabrielle Watch features a diamond-set depiction of Coco Chanel in her iconic white tweed suit, achieved through an intricate “tweed setting” technique. The Gabrielle Long Necklace transforms her silhouette into a refined pendant concealing yet another secret watch.

Additional highlights include the Première Coco Game cocktail ring, where a hidden dial is revealed by rotating a diamond, and the Première watch, whose bracelet is adorned with tiles spelling out the Chanel name a subtle nod to the maison’s enduring identity.

This remarkable collection is not merely about timekeeping; it is a celebration of heritage, creativity, and the enduring allure of diamonds where each piece tells a story as timeless as the brand itself.

Source: DCLA

Diamond Prices Crash to Lowest Level This Century: Structural Reset Shakes Global Market

 

The global diamond market is undergoing one of its most severe contractions in modern history, with prices falling to their lowest levels this century. What began as a cyclical downturn has now evolved into a structural correction, driven by shifting consumer behaviour, rising synthetic supply, and a recalibration of global luxury demand.

Industry participants are describing the current environment not simply as a “dip”, but as a full repricing of diamonds across multiple categories from small melee stones through to larger certified gems.

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A Century Low in Real Terms

While diamond markets have experienced volatility before, the current decline is being widely characterised as unprecedented in scale when adjusted for inflation and long-term price baselines.

Polished diamond prices have fallen sharply across most categories, with mid-range stones seeing the steepest erosion. Even traditionally resilient segments such as one-carat GIA certified stones have not been immune.

Market dealers report that in many trading hubs, prices are now comparable to or below levels seen in the early phases of modern global diamond trading, effectively erasing years of price appreciation built during the 2000s and early 2010s.

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Key Drivers Behind the Collapse

1. Expansion of Lab-Grown Diamonds

The most significant structural pressure continues to come from lab-grown diamonds. Once positioned as a niche alternative, synthetic stones now represent a mainstream supply channel in both retail and wholesale markets.

Retailers have rapidly expanded lab-grown offerings due to:

• Lower procurement costs
• Higher margins
• Consumer acceptance in fashion jewellery segments
• Faster inventory turnover

As a result, natural diamonds particularly in commercial grades are facing sustained downward price pressure.

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2. Weakening Global Luxury Demand

Global luxury demand has softened amid persistent macroeconomic uncertainty. Inflationary pressures, higher interest rates, and reduced discretionary spending have all contributed to weaker jewellery sales across key markets, including the United States, China, and Europe.

Engagement-related jewellery demand, traditionally a cornerstone of diamond consumption, has also shifted. Younger consumers are increasingly price-sensitive and open to alternative gemstones or synthetic options.

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3. Inventory Overhang Across the Supply Chain

One of the most critical factors in the current crash is excess inventory.

Cutters, polishers, wholesalers, and retailers are all holding elevated stock levels accumulated during previous supply cycles. As liquidity tightens, many are forced to sell at reduced margins or accept losses to maintain cash flow.

This cascading effect has accelerated downward price momentum across all tiers of the supply chain.

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4. Strategic Output Adjustments from Producers

Major producers have responded with production cuts and supply discipline measures. However, these efforts have so far been insufficient to offset declining demand and secondary market liquidation.

Even with reduced output, global supply remains adequate relative to current demand levels, reinforcing downward price pressure.

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Market Sentiment: A Shift in Perception

Perhaps the most important change is psychological rather than purely economic.

Diamonds have long been perceived as a store of value and a symbol of price stability. That perception is now being challenged.

Dealers report that buyers are increasingly reluctant to treat diamonds as appreciating assets, instead viewing them as discretionary luxury goods with fluctuating resale value.

This shift in sentiment is contributing to reduced speculative buying and lower wholesale demand.

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Impact on the Industry

Retail Sector

Jewellery retailers are adapting by:

• Increasing promotion of lab-grown alternatives
• Reducing natural diamond inventory exposure
• Offering deeper discounts on slow-moving stock

Wholesale Market

Trading activity has slowed significantly, with many wholesalers prioritising liquidity over margin preservation.

