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Engagement Ring or Investment? It Can Be Both

A fancy colored diamond mounted in a modern setting creates an engagement ring that is both attractive and investment oriented. The naturally colored, apricot-yellow diamond shown here would be surprisingly affordable. Its price may not be much different than that of a comparable white diamond.

You’ve finally chosen the person you want to spend the rest of your life with. Now the time has come to seal the deal with a gorgeous ring. Of course, any good thing comes with a price, and in this case it will be the cost of a glamorous engagement ring. Say goodbye to anywhere from a few hundred dollars to several tens of thousands of dollars.

Or do you really have to say goodbye to that money? Does the ring you are giving (or receiving) have any value, other than as a symbolic expression of love? In other words, you’re potentially spending several thousand dollars on this small piece of jewelry. Is an engagement ring an investment? Does it have tangible value that can be expected to appreciate over time?

These are reasonable questions, especially when spending so much money for a once in a lifetime event. Unfortunately, there are a myriad of diabolical myths making the rounds on the internet about engagement rings. Like all good myths, they have a kernel of truth to them – just enough to convince the unwary they are completely true.

The first myth is that diamond engagement rings were a 1930s marketing ploy by diamond monopolist De Beers to sell more stones. This is half true. De Beers did employ the U.S. advertising company N.W. Ayer & Son in a (tremendously successful) attempt to increase diamond sales in the U.S. toward the end of the Great Depression. Less than a decade later, Frances Gerety, a young copywriter employed by that same ad agency created what is arguably the greatest advertising slogan of the 20th century – “A diamond is forever.”

But diamond engagement rings were around long before De Beers’ marketing push. In fact, the first recorded use of a diamond engagement ring was in 1477 when Archduke Maximilian I of Austria gave one to his betrothed, Mary of Burgundy. Later, during the Victorian age in the 19th century, diamond engagement rings became popular among the middle class.

This was undoubtedly because large diamond deposits were discovered in South Africa in 1867, making the adamantine gems more widely available. Before that time, diamonds were the exclusive province of the wealthy and nobility. It’s no surprise every bride-to-be wanted a diamond of her own as soon as they became affordable!

Another false charge commonly leveled against engagement rings is that they are like cars. Once “driven off the lot” – or in this case carried out of the jewelry store – their value drops considerably and continues to depreciate for years to come. Once again, this myth has some truth to it. Every jewelry retailer must have a profit margin, so it is normal for the wholesale value of an engagement ring to be less than its retail value.

But where you buy an engagement ring has a huge impact on the amount of its markup. Buying an engagement ring online from a company like Blue Nile, Leibish & Company or James Allen will get you much more bang for your buck because these companies do not have to maintain the overhead of physical jewelry stores. They also function on relatively slim profit margins – usually around 10% for loose diamonds – and sometimes less!

Conversely, the markup on engagement rings from national retailers like Kay Jewelers or Zales is always excessive. Luxury retailers like Tiffany, Harry Winston and Cartier are no place to find bargains either. They use their prestigious brand names as an excuse to charge inflated prices for engagement rings.

Another excellent way to buy a superb engagement ring at a great price is to purchase an estate ring. The term “estate” simply means that a piece was pre-owned. Some people might be uncomfortable with this idea, but it really is the single best way to invest in a top quality engagement ring without breaking the bank. Think of it this way: heirloom quality jewelry rarely ends up scrapped or in the melting pot. So many fine antique and vintage estate engagement rings are still available at reasonable prices – especially when compared to the price of new engagement rings.

Unlike a new ring, the fabrication cost of an estate ring is what is known as a “sunk cost”. This means that the ring was made so long ago that no one is trying to make a profit based on its fabrication cost anymore. That lack of markup translates into a better ring and more money in your wallet simultaneously.

Here is the bottom line. There is no reason a carefully chosen engagement ring can’t appreciate like a stock, bond or any other investment. This is because, at its core, a fine engagement ring is a work of art sculpted from gold, platinum, diamonds and gemstones that a woman wears on her finger. Great works of art appreciate reliably over the decades and so too does a high quality engagement ring.

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But there are a few rules to follow if you’re considering buying an engagement ring with investment potential. First, you must avoid buying a ring set primarily with modern-cut, white diamonds. I know this might not make sense given that I just debunked the myth of diamond engagement rings as an artificial De Beers marketing creation. But, unfortunately, white diamonds are simply too common to make reliable investments.

Don’t let this discourage you however. There are exceptional diamond rings that do make good investments – notably antique rings set with old mine cut or old European cut diamonds. These beautiful diamonds were handcrafted by skilled artisans in the near mythical diamond cutting centers of Europe in the decades before World War II. Cushion shaped old mine cut diamonds were popular from the early 18th century to the Edwardian age – around 1910. Old European cut diamonds – a rounder, updated modification of the old mine cut – were in vogue from just before 1900 to the 1930s.

Both of these antique diamond cuts feature deeper proportions than a modern brilliant cut stone. This greatly enhances an antique cut diamond’s fire, or rainbow flashes of light. However, this comes at the cost of substantially reduced brilliance – the white pinpricks of light a viewer sees. This might seem like a dubious trade-off at first glance. You would be wrong to assume that, however.

