Montezuma Jewelers Blog

Amid a broader slowdown in US luxury spending, fine jewelry has emerged as a glimmering standout, according to a new report from Citigroup. Based on credit card transaction data from more than 10 million US cardholders, Citi found that while spending on luxury goods overall fell in the first five months of 2025 compared to the same period in 2024, luxury jewelry sales have continued to rise.



In May alone, luxury jewelry spending surged 10.1% year over year, continuing a monthly growth trend that began in September 2024. In contrast, categories such as handbags and apparel saw declines, weighed down by rising prices and waning consumer enthusiasm.

Citi analyst Thomas Chauvet told CNBC that the durability of jewelry sales likely reflects a shift in consumer values.

“When you have $3,000 to spend on luxury, are you going to buy a piece of jewelry or a handbag for the same price?” he asked. “Perhaps the piece of jewelry gives you superior intrinsic value given the precious metals content and superior emotional value and meaning.”

While luxury handbag brands have raised prices by as much as 30% to 40% since the pandemic — often without delivering clear improvements — jewelry appears to offer both financial and sentimental rewards. Chauvet noted that gold prices have risen more than 25% in 2025, yet many jewelers have kept price increases modest. That combination is making jewelry look like a smarter investment.

Jewelry was also the only luxury category in May to see an increase not just in average spend per customer but also in the number of customers overall. Even within the high-end segment — where a 2.7% drop in customer count was recorded — those who remained spent 11.7% more on average.

Looking ahead, Chauvet cautioned that economic uncertainties remain—from a weakening US dollar to geopolitical tensions and the possible expiration of a 90-day pause on new tariffs.

Still, the data suggests that in uncertain times, consumers are gravitating toward purchases with lasting value — both emotional and financial. And jewelry fits the bill.

Credit: Photo by BigStockPhoto.com.

In celebration of July’s birthstone, we look back at one of the most iconic ruby jewels ever to hit the auction block: Hollywood icon Elizabeth Taylor’s "perfect" 8.24-carat gem that actor Richard Burton gave her as a Christmas gift in 1968.



Burton, who famously showered Taylor with extraordinary jewels, promised early in their relationship to find her a very special ruby with perfect red color.

“But it has to be perfect,” he warned.



Four years later, he delivered on that promise with a Van Cleef & Arpels masterpiece nestled in a box at the bottom of her Christmas stocking.

Taylor recalled nearly overlooking the teeny package, only to be reminded by her daughter Liza that something special was still waiting to be unwrapped. When she opened the box, she found a rich Burmese ruby surrounded by diamonds.

“It was the most perfect colored stone I’d ever seen,” Taylor later said.

Auction bidders clearly shared her sentiment. When Taylor’s legendary jewelry collection was sold by Christie’s after her passing in 2011, the ruby ring fetched $4.2 million — more than quadrupling its high estimate. It also set a world record at the time for highest price-per-carat ever paid for a ruby: $512,925.

(The current world record for the most expensive ruby per carat is held by the "Estrela de Fura," a 55.22-carat Mozambique ruby that sold for $34.8 million at the Sotheby's "Magnificent Jewels" auction in New York on June 8, 2023. This price paid translated to $630,288 per carat.)



Another ruby treasure in Taylor's collection — a Cartier necklace featuring seven oval and cushion-cut rubies with diamond accents — also stunned auction watchers in 2011. Initially estimated at $300,000, the necklace soared to a final price of $3.8 million.

Taylor’s entire collection of 80 iconic pieces netted $115.9 million, setting multiple records at the time, including highest price ever paid for a pearl jewel ($11.8 million), highest price paid per carat for a colorless diamond ($8.8 million), highest price ever paid for an Indian jewel ($8.8 million), highest price paid for an emerald jewel ($6.6 million), and the highest price paid for natural pearl earrings ($1.9 million).