Bid-ask spreads have widened, reflecting uncertainty around true market clearing prices.

Mining Sector

Mining companies are under pressure to reassess long-term capital expenditure plans. Some have already delayed expansion projects or revised output forecasts.

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Is This the Bottom?

While the market is clearly under severe stress, analysts remain divided on whether prices have reached a true floor.

Bullish perspectives argue that:

• Supply cuts will eventually stabilise pricing
• Natural diamonds will retain premium positioning
• Emotional and cultural demand remains intact

Bearish perspectives counter that:

• Lab-grown diamonds permanently reset price ceilings
• Consumer preferences have structurally changed
• Inventory overhang will take years to clear

What is increasingly clear is that the market is no longer operating under the assumptions of the previous decade.

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A Repricing Era

The diamond industry appears to be entering a long-term repricing phase rather than a short-term correction. Value will likely become more tightly linked to rarity, certification quality, and provenance, while commercial-grade stones may remain under sustained pressure.

For investors, traders, and retailers alike, the current environment demands caution, discipline, and a reassessment of traditional valuation models.

The era of predictable diamond price appreciation has, at least for now, come to an end.

Source: DCLA

Sarine Could Diversify as Losses Hit $3.9m

 

Sarine reported a $3.9m loss for FY2025, as lab grown sales soared in the US and weak sentiment persisted in China.

The Israel-based diamond grading tech company saw full year revenue dip by 25% to $29.6m.

But it sees some cause for optimism. Moving its manufacturing and support operations to India shift will save around $1.5m a year, it says.

There are early signs of the natural diamond demand rebounding, and it is tentatively exploring diversification into opportunities beyond diamonds.

The company recently acquired a 33% share in Kitov.ai, a company pioneering AI-powered computer-aided design (CAD), as it aims to expand to non-diamond sectors.

It also says that as part of its diversification plans it is at the very preliminary stages of exploring opportunities related to industrial applications of lab growns, and possible partnerships with banks or lenders to help them offer loans to diamond, gemstone, and jewelry businesses.

Sarine dominates the rough planning market, and serves as an effective wellbeing indicator for the midstream diamond manufacturing sector.

“FY2025 was another difficult year for the natural diamond polishing industry,” it says in its latest update. Lower quantities of natural diamonds flowing through the value chain directly impact its revenue.

“Capital equipment sales were depressed by contracting polishing activity in India, offset somewhat by new facilities opening in African producing countries.”

Sarine’s $3.9m loss for 2025 follows on from a small profit in 2024 ($1.1m) and a $2.8m loss in 2023.

Source: IDEX, as lab grown sales soared in the US and weak sentiment persisted in China.

The Israel-based diamond grading tech company saw full year revenue dip by 25% to $29.6m.

But it sees some cause for optimism. Moving its manufacturing and support operations to India shift will save around $1.5m a year, it says.

There are early signs of the natural diamond demand rebounding, and it is tentatively exploring diversification into opportunities beyond diamonds.

The company recently acquired a 33% share in Kitov.ai, a company pioneering AI-powered computer-aided design (CAD), as it aims to expand to non-diamond sectors.

It also says that as part of its diversification plans it is at the very preliminary stages of exploring opportunities related to industrial applications of lab growns, and possible partnerships with banks or lenders to help them offer loans to diamond, gemstone, and jewelry businesses.

Sarine dominates the rough planning market, and serves as an effective wellbeing indicator for the midstream diamond manufacturing sector.

“FY2025 was another difficult year for the natural diamond polishing industry,” it says in its latest update. Lower quantities of natural diamonds flowing through the value chain directly impact its revenue.

“Capital equipment sales were depressed by contracting polishing activity in India, offset somewhat by new facilities opening in African producing countries.”

