How we price our fine jewelry
At 64Facets, maintaining the highest quality natural diamonds is of the utmost importance to us. Our entire process is meticulously planned to ensure that our jewelry is not only delicate and luxurious, but also sustainable and ethically sourced while offering our clients the best value for their investment.
Our supply chain is vertically integrated as we have successfully over the years brought almost every step of the process in house. From assessing, cutting and faceting the rough diamonds, to designing and finally crafting our fine jewelry pieces.
Mining is the only fundamental step of our supply chain that is not done internally. We source our rough diamonds from carefully vetted, ethical partners in Antwerp, Belgium, who represent the large mining companies like De Beers, Al Rose, Petra, etc.
To learn more about our supply chain and craft, we invite you to read our Jewelry Creation Process where you will discover every step of our supply chain. As you will learn, at each step of this delicate and carefully curated process there are factors that affect the final pricing of the fine jewelry that you buy or own.
Cost of Raw Materials
Sourcing rough diamonds is complex and unique. Antwerp is where diamonds are sold to exclusively authorized bulk purchasers called “Sightholders”. The Sightholders will then resell the diamonds to both large and small diamond trades and jewelry companies.
Typically, rough diamonds will be traded numerous times before they are cut and polished after which they will again be traded a few more times.
At 64Facets, we buy our rough diamonds directly from a few select and specifically vetted Sightholders in Antwerp, thus keeping our supply chain as short as possible and cutting out dozens of intermediaries. This allows us to price our fine jewelry competitively while ensuring sustainable and ethical sourcing.
Over the years the availability of high quality rough diamonds has decreased and thus resulted in higher value. As in most industries, the prices of diamonds and gold fluctuate, and therefore we must at times adjust our own pricing to reflect these changes.
Scarcity of high quality rough diamonds
The price of diamonds has increased by roughly 20% since 2019. There are a few reasons behind this increase. Mining has been steadily increasing in expense and yields of high quality raw materials are becoming less available. In the long term there are predictions for less rough diamonds in the market while mines are facing closures and depletion which in turn raises the value of your diamonds and fine jewelry. Furthermore, Covid-19 impacted the industry at its very source, the mines. Many of them have closed or were closed over an extended period thus decreasing the supply of high quality rough diamonds available on the market. In addition to usual market fluctuations, this has resulted in an increase in the value of available diamonds on the market.
The price of gold has increased roughly 40% since 2019. Demand for gold has a strong history of being resilient as it stores a lot of value. Over the course of the past 2 years gold as an investment has become more popular, especially given market uncertainty. This has had a major effect of rising gold prices.
64Facets is dedicated to only using the highest quality natural diamonds and gold sourced from sustainable partners. We are therefore selective, and choose to work with businesses that have the same beliefs and commitment as we do.
We are dedicated to keeping our supply chain as short as possible, keeping the majority of our process in-house: from assessing, cutting and faceting our rough diamonds, to designing and creating the fine jewelry pieces.
We have carefully put together our team of highly talented and experienced craftsmen in our ateliers in Surat and Jaipur, India. These people are at the heart of our entire operation and are part of our family. Our commitment to fair labor practices ensure that our team is well taken care of, motivated and receives above market wages.
India has improved economically and the cost of labor has increased due to inflation and a need for a better quality of life. We fully support this notion therefore our craftsman wages have also shifted and increased over time.
We hope this short journey through our supply chain has helped you better understand how we price our fine jewelry. Transparency is very important to us, and we would be delighted to answer any additional questions you may have by contacting firstname.lastname@example.org.