For those born in July, the ruby remains a symbol of passion, love and vitality — qualities Taylor embodied both on screen and in life. Her ruby ring continues to stand as a dazzling reminder of love’s promise… and of the enduring power of a truly perfect gemstone.

Credits: Jewelry images courtesy of Christie's. Elizabeth Taylor promotional headshot by Unknown authorUnknown author Metro-Goldwyn-Mayer studio publicity photographer, Public domain, via Wikimedia Commons. Richard Burton and Elizabeth Taylor from the film Cleopatra by Trailer screenshot, Public domain, via Wikimedia Commons.

Russia and Botswana once again led the world in rough diamond production in 2024, according to newly released statistics from the Kimberley Process Certification Scheme. But while Russia retained the top spot in both volume and value — despite international sanctions — Namibia stole the spotlight for quality, with the highest average value per carat among major producers.



Russia: Still on Top Despite Headwinds
Russia accounted for 32% of global rough diamond production by volume (37.3 million carats) and 29% by value ($3.335 billion). Though its carat production remained level with 2023, value slipped slightly from $3.61 billion, reflecting a drop in average price per carat from $97 to $89.

Botswana: Impressive Runner-Up
Botswana increased its carat output from 25.1 million in 2023 to 28.2 million in 2024, but its dollar value barely budged ($3.31 billion vs. $3.28 billion), due to its average price per carat declining from $131 to $117. Still, Botswana’s reputation for gem-quality diamonds remains intact, keeping it a close second in both volume and value.

Namibia and Lesotho: Small Producers, Big Prices
Namibia produced just 2.3 million carats — ranking #8 by volume — but topped the global list in quality, with an average value of $417 per carat. Though lower than its 2022 peak of $601, the figure reflects the ongoing strength of Namibia’s offshore mining sector. Lesotho followed closely with $333 per carat. With fewer than 700,000 carats mined, the country still earned $232 million — good for #7 in value rankings.

Angola and Canada: Solid Mid-Tier Players
Angola remained #3 in value ($1.412 billion) on the strength of its high-grade rough, as volume stood at 14 million carats. At $101 per carat, Angola’s rough output continues to trend toward higher-quality goods. Canada ranked #4 by volume (13.3 million carats) and #4 in value ($1.075 billion), although its average price per carat dropped to $81 from $111 in 2022.

South Africa and Sierra Leone: Heritage and Promise
South Africa, once the epicenter of the global diamond industry, ranked #6 in volume (5.3 million carats) and #6 in value ($662 million). Its diamonds fetched a respectable $124 per carat — above average and consistent with its long-standing reputation for producing large, high-quality stones. Though its output has declined from historic highs, South Africa remains a steady contributor of gem-grade material.

Sierra Leone, meanwhile, barely made the Top 10 in both volume (573,983 carats) and value ($103 million). However, its $180-per-carat average ranks third globally — behind only Namibia and Lesotho. This speaks to the enduring value of its artisanal and small-scale mining operations, which occasionally yield extraordinary finds.

Zimbabwe and the DRC: High Volume, Low Value
Zimbabwe produced 5.3 million carats, valued at $163 million, for an average of just $31 per carat. The Democratic Republic of Congo (DRC) followed a similar pattern with 9.8 million carats but only $106 million in value — a mere $11 per carat — indicating a continued focus on industrial-grade stones.

Total global rough output in 2024 was 118 million carats, up 6% from 2023. However, overall value fell 10% year-over-year to $11.48 billion. Only 10 countries accounted for over 99% of all diamond production, a testament to the industry’s geographic concentration.

While Russia and Botswana dominate the conversation, the 2024 data underscores how value and quality can shift the narrative, as seen with the high per-carat performances of Namibia and Lesotho.

Credit: Image of rough diamonds mined in Russia, courtesy of Alrosa.

A cherished 115-year-old wedding ring thought to be lost forever in a Texas lake has been miraculously recovered — thanks to the relentless efforts of a small but mighty rescue crew that lives up to its promise: “the only honest to God 24hr dive service throughout Texas.”



