From Pillar to Post, to Infinity…
Mr Rishabh Nahata’s connection to gemstones is stronger than most we see today. His affinity to the field and passion for it was present ever since he was a child, especially since he grew up with a family business of jewellery. In fact, ever since the age of 10, he started visiting the shop regularly. While the retail-jewellery business is a time consuming one, it certainly is rewarding.
Joining the business right after the 12th grade, he learned a lot of the trade while observing his colleagues work, and over his 12 years of work experience, he has developed and expressed his intense love for jewellery. Over the years, the industry has evolved a lot. While imitation jewellery has been around for centuries, the industry has had to become much more cost-efficient.
Of course, over this long term, he has also developed a keen eye and a refined taste for gems. “Most buyers are informed and accustomed to very few gemstones; most have only heard of diamonds, emeralds, rubies, and at most, sapphire,’ he acknowledged. “Yet, there is a whole other world of jewellery that is yet to be explored by the public. Not many people know the full variety and extent of gemstones available, and even a lesser group of people know about semi-precious stones, which are extremely beautiful and quite reasonable.”
When it comes to gemstones, they are majorly divided into two categories: Precious Gems and Semi-Precious Gems. While one may make the mistake of assuming that Semi-Precious gems are inferior, it’s actually quite the opposite! Both gems are naturally sourced and rare. However, Precious Gems are more expensive because they are not as easily available, and they are rarer to find and extract. The problem is that many people misinterpret jewellery too. They shop at face-value and are not fully aware of what they are buying.
From an environmental perspective, one may question the consequences of extracting gemstones from Earth. Mining often has an adverse impact on the environment. Still, compared to the mining of other resources, such as coal, jewellery mining is a lot cleaner and safer for the environment. It is more sustainable and has significantly fewer emissions than other mining industries. This is because by merely excavating 2 kilograms of diamond, one receives roughly 10,000 carats, and when we calculate the marginal cost to society, it is significantly less than other mined resources.
Another invention of the industry was lab-grown diamonds, but according to Mr Nahata, there is little future visible for these creations. In his opinion, they defeat the exclusivity of diamonds. Diamonds are a coveted gift, and their rarity of nature and formation play a massive role in determining its worth. Lab-grown diamonds don’t offer a price advantage either, costing 50% less at maximum.
On the other hand, many people have lost trust in the industry because of the number of scams that occur. The industry needs better standardisation, especially in terms of buy-backs. Now, institutions like IGI and Hallmark offer several certifications, which can help assure that the gemstones are of superior quality.
Jewellery plays a vital role in all our lives. From an easily-liquefiable asset to a status symbol, it dons many roles in our daily life, and it’s time that we place our trust in this ever-growing industry once again!
