Under CoverPosted: August 18, 2011
I had a free afternoon at the Emirates Mall in Dubai, the biggest, most expensive-and-all-superlatives mall of the world; the one with the ski slopes inside.
Gemoholic I am, so I didn’t ski but went to search for colored gemstones. I was wearing a dark suit; and pretended to have recently defrauded Kabul Bank out of $50 million.
All the big names are there: Moussaeiff, Van Cleef & Arpels, Graff, Tiffany and the rest. I pestered them all. I played dumb, but not too dumb to raise suspicion. I didn’t take my own lens and as they offered me one, I worked it tourist-style.
The jewelry gorillas occupy the entrance of the mall; an area the size of Luxembourg. Retail professionals know top-margins get the entrance. Low-margins, like electronics or food, go higher up: To buy cheap DVDs or milk you have to run the jewelry gauntlet.
There was lots of cabochon amethyst, so-so tourmaline, plastic citrine and nasty magic topaz, mountains of filled rubies and deep fried sapphires, some set nicely, some cheesy, but all at painful prices.
I must admit today’s sellers know about gemstone treatment. When I did a similar excursion in 2004 I got raised eyebrows, ignorance or flat lies. Today, the staff is as well informed as you may expect. They know most gems are treated somehow, they are not always sure how (who is?) or why, some get it wrong, but I heard no more all-our-gems-are-natural-guaranteed-bla-bla.
When I asked for untreated gemstones the branch manager usually entered scene. He knew the real stuff:
“This ruby is only heat treated but not filled”
“This is GIA certified untreated sapphire”.
With certificates ready in hand – a real improvement from 2004. Great. My compliments!
Here is what I found:
A pair of blue sapphires, each 6 carats, pear-shape, set in earrings. Good color, a shade too inky perhaps but clean and GRS certified unheated Madagascan, precision cut to match. The pair, set with some gold and small diamonds, was on offer for $480.000. I calculated down to $35.000/carat for the stones. Solitary each gem was top-notch, as a pair they were quite remarkable.
Next, I found an emerald shaped, vivid red, AIGS certified unheated Mozambique ruby of 1.21 carat, lightly included, square-ish but not fully symmetric “native” cut, rather a color-stone with little or no luster, some window but still fully red in the center. Price tag: $139.000 set in a ring. Minus small diamonds and gold I estimated it at $80.000 per carat. A good stone, but way overpriced.
Then, I got to see an oval 4.6 carat pink sapphire with a window. It was a good hot pink and GIA certified, no origin, but the fish eye was bad. Set in a rose gold pendant with many small calibrated pink sapphires (no certificates), it went for $95.000. The big sapphire must have been under 15.000/carat. Given that the pendant itself looked pretty, this price seemed Ok-ish to me, under the circumstances.
I continued my search. Some shops I left without seeing anything worth mentioning. There was no untreated emerald, no Paraiba, no good Alexandrite, no Padaparadscha, nor tsavorites or such, at least no exceptional ones. As always, I ignored diamonds. All-in-all I must have been in ten+ high-end joints.
Finally, late in the day: A dream of red spinel, round, 3.2 carat, absolutely flawless, no window, no inclusions, perfect hue, tone, great luster and all, GRS certified Burma, set in a simple platinum ring. This was a master gem. Selling for: $180.000. Totally fat ruby-priced but very nice. Loved it.
That was my last find. After five hours I ended the tour due to exhaustion and low sugar levels. I hate wearing a suit; and pretending. I also felt sorry for the branch managers.
I allowed myself a HägenDazs ice cream and called it a day.