The art of collecting natural diamonds

A natural diamond never really fits into the concept of a 'moment'. And that's always been its greatest quality.

For generations, that belief lived primarily in auction rooms, among connoisseurs and families who understood that a fine diamond only appreciates with time. Today, that same conviction is taking a different shape. A new kind of collector is emerging: Not necessarily bidding, but building. Piece by piece, driven by taste, knowledge, and a longer view on what's worth holding onto.

From buying for the next occasion to buying for a lifetime, a growing number of women are walking in with a question, an opinion, and a genuine eye for what’s worth keeping. The collector's era has expanded. And the luxury market, according to those who have watched it most closely, already saw this coming.

The Shift Beneath the Surface

Sunaina Talwar Khiani, Founder of Strategia India, a strategic consulting firm for luxury brands, is one of them. "This shift towards intentional curation is a mix of generational change, cultural maturity, and global exposure. Consumers today have access to endless choices, which has made them more selective rather than impulsive. People want pieces that reflect personal identity and taste, whether in fashion, jewellery, watches, interiors or even travel. Younger luxury consumers especially are less interested in overt status and more interested in craftsmanship, rarity, and individuality", she explains.

"I think natural diamonds have always held that emotional and cultural significance in terms of being a long-term asset, and we're simply viewing them through a more evolved luxury lens today. In a world that feels increasingly fast and disposable, people are moving towards objects that feel enduring and deeply personal. That's what makes natural diamonds feel especially relevant right now", she adds.

Cut, Colour, and Conviction

The collector's eye, however, never arrives fully formed. It's built over years of looking, handling, and learning to see past the obvious. Arundhati De-Sheth, Fine Jewellery Specialist and Founder of The Jewellery Confluence Est. 2018, has spent years refining exactly that instinct when it comes to her clients. "I have always urged them to look out for natural diamonds that have character and personality in them. This could be the colour, clarity, origin, and quite importantly, the cut of the stone." For the past decade, she has been steering clients away from predictable shapes, and continues to emphasise choosing stones with GIA certification, which she considers a non-negotiable. "This remains the most stringent and consistent laboratory for natural diamonds", she explains.

What she has also watched, over those same ten years, is a market that refuses to be underestimated. "The true beauty of the Indian market is that a huge number of people across the country own and collect natural diamonds to wear and enjoy regularly. The appetite for large-sized natural diamonds in India is rather commendable compared to many other Eastern and Western markets. This makes the Indian market very special, unique, and important."

The Price of Being Irreplaceable

The auction room tells its own version of this story. Romil Dalal, Jewellery Expert at AstaGuru Auction House, sees this from the other side of the transaction. "A decade ago, auction participation was largely the domain of seasoned connoisseurs - families with generational wealth and inherited aesthetic sensibilities. Today, we are witnessing entrepreneurs in their thirties and forties, professionals with global exposure, and a growing cohort of women collecting independently and with remarkable conviction. Today's collector is not simply acquiring an object. They are curating a life," he says.

And what they're primarily curating for is provenance. "A diamond with a documented history, one that has passed through a royal household, a celebrated maison like Cartier or Gazdar, commands attention in a way that an identical stone without that narrative simply cannot."

This is also what places natural diamonds in a different conversation that goes well beyond jewellery. "Natural diamonds occupy a unique position in the collectable universe precisely because they sit at the intersection of multiple collecting disciplines. Like fine art, they are singular and irreproducible. Like important watches, they carry the history of great Maisons and the precision of exceptional craft. Like rare objects, they accrue meaning through association and provenance over time. Where diamonds distinguish themselves is in their durability - not merely physical, but cultural. A fine natural diamond has demonstrated a remarkable ability to hold and appreciate collector interest across cultures, centuries, and economic cycles."

And on the question of natural versus laboratory-grown, he is unambiguous: "For the collector who thinks of their acquisitions as a legacy - objects to be passed down, built upon, and recontextualised across generations—the natural diamond is the only choice."

The Collection, In Practice

For Michelle Poonawalla—Managing Director of the Poonawalla Group, artist, and philanthropist— the collector's mindset needs no introduction. "I have always believed natural diamonds tell a story," she says. "Over time, I began looking at them almost like works of art or collectible treasures. A solitaire, in particular, never goes out of style."

That conviction shows in how she curates her collection with solitaires in different shapes, each chosen for its own character. "Whether it is an oval, emerald, pear, or round cut, every solitaire feels unique and special. I see them as treasurable pieces, something that holds not just beauty and value, but memories and sentiment that can be cherished for generations.”

To the woman starting her own, she suggests, “Natural diamonds should be looked at as timeless investments and should not be perceived as an impulse or one-time purchase. I would always recommend investing first in a classic solitaire pendant or a pair of solitaire earrings." And the relationship only deepens from there. "I also feel that natural diamonds age beautifully. Their charm and significance only deepen with time. That is what makes them more than jewellery for me. They become treasured heirlooms and memories that stay with you forever."

Across every conversation, one truth keeps surfacing. Natural diamonds are now in the same conversation as a Husain canvas, a Patek Philippe, or a first edition. They are singular, carry provenance, appreciate with time, and no two are ever identical. The difference is that a diamond doesn't hang on a wall or sit in a safe. Instead, it lives with you.

And that, more than anything else, is what makes collecting them the most personal form of luxury there is.

Lead image: The brand 

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