Sarine’s $3.9m loss for 2025 follows on from a small profit in 2024 ($1.1m) and a $2.8m loss in 2023.

Source: DCLA

Justin and Hailey Bieber Return to the Grammys Draped in Over 160 Carats of Diamonds

 

Justin and Hailey Bieber made a dazzling return to the Grammy Awards in 2026, stepping onto the red carpet for the first time in four years adorned in a combined 162 carats of high jewellery diamonds. The couple attended the ceremony in Los Angeles wearing standout creations by renowned jeweller Lorraine Schwartz, reaffirming diamonds’ enduring status as the ultimate red-carpet statement.

Hailey Bieber commanded attention in a strapless Alaïa gown, elevated by a striking 30-carat pear-shaped diamond pendant suspended from a sleek silver choker. She paired the necklace with statement diamond earrings totalling 20 carats and a 12-carat diamond cocktail ring, showcasing a refined balance of elegance and bold design. Her look was completed with a slicked-back updo and understated makeup, allowing the exceptional stones to remain the focal point.

Justin Bieber complemented Hailey’s brilliance with a custom Balenciaga suit, finished with a 100-carat diamond-encrusted chain necklace. The substantial carat weight and pavé-style setting delivered maximum impact, reflecting the growing trend of high-carat diamond jewellery in contemporary men’s fashion.

Beyond the glamour, the couple also wore “ICE Out” pins in solidarity with ongoing protests against U.S. Immigration and Customs Enforcement, a gesture echoed by several other artists on the night.

The 2026 Grammys marked a milestone return for the Biebers following the birth of their son, Jack. Justin received multiple nominations, including Album of the Year and Best Pop Vocal Album for Swag, as well as Best Pop Solo Performance for “Daisies.”

For DCLA, moments like these highlight not only the spectacle of celebrity jewellery, but also the importance of accurate diamond grading, carat verification, and craftsmanship at the highest level. Red-carpet appearances continue to influence global perceptions of diamond value, rarity, and desirability—making independent certification and expert assessment more relevant than ever in today’s market.

Source: DCLA

For the World’s Most Exceptional Diamonds, Price Lists Simply Don’t Apply

 

A new Natural Diamond Council report reveals why record-breaking diamonds operate in a market beyond conventional valuation models

At the very top end of the diamond market, traditional pricing frameworks cease to function. Per-carat benchmarks, standard price lists, and even established scarcity models lose relevance when value is driven not by comparables, but by the willingness of elite buyers to secure assets of extreme rarity.

This rarefied segment is the focus of Record-Breaking Diamonds, a new report by the Natural Diamond Council (NDC), which examines the largest, most valuable natural diamonds ever discovered, cut, and sold. Drawing on mining data, gemmological research, and global auction results, the report offers a detailed analysis of how extraordinary rarity reshapes value within the natural diamond supply chain.

A Century Without a Challenger

One of the report’s most striking observations is the prolonged absence of truly massive diamonds following the 1905 discovery of the Cullinan in South Africa. Weighing an unprecedented 3,106.75 carats, the Cullinan established a benchmark that would stand unchallenged for more than 110 years. Until 2015, no gem-quality diamond exceeding 1,000 carats was recovered anywhere in the world.

That changed with the discovery of the 1,109-carat Lesedi La Rona at Botswana’s Karowe mine. Its recovery marked a turning point. Since then, at least nine rough diamonds weighing over 1,000 carats have been unearthed, including two exceptional finds exceeding 2,000 carats: the 2,488-carat Motswedi in 2024 and a 2,036-carat near-gem-quality rough diamond recovered in July 2025. Both originated from Karowe, with Motswedi now ranking as the second-largest gem-quality rough diamond ever discovered.

Technology, Not Abundance

The increased frequency of such discoveries does not signal a sudden abundance of large diamonds. Rather, it reflects a fundamental shift in extraction technology. The widespread adoption of X-ray Transmission (XRT) technology has transformed diamond recovery by identifying stones based on density before ore enters the crushing circuit. This significantly reduces the risk of fracturing large diamonds during processing.

