The Wittelsbach-Graff Blue Diamond

On the left is the 35.56-carat cushion-shaped Wittelsbach diamond and on the right is the same diamond recut to 31.06 carats. Over billions of years, the element carbon (with a trace of boron) turned into a diamond. It's a stunning stone with a long history that raises a 21st-century conundrum to ponder. Let's begin the journey ...

The Wittelsbach-Graff diamond (↖left) compared to the Hope diamond

The rare blue diamond originates from Kollur Mine, India. King Felip IV of Spain is thought to have bought and included it in the dowry of his beloved 15-year-old daughter, Infanta Margaret Teresa in 1664 when she married Leopold I, the Holy Roman Emperor. The jewel was in the possession of the Habsburg family until it came to Munich, Germany in 1722 when Archduchess Maria Amalia, a Habsburg, married Karl of Bavaria of the Wittelsbach royal house. The gemstone then remained in the Wittelsbach family until it was sold in 1951 to a mystery buyer, then resold a few more times until in 2008 the London jeweler, Laurence Graff, bought it for $24.3 million. In 2010 the billionaire jeweler announced he had recut the diamond to get rid of its 350-year history of nicks, cuts, chips, and scratches from being set and reset into jewelry and a crown.

Erasing the history of the diamond to improve its girdle not only reduced the gemstone by 40%, but it has also started a controversy. Renamed the Wittelsbach-Graff diamond, the alterations enhanced its blue color from grey-blue to blue-blue and clarity from VS1 (very slightly included) to IF (internally flawless), as well as, arguably increased its monetary value by giving it a higher grade and modern cut.

So in the life of this diamond, there are 2 values at play, and what's right isn't always clear-cut, is it? The Habsburgs-Wittelsbachs wouldn't recognize their diamond today. Soooo what would you have done and why?

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Photo: Getty Images - 101.7-carat - Worlds largest flawless diamond

Pure carbon, heat and pressure make a diamond. The gem is the hardest natural mineral on earth. It takes 1-3 billion years for nature to create one and 6-10 weeks for a lab to do so. Although both are real diamonds with the same chemical composition, lab diamonds are substantially cheaper due to demand. The demand for diamonds made by nature is greater.*

Most of us know when buying diamonds there are 4 Cs to consider and they determine the value. But do you know how the 4 Cs fall in importance? I won't keep you in suspense for long! When buying diamonds the order of importance is the following:

Photo: Blue Nile

1) Cut -  The most important of the 4 Cs is the cut. Why? Because it has the biggest influence on the diamond's sparkle (its "brilliance" and "fire"). Even if a diamond has a perfect color and clarity, a poor cut -- one that is too "shallow" or "deep" -- will make a diamond look dull. In an "ideal" cut -- one in the right proportion -- "light is returned out of the top of the diamond" (source: Blue Nile Jewelers).

2) Color - The 2nd most important C is a diamond's color ... in reality its lack of color. The less color the higher the grade and cost of a diamond. 

3) Carat - The 3rd C in the hierarchy is the carat, which refers to the diamond's total weight, not its size.

4) Clarity - Often the least important C is clarity since tiny imperfections are microscopic and can't be seen with the naked eye. Natural diamonds nearly always have flaws: blemishes (exterior) and inclusions (interior) but usually lumped together as inclusions. The number and size of inclusions will set the price as they can effect the beauty, brilliance (how well white light reflects) and fire (how well colored light reflects) off the diamond. Tiny imperfections that can only be seen by using a loupe may not effect the beauty of the diamond to the naked eye.

The value of diamonds gets tricky. Diamonds are not rare in nature. but bigger gem-quality diamonds are rare in nature, therefore a 5-carat diamond will cost much more than 5 times the cost of a 1-carat diamond. Each carat of diamonds increases exponentially because the gem-quality stones over 2 carats are rarer finds. Also, demand plays a role. If demand for diamonds ever fell, so would the price.

On a budget, you can get more carats for your money by choosing lower grades of color and clarity and still end up with beautiful diamonds. In other words, by being flexible with color and clarity, you can get a great effect without going broke.

Here's how I see it. Like sapphires, rubies, emeralds and other precious stones [technically semi-precious, but Alexandrite and tanzanite are expensive], diamonds are the work of nature over billions of years improved by the artistry of man. Although the element carbon is as common as dirt, people covet and will pay $1000s for it after heat and pressure have worked their magic by turning it into a diamond.

*Diamonds created by nature are marketed as unique; no two are alike. Lab grown diamonds can be mass produced in a factory, which lowers their price. Whether or not, it's a bad thing is debatable. Hey, I'll take an affordable lab grown 20 carat diamond. Hand it over! :)



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