The drama unfolded on Friday, June 20, at Possum Kingdom Lake, about 150 miles west of Dallas, where JackO’Lynn Page was enjoying a day out with her son’s baseball team. Though not fond of lake activities, Page was soaking in the fun when disaster struck — her wedding ring had slipped off and vanished into the vast manmade lake.

The heirloom piece, dating back to 1910, had been passed down through generations of Page’s family, making the loss deeply personal. A frantic search ensued, with 11 baseball boys, their parents, and grandparents diving in — literally — to find the ring.

When their efforts failed, one of the team dads suggested calling a professional, which led them to Ryan Prigmore of Blue Diver Search and Recovery, a company known across the state for 24/7 emergency dive services. Prigmore arrived the same day and dove in despite challenging waves and murky water.

He came up empty but made a promise: “I’ll be back Monday. I won’t give up on it.”

True to his word, Prigmore returned under calmer conditions, bringing another diver with him. He stayed in contact with Page throughout the day, updating her as the search continued. That evening, a photo came through — her wedding ring was in his hand.

“I had been preparing myself for the last few days that it was lost and I wouldn’t see it again," Page wrote on Facebook. My ring is so special to me. And I had no idea how I’d get over this. I am over the moon knowing it’s coming home to me!”

For the jewelry industry, it’s a heartwarming reminder of the emotional value heirloom pieces hold… and how far some will go to preserve that legacy.

Credit: Image via Facebook / JackO'Lynn Page.

Welcome to Music Friday, when we spotlight songs that sparkle with references to jewelry, gemstones or precious metals. Today, we’re revisiting a luminous synthpop anthem that turned 10 this year — “Make Them Gold” by Scottish band Chvrches.



Originally released in 2015 as the fourth track on the band’s acclaimed second album, Every Open Eye, “Make Them Gold” uses the imagery of precious metal to deliver a powerful message about self-worth and growth. A decade later, the track still resonates deeply — perhaps more than ever — thanks to its uplifting chorus and universal message.

Lead vocalist Lauren Mayberry encourages listeners to embrace their flaws and missteps as stepping stones, not setbacks. She sings, “We are made up of our mistakes / We are falling but not alone / We will take the best parts of ourselves / And make them gold.”

In this context, “gold” represents triumph, self-improvement and the beauty that emerges from life’s imperfections — a fitting metaphor that makes this song a perfect Music Friday feature.

As part of its 10th anniversary celebration, Chvrches released a special edition of Every Open Eye on April 12, 2025, for Record Store Day, a semi-annual event that brings together fans, artists and thousands of independent record stores around the world. The album, originally a global hit, topped the US Billboard Alternative and Rock Albums charts and charted in 16 countries.

Despite a brief pause in group activity, Chvrches' fans were thrilled to learn that the band is far from finished. In October 2024, Mayberry launched her debut solo album, Vicious Creature, and embarked on a North American tour in spring 2025. But the good news didn’t stop there — the band has officially re-signed and confirmed plans to reunite for future albums.

Rooted in Glasgow and inspired by artists like Madonna, Prince and Kate Bush, Chvrches has carved out a unique niche in electro-pop. Their stylized name — spelled with a Roman “v” instead of a “u” — was originally a practical decision to improve their searchability online. Today, it’s become a signature of their identity.

Take a moment to relive the shimmering brilliance of “Make Them Gold” through the group's powerful live performance. The full lyrics are below if you'd like to sing along…

“Make Them Gold”
Written by Iain Andrew Cook, Lauren Eve Mayberry and Martin Clifford Doherty. Performed by Chvrches.