Lucara Diamond Corp.’s Karowe mine — which installed XRT technology in 2015 and introduced a Mega Diamond Recovery (MDR) system two years later — accounts for the majority of exceptional stones recovered in the past decade. Other operations employing similar systems, including the Cullinan mine and Lesotho’s Letšeng deposit, have also reported a measurable increase in large, high-value diamonds.

Even so, diamonds weighing more than 1,000 carats remain extreme statistical outliers, even with the most advanced recovery methods.

The Superdeep Advantage

Size alone does not define value at this level. Many of the diamonds highlighted in the NDC report belong to the rare Type IIa category, meaning they contain no measurable nitrogen impurities. These chemically pure stones represent only a tiny fraction of global diamond production.

Some Type IIa diamonds form at extraordinary depths — between 360 and 750 kilometres beneath the Earth’s surface, according to the Gemological Institute of America (GIA). These “superdeep” diamonds belong to the CLIPPIR population (Cullinan-like, Large, Inclusion-poor, Pure, Prismatic, Irregular, Resorbed). Formed under extreme pressures in nitrogen-poor environments, they grow slowly and uninterrupted, resulting in unusually large, highly transparent crystals with minimal internal defects.

When Per-Carat Logic Breaks Down

In this ultra-exclusive segment, pricing behaves differently. Per-carat values no longer scale predictably with size. A defining example is Lucara’s 2016 sale of the 812.77-carat Constellation diamond, which achieved US$63.1 million — the highest price ever paid for a rough diamond. Its per-carat value far exceeded any precedent for an uncut stone, reflecting buyer confidence in its exceptional quality and cutting potential.

Colour, Rarity, and Market Psychology

In the polished market, the 59.60-carat CTF Pink Star remains the most expensive diamond ever sold at auction, achieving HKD 553 million (US$71.2 million) at Sotheby’s Hong Kong in 2017. While the headline price set the record, later sales demonstrated that per-carat value is often the more telling indicator of demand.

In 2022, the 11.15-carat Williamson Pink Star sold for HKD 453.2 million (US$57.7 million), equating to more than US$5 million per carat — the highest per-carat price ever achieved by a diamond.

A similar phenomenon is evident in the blue-diamond category. Despite selling six years apart, the 14.62-carat Oppenheimer Blue (Christie’s Geneva, 2016) and the 15.10-carat De Beers Blue (Sotheby’s Hong Kong, 2022) each realised US$57.5 million, underscoring how rarity and desirability can outweigh minor differences in size or clarity.

Yellow diamonds, by contrast, trade at a substantial discount to pinks and blues, even in exceptional sizes. While the leading pink and blue diamonds regularly exceed US$1 million per carat, none of the top five yellow diamonds have reached that level. The highest-ranked example, the 100.09-carat Graff Vivid Yellow, sold for US$16.8 million in 2014 — approximately US$168,000 per carat.

Diamonds Beyond the Market

Not all record-breaking diamonds remain commercial assets. Some are removed from circulation entirely and repositioned as cultural or institutional icons. The 45.52-carat Hope Diamond, donated by Harry Winston to the Smithsonian Institution in 1958, has been viewed by more than 100 million visitors, making it one of the most publicly encountered diamonds in history.

Similarly, the 140.64-carat Regent Diamond at the Louvre serves not as a tradable asset, but as a benchmark of scale, rarity, and historical significance. Such exhibition stones continue to influence market perception, anchoring contemporary record prices within a much longer narrative of natural-diamond rarity.

As the NDC report makes clear, when diamonds reach this echelon, value is no longer governed by price lists or formulas. Instead, it is shaped by geology, technology, history, and the enduring human desire to possess the truly irreplaceable.

Source: DCLA

Global Diamond Industry Shows Signs of Recovery: What Is Driving the Rebound?