High quality old mine cut and old European cut diamonds explode in a dazzling display of color. Their cut was meant to be at its best in low light conditions like candlelight. In this endeavor these marvelous diamonds do not disappoint; their intense fire can easily be seen across a room. The unique look and charming presence of old mine cut and old European cut diamonds is the stuff of legends. It is the reason these exceptional gems are still so desirable today even though a century or more has passed since they were cut.

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If old mine cut and old European cut diamonds do not appeal to you, then perhaps a colored diamond would? Diamonds are actually found in a range of colors in nature. This includes brown (champagne), yellow (canary), orange, pink, blue, green and even red! Colored diamonds – also referred to as fancy diamonds or fancy colored diamonds – are thousands of times rarer than their colorless counterparts.

Their incredible rarity, along with their wide range of alluring hues, is one of the reasons colored diamonds make good investments. However, not all fancy colored diamonds are equally rare and desirable. Champagne and light yellow canary diamonds are on the lower end of the pricing scale for colored diamonds, while orange, green, blue, pink and red diamonds are more expensive.

If you’re worried about being priced out of the market for these coveted, multi-hued gemstones, let me put your mind at ease. Champagne, light yellow canary and even some orange diamonds are generally less expensive per carat than equivalent white diamonds! That’s right. You can have a stunningly unique, investment grade diamond engagement ring that will appreciate over time and it can cost less than a run-of-the-mill, cookie cutter white diamond engagement ring!

Colored diamonds have one big drawback however. It is difficult to find them in really intense, eye-popping colors. Colored diamonds almost universally tend towards desaturated, lighter shades, which naturally have less visual impact. Of course, some very intensely colored fancy diamonds do exist. Browns and yellows are the most commonly encountered intensely colored diamonds. Unfortunately, deep brown diamonds – also known as cognac diamonds – are sometimes unattractive due to oversaturation. Deep yellow canary diamonds, while not completely out of reach, are extremely expensive.

Vividly colored diamonds in orange, green, blue, pink and red are generally unattainable for the average person. For example, the Hope Diamond is renowned for its fully saturated, dramatic deep blue color. But it is also locked in a museum as a priceless treasure. Prices for attractive, vividly colored diamonds (other than brown and yellow) usually start in the high five or low six figure range and escalate quickly from there. Generally speaking, gemstones of this magnitude are usually reserved for movie stars, corporate titans and other wealthy moguls.

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Although diamonds are strongly associated with engagement rings in the public conscience, there are other compelling options available for those seeking a jaw-droppingly gorgeous, investment grade engagement ring. I am, of course, speaking about breathtakingly gorgeous, investment quality natural colored gemstones.

Even though ruby, sapphire and emerald are the most widely recognized colored stones, they are not necessarily the best colored gemstones for an investment worthy engagement ring. Instead, some less well known colored stones – spinel, tourmaline and some fancy garnet varieties – are not only rapidly appreciating in price, but also look fabulous in engagement rings. This is because these gems are almost always completely natural and untreated.

This situation is actually rather unusual in the world of gemstones. Most colored stones – including rubies, sapphires and emeralds – are subject to heat, flux filling, irradiation, diffusion, oiling or other artificial treatments to enhance their clarity or color. Only one of these, heat treatment, has been fully accepted within the gem industry, provided it is properly disclosed. Even diamonds are sometimes laser drilled or fracture filled to improve their clarity. Unfortunately, these gemstone treatments – even routine heat treatment – are rarely disclosed to the ultimate consumer at the time of purchase.

Preeminent among all natural, untreated colored gemstones is spinel. Spinel is a little known cousin to the ruby and sapphire family. Almost chemically identical to ruby, red spinels were mistaken for the king of colored gemstones for most of human history. It was only in the early 19th century that spinel was finally determined to be a chemically distinct gemstone from ruby and sapphire.

Spinels come in the same dizzying range of colors that sapphires and rubies do – intense blues, reds, pinks and purples. Being so closely related to sapphires and rubies, spinels have also inherited their superb physical properties. Spinels are tough, hard and extremely brilliant, making them a perfect colored stone investment for a breathtaking engagement ring.

Tourmalines are another class of gemstone that comes in a broad range of colors. While commonly found in shades of blue, green, red and pink, tourmaline stones can also be multi-colored, displaying two different hues on opposite ends of the same faceted gem!

Tourmaline’s wide range of colors and good hardness, couple with the fact it is readily available in larger sizes, make it perfect for the woman who wants an impressively flashy colored stone engagement ring. I should note that while it is relatively uncommon, tourmaline are sometimes heat treated to improve color.

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Garnets are usually thought of as excessively dark red stones that populate cheap jewelry. And this can certainly be true. But garnets are also found in a stunning range of colors – every hue of the rainbow except for blue! These exotic, non-red garnet types are known in the gem trade as fancy garnets.

One of the most desirable fancy garnet varieties is the fabled Mandarin garnet. Mandarin garnets, also called Spessartite garnets, are an exceptionally beautiful gemstone that range in color from light yellowish-orange to a deep, rich red-orange. The very finest specimens are a bright, crisp pumpkin orange – a very unusual color for a completely natural gemstone. Mandarin garnets also have excellent brilliance and hardness, making them a phenomenal choice for those seeking a unique, durable and unconventional engagement ring.