Can you tell me what to have
And what to hold
If you never take the way
On your own

No one tells us what is hard
And what is fair
We will deliver once we know
Where to fall

We are made up of our mistakes
We are falling but not alone
We will take the best parts of ourselves
And make them gold
>
We are made of the smallest stars
We are breathing and letting go
We will take the best parts of ourselves
And make them gold

Can you steady all the hands
That you hold
If you never look away
From the drum

If you push yourself then I
Will pull you up
And we will deliver once we know
Where to fall

We are made up of our mistakes
We are falling but not alone
We will take the best parts of ourselves
And make them gold

We are made of the smallest stars
We are breathing and letting go
We will take the best parts of ourselves
And make them gold

We will wait to see if you come at all
To stop us falling out of phase
Let’s see if we can keep
Track of losing days

You’d smile so wide I can see the stars
To stop us falling out of phase
I will be with you in the fray
With those second thoughts

You asked for all you asked for

We are made up of our mistakes
We are falling but not alone
We will take the best parts of ourselves
And make them gold

We are made of the smallest stars
We are breathing and letting go
We will take the best parts of ourselves
And make them gold

And make them gold



Credit: Photo by Justin Higuchi from Los Angeles, CA, USA, CC BY 2.0, via Wikimedia Commons.

Last week’s Magnificent Jewels sale at Christie’s New York dazzled collectors and historians alike, thanks in large part to the headline-grabbing success of the “Mughal Carved Emerald Necklace.” Estimated at $2 million to $3 million, the necklace sold for a staggering $6.2 million after a fierce bidding war, more than doubling its high estimate and cementing its place among the most important jewelry lots sold this year.



Dating back nearly 275 years, the necklace features five Colombian emeralds weighing a total of 1,178.50 carats. The centerpiece is a monumental 470-carat hexagonal emerald, intricately carved and bearing an inscription that reads “Ahmad Shah Durr-i Durran”—translated as “Pearl of Pearls.” Ahmad Shah Durrani, founder of the Durrani Empire, is a pivotal figure in South Asian history, and his name links this jewel to an elite lineage of imperial treasures.

Rahul Kadakia, Christie’s International Head of Jewelry, emphasized the emerald’s historical magnitude: “This extraordinary provenance places the emerald alongside legendary treasures such as the Timur Ruby and the Koh-i-Noor diamond.”

Indeed, all three bear similar royal inscriptions, speaking to their shared trajectory through the Mughal and Persian courts, where power and gem collecting were tightly interwoven.

The necklace’s provenance adds to its mystique. It was part of the Mughal imperial treasury looted in 1739 by Nader Shah of Persia, whose conquest of Delhi resulted in one of the most dramatic transfers of wealth in history. Nader Shah’s haul famously included the Koh-i-Noor diamond, and now, it’s confirmed, this emerald necklace as well.

The piece was offered as part of the “Magnificent Mughal Jewels: Property from a Royal Collection” grouping, which realized a total of $14.8 million. Two other standout pieces also surpassed expectations:



The Mughal Antique Multi-Gem and Emerald Necklace, featuring nearly 800 carats of emeralds and intricate goldwork, fetched $5.56 million. This necklace carried a pre-sale high estimate of $3 million.



The Mughal Three-Strand Spinel and Natural Pearl Necklace, showcasing over 2,000 carats of spinels and historically inscribed gems, brought in $3.01 million, surpassing its pre-sale high estimate by just over $1 million.

The exceptional auction results reflect a growing global appetite for museum-quality jewels with royal provenance — especially those tied to South Asia’s imperial past. As Christie’s noted, these pieces are not only wearable masterpieces, but tangible links to empires long vanished, yet still glittering with relevance today.

Credits: Images courtesy of Christie’s, photography by Steven DeVilbiss.

Platinum is enjoying a powerful rally in 2025, recently topping $1,330 per ounce — a 10-year high and a 44% gain since the start of the year. The price surge has been fueled by rising industrial demand, supply constraints and renewed investor interest. Despite this momentum, platinum still trades at less than half the price of gold, which is currently valued at $3,335 per ounce.



This price disparity is striking, especially considering platinum’s former status as the more precious of the two. Back in March 2008, platinum reached an all-time high of $2,192 per ounce — more than double gold's price at the time. But while platinum has struggled to reclaim its historical premium, gold has soared, driven by its safe-haven appeal in times of global economic uncertainty.

