Diamonds will continue to decorate the fingers and other appendages of the world's rich for decades to come, but their coloured counterparts are gaining rapid prominence. In particular, the appetite for tanzanite, found only at the foothills of Tanzania's Mt Kilimanjaro, has grown phenomenally.
Gemstone producer Gemfields, controlled by mining mogul Brian Gilbertson's Pallinghurst Resources, reports that tanzanite prices have more than doubled in the past 10 years.
And former president of the World Federation of Diamond Bourses Ernie Blom says there has been an increase in pricing of other gemstones, too, with certain rubies fetching higher prices per carat than diamonds.
"The coming to the world at large of coloured stones is a bit like the colour TV coming to the market. Once you've had a colour TV, you'll never go back to black and white," says Gilbertson's son, Sean, who is CEO of Gemfields. He believes there is a "tidal wave of colour" headed for the global jewellery sector.
The reasons Gilbertson gives for these gemstones' appeal is their versatility and the ease with which the fashion industry can incorporate their colours into creations.
His television analogy may hint at diamonds losing favour, but he stresses that this is not the case. It's not about substitution or competition but complementing each other. For example, many jewellers use a combination of diamonds and coloured stones in their pieces.
Asked whether De Beers is worried that the emergence of coloured gemstones will displace demand for diamonds, spokesman Lynette Gould replies: "Essentially, no. They are a completely different proposition." Consumers buy diamonds specifically to celebrate milestones and achievements in their lives. "For these moments, only a diamond will satisfy that need."
Other gemstones that have begun to sparkle in luxury goods stores worldwide include sapphires, emeralds and amethysts. Gilbertson says their rise is not a passing fad.
The popularity of coloured stones might shift with trends, but colour will be in for decades, he maintains. Gemfields produces emeralds in Zambia and is moving into tanzanite, too. It also has a 50% interest in a Zambian amethyst mine.
Local high-end jewellery firm Charles Greig has always been keen on incorporating coloured stones into its work. "That's what put us at the forefront of the SA jewellery industry," says director and chief designer Christopher Greig.
However, he says that about 10 years ago the world began to favour far less colourful jewellery. "I found that quite unexciting," says Greig. But colour has been making a fast comeback globally, prompting Charles Greig to return to its roots.
Tanzanite has become highly sought after in SA, especially among foreigners seeking to take back something that is unique to the continent.
Local buyers have also begun to favour coloured gemstones because of a perception that they are less likely to be robbed of these than of diamond jewellery. This, says Greig, is because coloured gems are less understood and not as sought after by criminals.
He notes that the more valuable rubies, sapphires and emeralds are popular with the "very high-end and well-travelled client".
Coloured gemstone-encrusted jewellery sales were also boosted when celebrities began wearing them in public. Hollywood is the birthplace of many fashion trends, and these bright luxuries have received huge prominence simply by being worn by the stars.
Recently Angelina Jolie, Eva Longoria, Penelope Cruz and Gwyneth Paltrow were photographed on the red carpet wearing bold pieces of coloured-stone jewellery.
Then there is the question of what metal to set coloured stones in.
Greig believes that they are best accompanied by yellow metals. "White metals have been in vogue for the past 15 years," he says, adding that this has not favoured coloured gemstone jewellery demand.
"But yellow metals have started to make a comeback in the past year or two." This could be attributed to the surging price of platinum, which cooled drastically in October to trade at almost a third of its record high of US$2 300/oz reached in March.
But the gold price's northward movement as investors are drawn to its safe-haven appeal and the platinum price's decline are shifting demand in the jewellery sector for the precious metals.
Jewellery Council of SA CEO Lourens Mare notes that SA is traditionally a 9 ct gold market, while platinum jewellery mostly uses the white metal in a purer form.
Nine carat gold is a blend containing only 37,5% actual gold, with metals like copper, silver and palladium making up the rest of the alloy.
So-called "white gold" is generally 18 ct gold blended with another precious metal like palladium, and the final product is coated with rhodium to give the piece a white sheen.
Twenty-four-carat gold is 99,9% pure, but exceptionally soft, and prone to losing its shape, while platinum can be worn in its pure form without threat of damage as it is far more durable.
Mare says people buy platinum jewellery because it is "pure, rare and eternal", while gold's attraction lies in its symbolic properties of wealth and long history dating back to ancient cultures. The Inca of Peru called the metal the sweat of the sun.
Buying gold also has a strong emotional element, he adds.
Mare believes that it will take time before there is a significant shift in focus in SA to greater use of white metals.
Over the past few months the mass jewellery retail sector has suffered drops in unit sales of up to 30% as higher interest rates and inflation choke consumers' disposable income.
This mainly comes into play for the impulse buyer who buys a gold ring or chain from a non specialised shop.
The high-end retail sector has been far more resilient, Mare says, noting that buyers of the really pricey items are often not too concerned by high interest rates. "This season, if I were to choose luxury goods to buy, I would purchase jewellery because its value lasts. There is also something more to jewellery as a gift than mere monetary value," he says.
Jewellery enjoys its greatest sales volumes from engagements and marriages, and before Valentine's Day, Mothers' Day and Christmas. Of these, nuptial purchases are the most stable in tough economic times.