Another legendary fancy garnet variety is called Tsavorite. This relative newcomer to the gem community was first discovered in the African nation of Tanzania in 1967. It subsequently made its international public debut at the luxury retailer Tiffany & Co. in 1974.

High quality Tsavorite garnet is a bright, saturated emerald green color. In fact, Tsavorite can look stunningly like emerald, except that the green garnet is tougher, more brilliant and rarer than emerald. It is little wonder that Tsavorite prices have risen inexorably since the stone’s fortuitous discovery 50 years ago.

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Most women want the beautiful gemstones mounted in their engagement rings, diamond or otherwise, to be as natural as possible. This is one reason why old mine cut diamonds, old European cut diamonds, spinel, tourmaline and fancy garnets are particularly desirable for engagement rings. They are all extremely unlikely to have been subjected to any kind of treatment or enhancement.

In other words, the beauty you see in these gems is completely natural. They were mined straight from the earth looking that good – a pleasant anomaly in our modern, synthetic world. Because colored diamonds may be subject to certain treatments, it is recommended that you only consider specimens certified as untreated by the GIA (Gemological Institute of America) to ensure you are buying a completely natural stone.

In addition to buying an engagement ring set with the right gemstone, there are also a few other simple rules that can help you invest in the best ring possible. For example, it is wise to avoid pave settings, a technique where many small diamonds or gemstones are set closely together to imitate a larger stone.

All else being equal, a single gemstone of a given weight has more investment potential than many smaller stones that aggregate to the same weight. You want a ring set with either a single, large central stone or, at most, a few larger stones. However, it is perfectly acceptable for a big central gem to be surrounded by a multitude of small accent stones.

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Another guideline is to never purchase an engagement ring mounted with synthetic or simulant gemstones. Synthetic gems are sometimes referred to as “lab created”, “created” or “cultured” in marketing materials. Diamond simulants like moissanite and cubic zirconia, as well as synthetic diamonds or synthetic colored stones, should all be rejected.

The only exception to this rule is antique jewelry from before World War II. In this case, synthetic rubies, sapphires and emeralds – often calibre cut – were commonly employed as small accent stones. Because their use is historically accurate and intrinsic to the design of some rings from the early 20th century, synthetic gems used this way do not detract from the investment potential of an antique engagement ring, assuming the large central stone or stones are genuine.

Antique engagement rings are a hot trend right now. But their vintage look may not be ideal for everybody. A quick overview of the styles commonly seen in antique rings can help you decide if one is right for you.

The Victorian period lasted from 1840 to 1900. Rings during this time were characterized by heavy, yellow gold settings that were often decorated with engraved flowers, flutes and scrolls. Claw set solitaire rings became popular during this era, although rings employing the newly developed gypsy setting were also fashionable towards the end of the 19th century.

Edwardian rings from circa 1900 to 1915 are typically light and diaphanous in construction. They often feature ribbon, bow, garland or heart motifs set with calibre cut diamond or colored gemstone accents around one or more larger central stones. However, it also isn’t uncommon to find rings from this period set with anywhere from one to five gemstones – often diamonds – mounted flush into a simple gypsy setting.

Art Deco, popular from about 1915 to 1935, was a starkly linear design language. Its bold lines and rigid, geometric forms evoke the rapid and ubiquitous mechanization that dominated Western Europe, Japan and the U.S. at the time. Rings set with large diamonds or precious gemstones of high intrinsic value dominated Art Deco jewelry. These expensive stones were often lavishly set in white gold and platinum settings that were elaborately carved or filigreed.

If you are considering an antique ring, try to avoid buying a modern reproduction. A reproduction ring in an antique style may possess the look you desire, but it will not appreciate in the same way as a genuine, original antique. Numerous vaguely Edwardian and Art Deco “style” rings have been produced within the last couple of decades.

Recent imitations of these older styles will rarely adhere to all the characteristics found in original antique engagement rings. One dead giveaway is when a supposedly “antique” ring has no wear on its shoulders or shank. A true antique ring that is close to a century old will have at least modest wear in these areas. In addition, only diamonds with old mine cuts or old European cuts were mounted in antique rings before the 1930s.

An engagement ring is a token of the strength of your commitment – a symbol of the eternal love between two people. But there is no reason that this major purchase can’t also be a compelling investment as well. The many thousands of dollars you will spend on your wedding and honeymoon will quickly evaporate, leaving nothing but memories. They will be sweet memories certainly, but memories all the same.

An engagement ring is the one aspect of your marriage that can, if properly vetted, be a perpetual, tangible investment. Buying an engagement ring set with an antique cut diamond, colored diamond, spinel, tourmaline or fancy garnet can provide you and your spouse an asset of lasting value.

Buying an engagement ring isn’t all about money though, so it is important that both you and your future spouse are happy with your choice. Buy a ring that is within your budget and in a style she likes, even if it isn’t strictly “investment grade”. Don’t blindly buy a certificate, no matter what it claims. Instead, trust your eyes. Buy what looks good to you. In the end, this ring will be your treasure and your jewel.

Read more in-depth Antique Sage vintage jewelry investment guides here.