Yet, for consumers shopping for fine jewelry, the story isn't so straightforward.

Platinum jewelry often carries a price tag equal to — or even higher than — gold jewelry, especially when compared to 14-karat gold. That’s because platinum is far denser and purer. A platinum ring is approximately 60% heavier than the same ring in 14K gold, and while 14K gold is only 58.5% pure, most platinum jewelry is 90–95% pure and alloyed with costly platinum-group metals, such as iridium or ruthenium. In contrast, 14k gold is alloyed with affordable metals, such as copper, silver or zinc.

In short, you may pay more for a platinum piece, not because the raw metal is pricier per ounce, but because there’s simply more of it — and it’s of higher purity.

Platinum is also prized for its durability, strength and hypoallergenic properties. Its density offers superior security for gemstones, and its resistance to wear makes it ideal for heirloom-quality pieces. Jewelers note that working with platinum requires more skill and heat than gold, which also adds to the craftsmanship cost.

So while platinum may currently trail gold in commodity markets, platinum’s great look, toughness, purity and performance keep it a precious — and practical — choice for fine jewelry.

Credit: Photo by Chip Clark / Smithsonian; U.S. Geological Survey, CC BY 2.0, via Wikimedia Commons.

In a monumental development that could reshape the global gold industry, China announced the discovery of a “supergiant” gold deposit beneath the Wangu gold field in Pingjiang County, Hunan province.



Estimated at a staggering 1,000 metric tons of gold ore — and potentially more — the discovery could eclipse South Africa’s South Deep Mine, long considered one of the world’s largest known reserves.

Valued at approximately $83 billion, this central China discovery may be the most valuable single gold deposit ever recorded. Using advanced 3D modeling and deep-core sampling, geologists identified more than 40 gold veins stretching to depths of 6,600 feet (2,000 meters). Preliminary models now suggest the deposit could extend even deeper — to nearly 9,800 feet — and hold as much as 1,100 tons of gold ore.

Adding to the excitement is the exceptionally high ore grade. Some samples returned readings of 138 grams (about 5 ounces) of gold per metric ton, nearly 17 times higher than what’s typically considered high-grade in the gold mining industry.

“Many drilled rock cores showed visible gold,” Chen Rulin, a lead geologist with the Hunan Province Geological Bureau, told Chinese state media.

The discovery comes amid a wave of gold exploration successes in China, with over 2,000 tons reported across the country in the past six months.

The Wangu field deposit is likely to further solidify China's position as the world's top producer of gold. According to 2023 statistics published by the World Gold Council, China accounts for approximately 10% of global output.

Experts believe that the true impact of the Hunan province gold discovery will unfold over years, as deeper exploration confirms the full scale and viability of the deposit.

As gold continues to play a central role in the jewelry industry, investment markets and national reserves, China’s golden dragon under Hunan may well define a new era in global mineral wealth.

Credit: Illustration by The Jeweler Blog using Microsoft’s AI image generator.

As the Diavik Diamond Mine in Canada's Northwest Territories enters the final stretch of its operational life, it continues to surprise with dazzling discoveries—none more unexpected than a vivid purple diamond recovered just weeks ago. Weighing 0.45 carats, the rare gem stands out for its striking hue, a dramatic departure from the white and occasional yellow stones Diavik is known for.



Rio Tinto, the mine’s operator, revealed the find in a social media post in late May, describing it as a “unique discovery” and “pleasant surprise.” Scientifically significant and symbolically poignant, the purple diamond serves as a brilliant reminder that nature still has secrets to share — even from a mine that has delivered more than 140 million carats since opening in 2003.

Colored diamonds make up less than 1% of Diavik’s total output. Among those, purple is the rarest hue of all.