 

After three challenging years marked by geopolitical disruption, shifting trade routes, and weakened consumer confidence, the global diamond industry is beginning to stabilise and recover. While price volatility persists in certain segments, demand is gradually rebuilding, particularly across the world’s primary luxury markets. Industry professionals broadly agree that the recovery remains uneven, but the direction is clear: a slow yet meaningful turnaround is underway.

Senior figures within the international jewellery trade point to improving economic sentiment as a key catalyst behind renewed interest in diamonds. Changing consumer behaviour is also playing a central role. Natural diamonds continue to dominate global engagement ring sales, retaining their status as the benchmark for long-term value and emotional significance. However, competition from lab-grown diamonds is intensifying, and the market share gap is narrowing.

In major Western markets, lab-grown diamonds are gaining traction, particularly among younger buyers who place greater emphasis on size, clarity, and price accessibility than on tradition. This generational shift is reshaping purchasing decisions and influencing how value is assessed at the point of sale.

Pricing dynamics underscore this transformation. Over the past year, prices for smaller natural diamondsespecially those under one carat have experienced notable declines. At the same time, lab-grown diamond prices have fallen even further, driven by rapid technological advancements and expanding production capacity. Together, these opposing movements have redefined the competitive landscape, prompting consumers to compare value propositions more closely than ever before.

While challenges remain, the combination of stabilising demand, evolving consumer preferences, and market-driven price realignment suggests the diamond industry has entered the early stages of recovery, with long-term implications for both natural and lab-grown sectors.

Source: DCLA

Holiday Season: Modest Uptick in US Jewelry Sales

Jewelry sales in the US grew by 1.6 per cent during the 2025 holiday period, outpacing last year’s 0.8 per cent rise as consumers showed renewed confidence.

Stable inflation also boosted discretionary spending, as shoppers gravitated toward meaningful gifts over short-lived trends.

But the modest uptick in jewelry sales was still well below the 3.9 per cent recorded by Mastercard SpendingPulse across all retail sectors (except automotive) from November 1 through December 21. The figure for 2024 was 3.1 per cent.

“Consumers demonstrated flexibility and confidence this season, shopping early, leveraging promotions, and investing in meaningful experiences and wish-list items,” said Michelle Meyer, chief economist, Mastercard Economics Institute.

“They also blended online and in-store shopping to find the best deals and maximize convenience.”

Mastercard SpendingPulse measures in-store and online retail sales across all forms of payment, including cash, checks, and credit cards.

Source: DCLA

Passenger Hid $280,000 Diamonds Inside Body

A passenger arriving on a flight into Mumbai was found to have $280,000 of diamonds concealed in their body.

Customs officials at the city’s Chhatrapati Shivaji Maharaj International Airport (pictured) were alerted through routine profiling, spot checks and the Advance Passenger Information System (APIS)which requires airlines to share details of all passengers on international flights.

The seized diamonds weighed a total of 894.6 carats and were valued at Rs 2.52 crore (USD 280,000), according to Mumbai Customs.

No further details of the diamonds, the passenger, or their port of departure were disclosed.

The diamonds were among a number of seizures made on 30 and 31 December at the same airport, including gold and cannabis.

Earlier in December, a passenger was caught with Rs 43.97 lakh (USD 53,000) of cut diamonds hidden in a suitcase as they prepared to board a flight to Bangkok.

People smuggling diamonds into India are generally trying to evade import duties on rough stoners, or bypass Kimberley Process certification requirements.

Source: DCLA

Diamond-Encrusted Timepieces: Haute Horology at Its Most Dazzling

Diamond-set watches from Cartier, Van Cleef & Arpels, Jaeger-LeCoultre and Graff represent the pinnacle of high jewellery watchmaking. With dials, cases and bracelets lavishly adorned with hundreds sometimes thousands of diamonds, these exceptional creations are true show-stoppers, blending technical mastery with extraordinary gem-setting artistry.