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Read more in-depth Antique Sage bullion & gemstone investment guides here.

Redefining Rarity – Pattern, Trial, Essai & Piedfort Coins

This is an attractive klippe (square or diamond-shaped), 1929 Hungarian silver 5 Pengo pattern coin in Proof condition. It features Saint Ladislaus on the obverse, a chivalrous Hungarian king who ruled in the late 11th century AD. The specimen is impressively large, weighing in at 50.3 grams (1.62 troy ounces) – almost double the weight of a U.S. silver dollar. Technically, this coin is an official government restrike that was issued by the Hungarian Communist regime in the 1960s. The total mintage was 1,084 pieces.

We live in an age of great abundance, a boon granted to us largely by the powers of mass production. But our current era of plenty also has drawbacks.

You may be very proud of your shiny new iPhone, but it is hardly unique. Tens of millions of iPhones are in use worldwide and hundreds of thousands more roll off the assembly line every day. The same is true of your treasured BMW 3 series car; BMW typically churns out close to half a million units per year. They may be very nice – even luxurious – products, but they certainly aren’t rare.

Rarity – true rarity – is an unusual and precious thing in today’s world of persistent industrial overcapacity. This shortage of scarcity in modern society is a primary reason why ultra rare pattern, trial, essai and piedfort coins are so treasured by knowledgeable collectors and investors alike.

A pattern, also sometimes called a trial, is a coin struck by a national mint as a specimen for test purposes. Patterns often have unique or experimental designs that are never adopted for mass circulation coinage. This factor makes these unusual coins quite desirable to astute collectors.

Adding to their cachet is the fact that patterns generally have extremely limited production runs. Mintages for a trial coin can run anywhere from a mere handful of pieces, or even just a single known example, to perhaps a few thousand at most. This places patterns, as a class, among the rarest coins in existence. As an added bonus, these little known numismatic masterpieces are often found in near pristine condition due to their non-circulating status.

Patterns are commonly struck in what is called “off metal”. This is the practice of using a different metal to strike the pattern coin than the mint would typically employ for its circulating counterpart. Every coinage metal under the sun can be found among pattern issues, including gold, silver, and all manner of aluminum, copper and nickel alloys, just to name a few. There really are no firm rules when it comes to the metals used for pattern or trial coins.

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The history of pattern coins stretches back centuries, with many different nations having extensive catalogues of trial pieces from the 19th and 20th centuries. The French, in particular, have a strong tradition of issuing scores of different varieties of patterns. A French pattern coin is known as an “essai”, which is derived from the Latin “exagium”, meaning weighing. This Latin word is also the root of the English word “assay”, meaning to test a metal for purity.

French essai pieces are invariably very attractive and of the highest quality. Prices for investment grade foreign pattern coins generally range from around $250 to several thousand dollars per coin, depending on country of issue, condition, metal and other factors.

The United States has also issued a variety of trial coins since its inception, but most specimens available to collectors and investors today are from the 19th century. With its prodigious output of trial pieces, the U.S. is perhaps second only to France in its love of patterns.

While tremendously beautiful, U.S. pattern coins are, to be blunt, expensive. However, quintessentially American style and historical importance combine with very high demand and extremely limited supply to make U.S. pattern issues some of the most desirable U.S. coins in the market. Don’t expect to be able to acquire any U.S. pattern specimens for less than about $1,200 to $1,600 each. At the high-end, the sky is the limit with prices of tens of thousands of dollars being routine.

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Piedforts are another class of exclusive, non-standard coinage that is closely related to patterns and essais. A piedfort (pronounced “pee-ay-for” and occasionally misspelled as piefort) refers to a presentation coin specially struck from a flan of double thickness. Piedfort literally translates from the French as “heavy foot” or “strong foot”, but really means something more akin to “heavy weight”.

Piedfort coins originated during the medieval period in Europe as presentation pieces given to diplomats, important officials and other VIPs. The practice of striking piedforts eventually died out but was later resurrected by France in the 19th century.

For shrewd coin collectors and investors, piedforts are truly a gift from the heavens. Mintages of modern piedforts (those struck within the last 200 years) usually range from perhaps a couple dozen to several thousand specimens. Commonly struck in off metals, silver, gold and even platinum piedforts give the discerning connoisseur plenty of precious metals from which to choose. These modern day numismatic gems are also struck with the greatest care, ensuring every detail of their design is boldly visible.

Being coins of double thickness, piedforts are also usually double weight as well. However, this weight relationship is only linear as long as the coin isn’t an off metal strike. If the piedfort is a different metal than its circulating analogue, then the weight could be higher or lower than expected.

For example, a 10 gram circulating coin composed of nickel (density of 8.9 g/cm³) that is struck as a sterling silver (density of 10.4 g/cm³) piedfort would have a weight of 23.4 grams (weight of nickel coin x (density of sterling silver/density of nickel) x 2 – to account for the piedfort’s double thickness).

As you can see, the weight stacks up quickly when piedforts are struck in precious metals! This extra thickness and heft, combined with their superlative striking, make precious metal piedfort coins uniquely attractive to both longtime collectors and coin novices alike.

