On the occasion of the wedding of the Crown Prince of Japan in 1993, the Empress of Japan presented to Princess Masako a ruby ring that she in turn had received from the Empress Dowager. In England, the Crown Jewels are on display in the Tower of London. The 108-carat Koh-i-noor Diamond from Golconda, India, was removed from the crown used in the 1911 coronation of Queen Mary and reset in the crown used for the coronation of Queen Elizabeth II in 1953, where it sparkles today. The Cullinan III and IV diamonds, cut from a 3,106-carat rough diamond-the largest ever found-were also removed from the crown of Queen Mary and are now worn by Queen Elizabeth. These were prime examples of gemstones of great value passing from one generation to the next, being reset and used again. More than at the time of purchase, the luxury of gemstones is probably first fully realizes when they are reset after being passed down to the next generation after years of ownership. I have heard that even in Japan, it has become common for young women to wear jewelry passed down from their mothers. Though this custom is still not nearly as widespread as in the West, it appears to be headed in that direction.
It is said that many status of ancient Rome, originally cast in metal, were melted down and made into weapons. Stone sculptures that were made at the time to replace them are currently displayed in the Vatican Museum. Similarly, jewelry metals such as gold and platinum are often melted down and reused at the time of resetting, but gemstones are reused in the same form. Even in this aspect, one cannot help admiring the timeless power of gemstones. At the height of World War II, in 1944, the Japanese commerce authority confiscated precious metals. My father was involved in the purchase of the gold, platinum, and such being sent to the Takashimaya Department Store in Nihonbashi, Tokyo. Apparently it was a fairly large-scale operation, with some ten craftsmen being assigned to remove the diamonds set in jewelry such as rings and obi clips. Though the sale of gemstones was not compulsory, as was the case with precious metals, the prevalent attitude of frugality and sacrifice during this period prompted 99 out of 100 people to sell their gems as well. After the war, standard-quality one-carat diamonds that were purchased for 2,700 yen rose in price to 300,000 yen by the end of 1948.
When I heard this story from my father I felt that it was a clear example of the asset value of gemstones. No matter how carefully planned, social and political structures made by man are transitory. In times of unrest, the intrinsic value that gemstones possess will transcend all devices and systems created by politics. Let’s assume that one had sold a diamond in 1948 and started a business with that money. This would not only benefit the individual, but it would increase employment and force one to bear some of the responsibility of the renewed economic activity. Since ancient times, gems have served mankind not only as beautiful objects, but over and over again as a source of economic renewal.
It may be that the value of gemstones is truly appreciated only when they are passed down. After a gemstone is purchased, it is possible for the market value to be influenced by factors such as fluctuations in demand due to changing fashion trends, or changes in supply caused by increases in production or scarcity. However, this should not be a source of major concern. When a number of different gemstones are considered together, this averages out. What is important is to decide what quality to choose. Keeping in mind the rule of “half enjoyment, half investment,” gem-quality stones can be said to be 50 percent enjoyment and 50 percent investment, while the ratio for jewelry quality is about 80:20, and accessory quality is often limited to 100 percent enjoyment. Accessory quality is poor quality with shoddy workmanship, and it is doubtful that much value will be placed on these stones by people who inherit them. The 20 percent asset value of jewelry quality depends on the specific item. If it is of a quality and design that remains popular over time, the value may approach 30 or 40 percent, while in the opposite case it may have as little value as accessory quality. Gem-quality stones of high value are easy to remodel, and while they may not always possess the 50:50 value mentioned above, they are limited in quantity and will definitely become more scarce as the market grows. It is said that mothers who own exquisite pieces of jewelry are treated kindly by their daughters and granddaughters. Maybe the daughters and granddaughters cherish hopes that by being kind, they might someday make those wonderful pieces their own. There is a Japanese saying that “ a grudge over food is a fearful thing,” but as society becomes more affluent, there may come a time when we say instead, “a grudge over jewelry is a fearful thing.” It can be satisfying to purchase jewelry of high quality while knowing how enjoyable it will be for the person who inherits it.