Both bold and refined, these spectacular ladies’ timepieces come from some of the world’s most prestigious watch and jewellery maisons. Almost entirely cloaked in diamonds, they are designed to command attention while maintaining an unmistakable sense of elegance.

Cartier’s iconic Baignoire watch traces its origins back to 1958, when it was first introduced as the Ovale cintre. Officially renamed in 1973, the modern mini jewellery version features a quartz movement and is set with hundreds of brilliant-cut diamonds, reaffirming its status as a timeless symbol of refined luxury.

Graff’s Tilda’s Bow diamond watch adds a distinctly feminine flourish. Accented by a graceful ribbon-inspired motif on one side, this statement piece features a pavé-set dial and a triple-row diamond bracelet, seamlessly combining softness with striking brilliance.

Jaeger-LeCoultre’s platinum 101 Secrets watch transcends both trends and seasons. Concealing a delicate mother-of-pearl dial, the piece is embellished with more than 1,000 diamonds meticulously set along the bracelet and case sides an extraordinary demonstration of precision and craftsmanship.

Van Cleef & Arpels draws inspiration from the Art Deco “white period” of the 1930s with its À Cheval high jewellery watch. Reflecting the era’s preference for white gold paired with diamonds, the design pays homage to a defining moment in jewellery history, favouring refined monochrome elegance over the coloured gemstones of earlier decades.

Together, these diamond-encrusted watches showcase the seamless union of haute joaillerie and fine watchmaking where time is measured not only in seconds, but in brilliance and craftsmanship.

Historic Fabergé Egg Encrusted with Diamonds Sets New World Record

A rare imperial Fabergé masterpiece lavishly adorned with platinum and 4,500 diamonds has achieved a remarkable £22.9 million at auction in London, establishing a new world record for any Fabergé artwork.

The famed Winter Egg was commissioned in 1913 by Emperor Nicholas II of Russia as an Easter gift for his mother, Dowager Empress Maria Feodorovna. Considered one of the most spectacular creations by the House of Fabergé, the piece showcases masterful artistry: a flawless rock crystal shell, intricately engraved to resemble winter frost, embellished with a delicate snowflake motif and shimmering diamonds.

Christie’s confirmed that the £22,895,000 sale price surpasses the previous Fabergé auction record by more than £13 million a benchmark also set by Christie’s in 2007 with the sale of the Rothschild Egg for £8.9 million. Remarkably, this is the third time the Winter Egg has broken the world record for a Fabergé creation.

“Today’s result reaffirms the enduring significance of this masterpiece, celebrating the rarity and brilliance of what is widely regarded as one of Fabergé’s finest creations,”
said Margo Oganesian, Christie’s Head of Fabergé & Russian Works of Art.

Only a limited number of Imperial Eggs remain in private ownership, making this sale a landmark moment for collectors and institutions worldwide.

A Tumultuous Century of Provenance

Following the fall of the Russian monarchy in 1917, the Winter Egg was moved to the Kremlin Armoury and later included in Soviet sales of royal treasures during the 1920s.

Over its journey through history:

Purchased by Wartski of London in the early 20th century for just £450

Sold privately in 1934 for £1,500

Considered lost between 1975–1994

Re-emerged at Christie’s in 1994, achieving a record 7,263,500 Swiss francs (£6.8 million)

Set a new record once more in 2002 at $9,579,000 (£7.1 million)

Today’s sale firmly cements its status as one of the most coveted objets d’art ever created.

Celebrating Excellence in Diamond Craftsmanship

With its extraordinary diamond detail and technical precision, the Winter Egg continues to define the pinnacle of artisanal luxury. Each stone carefully set into platinum reflects the superior craftsmanship that has made Fabergé synonymous with imperial elegance.

For DCLA, iconic pieces such as this highlight the enduring importance of diamond quality, authentication, and expert certification ensuring that history and value are preserved for future generations.

Source: DCLA