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As with most things artistic, French piedfort coins came first. Starting in 1962, France began to regularly mint piedfort versions of its circulating coinage in their original metal as well as off metal silver and gold examples. From the outset, this remarkable series has received intense interest from farsighted coin connoisseurs. Vintage French piedforts usually have mintages that range from about 20 to 2,500.

Prices are surprisingly reasonable, given their impressive attributes. Silver examples range from about $60 to $500 each, depending on the size of the coin. Unfortunately, France began abusing its commemorative coin program in the mid 1980s by issuing large numbers of commemorative varieties that were also struck as piedforts. Avoiding these over-issued commemorative French piedforts is advisable if investment performance is important to you.

Following France’s example, in 1982 Great Britain began striking piedfort coins exclusively in sterling silver. Mintages for modern British silver piedforts are slightly higher than their French counterparts, with issuance generally fluctuating between a few thousand and 25,000. Don’t let the slightly higher mintages deter you, as these piedforts are still incredibly rare relative to the mintages of circulating British coins.

As an example, in 1983 the British Royal Mint issued only 10,000 sterling silver piedfort one pound coins versus over 443 million circulating nickel-brass examples. That comes out to a ratio of 1 piedfort for every 44,305 coins issued for circulation! Now that is rarity!

Prices for British piedforts are even lower than for French piedforts, ranging from a mere $30 to about $150 per coin. Unfortunately, the British, like the French before them, have also recently over-issued commemorative coins and then duplicated them as piedforts. Once again, it is a good idea to exercise caution with modern British commemorative piedforts and instead concentrate on the piedforts of circulating issues.

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No serious discussion of piedforts would be complete without mentioning French gold piedforts. These coins are, without question, the magnum opus of contemporary piedforts. Many different examples of these noble specimens were issued from 1962 to the present. Struck in a fineness of 92% purity, vintage French gold piedfort coins are heavy, thick and undeniably impressive. French gold piedforts are among the rarest of all piedforts, with mintages usually below 500 specimens.

The only downside to these kings among piedforts is their price. Due to their heavy weight and high gold content, prices start at about $500 and rapidly escalate for larger specimens to over $5,000. In spite of these higher prices, vintage French gold piedforts are overlooked by the market and represent exceptional value, especially considering their extremely low mintages.

When collecting or investing in patterns and piedforts, eye appeal is paramount. A good rule of thumb is that a trial or piedfort coin that looks good is good. Consequently, ugly, damaged or excessively worn specimens are undesirable and should be avoided. This is typically not a problem because these issues generally did not circulate, resulting in an excellent average state of preservation.

Reproductions or fantasy issues are sometimes offered for sale as legitimate, original pattern coins. In order to avoid this pitfall, it is strongly recommended that the serious investor only buy pattern or trial pieces that have been certified by a major third party grading service like PCGS (Professional Coin Grading Service), NGC (Numismatic Guaranty Corporation) or ANACS (American Numismatic Association Certification Service).

Trials, essais and patterns certified by these companies carry a powerful implicit guarantee of authenticity. Such an assurance is easily worth the modest premium charged over non-certified examples. However, it isn’t necessary to exclusively buy piedforts that have been certified. Contemporary piedfort issues often come with their original mint packaging intact, proving authenticity.

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One interesting market aspect of patterns and piedforts is that desirability, and therefore pricing, are intimately linked to country of issue. Any modern coin (circa post 1700 AD) issued by a country with a higher GDP (Gross Domestic Product) almost always has higher collector demand than a similar coin issued by a country with a lower GDP.

This means that patterns produced by the United States, with its gargantuan GDP and large collector base, are invariably expensive. Patterns, essais and piedforts issued by Great Britain and France, with their more modest, but still sizable GDPs, also have robust collector demand and strong pricing, although not as high as U.S. trial coins. Emerging market countries with lower GDPs in Africa, South America and South Asia will naturally have both lower demand and prices for their patterns and piedforts.

Collecting rarity is an intoxicating thing. Once you’ve tasted the forbidden fruit of opulent exclusivity, it is impossible to return to a life without it. Ultra rare pattern, trial, essai and piedfort coins are a gateway to rarity that is surprisingly attainable for the average person.

While prices vary wildly, one can begin collecting or investing in these underappreciated works of art for as little as $100. Stunningly beautiful pattern and piedfort coins are pure rarity crystallized in the palm of your hand.

Read more in-depth Antique Sage rare coin investment guides here.

Smoking Hot – Antique Silver Cigarette Cases and Cigar Cases

Pictured is a fine example of a high-end, early to mid 20th century antique cigarette case. The body of this piece is crafted from blued steel, giving it a characteristic, gunmetal gray finish. Although not sterling silver, this antique cigarette case has other attributes typically found on expensive specimens, like a fine, natural blue sapphire cabochon mounted in the thumb-push, an applied, solid gold monogram and decorative gold trim.

Made in China is a term that we encounter nearly every day – and that is rarely a good thing. That Blu-ray player you bought for $40 at Wal-Mart that doesn’t work quite right? It was made in China. The two-week old toaster that almost burned down your house when it shorted out in a brilliant pyrotechnic display? Also made in China. The no-name vacuum cleaner that went on a savage rampage and tried to eat your cat, Mr. FluffyBottom? Undoubtedly made in China.

Today Chinese goods are synonymous with poor quality, mass produced junk. And this debris has invaded our lives, overwhelming us with inferior, low quality household items of every description. In many ways the phrase “made in China” is a metaphor for the increasingly debased nature of the post-modern experience. And yet there are alternatives to a life crammed full of crudely manufactured consumer trash – for example, a tasteful collection of fine antique silver cigarette cases or cigar cases.

Solid silver antique cigarette cases and cigar cases, along with vintage cigarette holders, are one of the sleeper hits of the objet d’art world. Long underappreciated, this genre of the popular tobacciana field is starting to see renewed collector interest. Once the province of gilded age gentlemen’s clubs and aristocratic smoking rooms, vintage tobacco paraphernalia and advertising are increasingly appreciated by modern connoisseurs.

Especially popular from the late 19th century until the mid 20th century, antique silver cigarette cases and cigar cases were indispensable accessories for the high-class smoker. In addition to being irrefutably stylish, they also served the very practical function of keeping fragile cigarettes or cigars dry and undamaged during poor weather.

Just because you aren’t a tobacco user, doesn’t mean you can’t admire and collect these overlooked vintage gems. While certainly in demand from current-day smokers, elegant antique silver cigarette cases are sometimes repurposed by corporate professionals to tastefully hold business cards. Men and women with a luxury retro aesthetic also find that they make great billfolds, wallets or credit card holders, too.

Master silversmiths employed a dizzying array of stunning decorative techniques in the production of these cosmopolitan luxury items. Beautifully engraved or chased designs were perennial favorites. High contrast niello was a painstakingly exacting technique commonly used on Russian and Siamese cases. Colorful enameling and dazzling engine turning were both staples of the language of early 20th century design. Gilding, popular across every age and country, was employed to impart a classy, tasteful appearance.

Some fine cigarette and cigar cases were crafted with solid gold applied motifs or initials, giving a look of understated elegance. A few of the more sumptuous examples were even mounted with sparkling cabochon cut sapphires, rubies or other glittering gemstones.

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Antique cases of the 19th century were dominated by ornate Victorian tastes, with copious use of chased and engraved floral designs. By the turn of the 20th century, Art Nouveau, with its naturalistic, flowing aesthetic, had come into vogue. A common hallmark of Art Nouveau cigarette cases was the portrayal of languorous, sinuous women – either partially or fully nude.

Starting in the 1920s, Art Deco came to the fore, extensively employing engine-turned and enameled geometric motifs on silver cigarette cases. The 1940s and 1950s were characterized by the streamlined, minimalist look of Mid-Century design. During this period silver cigarette cases and cigar cases had either subtle or no embellishment whatsoever, leaving large expanses of unadorned silver as the artistic focal point.

Tremendously beautiful silver cigarette cases and cigar cases were made throughout Europe and the United States. The firm of Asprey & Co., a storied London-based luxury goods retailer and holder of a royal warrant, was one of the leading British manufacturers of cases. In the United States, Tiffany and Gorham were renowned for producing exceedingly high quality work. Silver cigarette cases made by the French jeweler Cartier were synonymous with extravagant luxury.

However, perhaps the most outrageously sumptuous cases were produced in Czarist Russia. Russian silversmiths, including the esteemed Faberge workshop, often employed niello, precious stones and applied gold motifs when making these miniature masterpieces. Keep in mind that the aforementioned silversmiths are just a few outstanding manufacturers among many; other silversmiths not mentioned here also produced truly excellent work.

When investing in silver cigarette cases or cigar cases it is important to avoid damaged examples. Accordingly, steer clear of cases with significant dents, chipped enamel, or loose or broken hinges. Minor dents or scratches are acceptable; they are expected on silver items that are almost a century old.

Monograms generally have little impact on value unless they are artfully incorporated into the design of the piece. In these (admittedly uncommon) instances a monogram can boost the case’s value. Inscriptions can be desirable if they reference historical events, people or add interest to the item.

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Conversely, a full set of silver hallmarks aid in identification and are highly desirable. Ever popular British pieces will almost always be fully hallmarked while continental European cases can be more hit or miss in this regard. American examples are usually stamped “sterling” in addition to having a maker’s mark.

Good quality cases in heavier silver generally start at only around $100. Cases by notable makers are always of a consistently high quality and generally run into the several hundreds of dollars. Exceedingly fine, jewel encrusted examples can command more than $1,000. Exceptional Russian cases from the Czarist period can easily fetch thousands of dollars.

A discriminatingly assembled collection of quality silver cigarette cases and cigar cases is not only likely to steadily appreciate in value, but is also a joy to own. Few things would be as subtly impressive as offering your friend a Cuban cigar from your pre-revolution, Czarist Russian silver cigar case. One can just imagine his expression as he glimpses the magnificent case – silver shimmers with delicate yet bold niello scrollwork, solid gold initials glint elegantly and the royal blue of a precious sapphire cabochon glitters seductively from the thumb-catch.

Made in China is a reality that we must live with in many aspects of our lives today. But that doesn’t mean we have to resign ourselves to being surrounded exclusively by cheap Chinese junk. A small collection of fine, antique silver cigarette cases and cigar cases may be the perfect way to set yourself apart in a world inundated by undesirable clutter.

Read more in-depth Antique Sage tobacciana investment guides here.

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Read more in-depth Antique Sage antique silver investment guides here.

Crystallized Charisma – Old Mine Cut And Old European Cut Diamonds

Art Deco Ring Set with Old European Cut Diamonds

A stunning investment grade sapphire and old European cut diamond Art Deco ring from the 1920s. While the slightly yellowish color of the central diamond would be undesirable in a modern cut diamond, it gives this antique cut stone a warm, inviting look.

Humans are easily seduced by the state-of-the-art. This maxim applies as readily to a sleek new iPhone as a stately BMW 7 series. However, in our obsessive pursuit of new and stimulating desires, occasionally we forget the charms of the old. And sometimes those old things are very, very charming indeed.

One good example of this is diamonds. The most common cut in the diamond industry today is the round brilliant cut. It is bright, flashy and oh so photogenic. It is so ubiquitous that few people have even heard of its little known, but highly attractive ancestors – the old mine cut and the old European cut.

These antique diamond forms may not compare to modern cuts in terms of precision or technical accomplishment, but they possess unique optical effects that are at once bewitching and refined.

Old mine cut and old European cut diamonds are the epitome of antique elegance. These remarkable precious gems have undoubtedly witnessed the full gamut of human emotion during their century or more of existence – passion, turmoil, temptation and more.

When the wealthy and powerful of society attended manor house dinner parties or fashionable operas, they adorned themselves with these exquisite stones. Indoor lighting at these refined 18th and 19th century events was either candlelight or later, gas lights.

Both old mine cut and old European cut diamonds are visually stunning in these dimly lit environments, flashing a rainbow of colors that can easily be seen across a large room. These gorgeous antique stones simultaneously exhibit an enticing warmth and undeniable charisma that is completely lacking in today’s modern cut diamonds.

Although round brilliant cut diamonds ostensibly balance the attributes of brilliance and fire, in reality very few modern stones manage to do this well. Brilliance refers to the flashes of white light that return to the eye from a faceted diamond, while fire refers to any flashes of colored light.

Unfortunately, the mediocre cutting of most modern diamonds causes the overwhelming majority to display good brilliance, but poor or sometimes even nearly nonexistent fire. Well-cut, modern round brilliant diamonds do have their place, especially when one craves the dazzling, “white ice” look. But they cannot compare to the inviting warmth, subtle charm and exceptional fire of old cut diamonds.

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To understand antique diamonds it is imperative to know the five major parts of a faceted gem. From top to bottom they are: the table, the crown, the girdle, the pavilion and the culet. The table is the large, central facet on the top of a stone. The crown is the entire upper portion of a stone – everything above the girdle. The girdle is the “waist” of the stone, the thin line that encircles a faceted gem at its widest point. The pavilion is the entire lower portion of a stone – everything below the girdle. The culet is the small point at the very bottom of a cut stone.

The old mine cut is a cushion-shaped cut that was popular from the early 18th century to the end of 19th century. They have small tables, high crowns, very thick girdles, deep pavilions and very open culets. An old mine cut diamond’s unique character is utterly unmistakable – better experienced than simply seen. Its deep proportions grant the stone tremendous fire, although it comes at the cost of greatly reduced brilliance.

Some degree of asymmetry is also usually apparent in almost all old mine cut specimens. This is a natural result of diamond cutters painstakingly handcrafting the gems without the benefit of automated machinery.

Toward the end of the Victorian era, the old mine cut fell out of favor and was rapidly displaced by the old European cut.

The old European cut is a logical evolution of the old mine cut, differing mainly in its round shape. It possesses a high crown, small table and very deep pavilion by modern standards. The culet was often open – not forming an exact point – but was usually smaller than the culet on old mine cut stones. The old European cut also shares the same intense fire and warm appearance of its predecessor the old mine cut.

The old European cut came into vogue in the 1890s with the development of diamond cutting equipment that allowed rounded shapes to be created more easily and with less waste. By World War I, the old European cut had completely displaced old mine cut stones.

In 1919 a Belgian diamond cutter named Marcel Tolkowsky published a thesis that became the foundation of the modern round brilliant cut. This mathematical formula – sometimes known as the “ideal cut” – theoretically maximizes the amount of both fire and brilliance in a faceted diamond.

In the wake of this revelation, the old European cut was rapidly abandoned, with few examples faceted after the 1930s. Occasionally, so-called “transitional” cuts from the 1920s through the 1950s are found. Transitional stones stand in-between the old European cut and the modern round brilliant cut in terms of composition.

A good alternate source for scarce old cut diamonds is antique diamond solitaire or engagement rings. The diamond engagement ring first became popular as a declaration of eternal love towards the end of the 19th century. This places it well within the period when old mine and old European cut diamonds were produced.

So it is still possible to find a fair number of Victorian, Edwardian and Art Deco diamond rings in the market. In fact, many of the loose old mine cut and old European cut diamonds available today originally came from antique engagement rings!

We normally think of diamonds as luxury goods extraordinaire – baubles of the rich – but that idea isn’t really accurate. In reality, diamonds – white diamonds at least – are gems of the people, readily available to both the working class and affluent alike.

At least 100 million carats of diamonds have been mined every year for the past 25 years. After all, you wouldn’t be able to buy a diamond engagement ring for just a few thousand dollars if diamonds were exceptionally rare. Today’s widespread availability of diamonds wasn’t always the case throughout history, though.

In ancient and medieval times, India was the world’s only meaningful source of diamonds. The legendary mines of India had an estimated annual average production of perhaps 10,000 carats. This effectively meant diamonds were restricted to kings, sultans, rajas, emperors and popes.

In addition, almost every ruler along the torturously long trade routes from India to Europe kept the very best stones for themselves. As a consequence, European monarchs rarely managed to acquire truly fine, large stones until the beginning of the modern era.

In 1725 however, rich diamond deposits were discovered in Brazil. This was good fortune, as the Indian mines were very nearly exhausted by this time. Production from Brazilian mines may have averaged 50,000 to 100,000 carats per annum.

This increased the available supply of gem quality stones manyfold, allowing Europe’s aristocracy and wealthy merchants to own the coveted gems. Diamonds were no longer reserved solely for kings.

In 1867, just as Brazilian production dropped precipitously, diamonds were discovered in South Africa. By 1872, annual output from this new, prolific source exceeded 1 million carats.

This order of magnitude increase in supply completed the process of diamond democratization that had begun with the discoveries in Brazil 150 years before. Now everyone from Hollywood starlets to average, middle class housewives could afford to own diamonds.

Each old mine or old European cut diamond is a unique, hand-made creation that must be assessed on its own merits. Therefore, they cannot be strictly judged by modern diamond standards.

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For example, nearly all old cut stones are off-color. Vanishingly few would grade higher than G on the standard GIA D (colorless) to Z (light fancy) color scale. This is partly because diamonds from Brazil – the only available supply when many antique stones were cut – tend towards darker colors than those from South Africa.

Those antique cut stones that were exceptionally white – grades D through F – have been ruthlessly re-cut into modern round brilliant stones. In addition, many other, less white stones have also been re-cut over the decades. Consequently, a substantial number of formerly antique stones – especially the whitest specimens – are now lost to us forever.

The most important factor to consider in choosing old mine cut or old European cut diamonds is overall eye appeal. Desirable gems will have strong fire, throwing countless refracted flashes of multi-colored light in all directions. They will also invariably seem very “chunky” due to their deep pavilions and high crowns.

Fine stones will have a certain charisma that – although unmistakable – is difficult to define. Most old cut diamonds will also possess an inviting warmth that is notably absent in modern diamonds. This is attributable to their deep proportions combined with their very slight yellow or brown body tint.

Only consider stones with a minimum weight of at least 0.25 carats. An old European cut diamond this size will have a diameter of approximately 4 millimeters, depending on the depth of the stone. Diamonds below this weight are generally considering melee – small stones used as accents pieces. While old cut diamond melee was used extensively in beautiful antique jewelry, it is too small to be investable on its own.

Although some asymmetry in old diamonds is both normal and acceptable, avoid excessively lop-sided examples.

Likewise, steer clear of stones that have a GIA clarity grade of I2 or lower. Flaws of this magnitude are not only easily visible to the naked eye – reducing the beauty of the diamond – but can also potentially make it more susceptible to damage. Black carbon inclusions are also undesirable, even if the stone in question technically grades better than I2. However, minor carbon pinpoint inclusions in unobtrusive locations – near the girdle for instance – are acceptable.

As you can guess, pricing for antique cut diamonds depends greatly on quality. A highly flawed stone of poor color and symmetry with little eye appeal with always sell for much, much less than a beautiful, clean, white stone of the same weight. Diamond pricing also experiences price breaks at meaningful carat weights. A 0.51 carat stone will sell for substantially more per carat than a 0.49 carat stone. The same holds true of a 1.01 carat stone versus a 0.99 carat stone.

Pricing for both old mine cut and old European cut diamonds has changed dramatically over the last 20 years. Previously these stones always traded at considerable discounts to their modern cut siblings.

This was because dealers only considered old cut diamonds to be raw material for re-cutting into more salable, modern round brilliant pieces. In order to cover the labor costs and weight loss involved in re-cutting a gem, these discounts were significant – usually 20% to 25%.

However, now that connoisseurs have started to appreciate the unique charms of old mine cut and old European cut diamonds, these discounts have largely evaporated. But due to the illiquidity of the antique diamond market, pricing can still vary widely compared to modern cut stones.

The smallest acceptable investment-grade old mine cut or old European cut diamonds weigh between 0.25 to 0.40 carats. These specimens may trade for $1,000 to $1,500 per carat – meaning pricing realistically starts at about $400 per stone. Such a diamond mounted in an antique ring might sell for $600 or $700, due to the value added by the setting.

Prices increase dramatically as the size of a diamond increases. A 2 carat gem can easily trade for $5,000 a carat, or $10,000 for the stone. If mounted in a fine antique platinum or gold setting, a stone of this caliber would be a truly stunning work of art, well worth its premium price.

With a presence and elegance rarely seen in new jewelry, lovely old mine cut and old European cut diamonds are a truly exceptional way to hold concentrated wealth.