Experts attribute the purple hue to trace hydrogen elements or distortions in the diamond’s crystal lattice— a formation anomaly caused by immense pressure and heat deep within the Earth’s mantle. These same lattice defects give purple diamonds their distinctive and elusive coloration.

Rio Tinto classified the rough purple diamond as “makeable,” indicating it has the right proportions and clarity to be cut into a single polished gem. While Rio Tinto has yet to announce the stone’s future — be it auction, private sale or museum display — the discovery has already captivated collectors and scientists alike.

This isn't the first time Diavik has delivered a showstopper in its twilight years. In April of this year, the mine revealed a massive 158.20-carat yellow diamond — one of the largest ever unearthed in Canada. That find echoed Diavik’s legendary 2018 discovery of a 552.74-carat yellow diamond, which was later cut into the 204-carat “Dancing Sun” and sold at Christie’s for nearly $5 million.

With commercial production at Diavik slated to end in early 2026, these final discoveries feel like nature’s encore — unexpected treasures from a remote sub-Arctic mine that continues to defy expectations. Harsh terrain, extreme temperatures and two decades of mining have not dulled Diavik’s capacity to astonish.

Credit: Purple diamond image via Facebook / Diavik Diamond Mine.

Welcome to Music Friday, when we spotlight songs that sparkle with jewelry, gemstones or precious metals. Today, we rewind to 1970 and revisit a classic Jackson 5 hit that features a very young Michael Jackson grappling with young love — and a not-so-loyal sweetheart — in “The Love You Save.”



Twelve-year-old Michael sings about giving a promise ring to a girl who just can’t stop chasing other boys, even as they grow up. The lyric: “When we grew up you traded / Your promise for my ring / Now just like back in grade school / You’re doin’ the same old thing.”

Released in May 1970, “The Love You Save” became the third of four consecutive No. 1 hits for The Jackson 5 that year, joining “I Want You Back,” “ABC” and “I’ll Be There.” These songs remain staples in Jackson 5 medleys and greatest-hits collections.

The song opens with a bold “Stop!” — widely believed to be a nod to “Stop! In the Name of Love” by The Supremes. That 1965 hit was also released by Motown, the label that launched The Jackson 5. Supremes frontwoman Diana Ross famously helped introduce the group to a national audience.

Interestingly, the original lyrics for “The Love You Save” were about traffic safety. Songwriters Berry Gordy Jr., Deke Richards, Freddie Perren, and Alphonso Mizell — known as The Corporation — reworked the theme into a playful warning about reckless romance. Only the title and the clever line, “Darling, look both ways before you cross me,” survived from the original.

The Jackson 5 lineup — Jackie, Tito, Jermaine, Marlon and Michael — would go on to sell more than 100 million records, with their infectious energy and family harmonies captivating audiences around the world.

And here’s a fun lyrical twist: Midway through the song, Michael names four of his rivals — Isaac, Benjii, Alexander and Christopher. But look closer: he’s referencing Isaac Newton, Benjamin Franklin, Alexander Graham Bell and Christopher Columbus. Smart and catchy.

Enjoy this vintage performance of “The Love You Save” from The Ed Sullivan Show. The lyrics are below if you’d like to sing along!

“The Love You Save”
Written by Berry Gordy Jr., Deke Richards, Freddie Perren and Alphonso Mizell. Performed by The Jackson Five.

Stop, you better save it
Stop, stop, stop, you better save it, woo
Do do do do do …

When we played tag in grade school
You wanted to be it
But chasin’ boys was just a fad,
You crossed your heart, you’d quit

When we grew up you traded
Your promise for my ring
Now just like back in grade school
You’re doin’ the same old thing

Stop, the love you save may be your own
Darlin’ take it slow
Or some day you’ll be all alone
You better stop
The love you save may be your own
Darlin’ look both ways before you cross me
You’re heading for a danger zone

I’m the one who loves you
I’m the one you need
Those other guys will put you down
as soon as they succeed

They’ll ruin your reputation
They’ll label you a flirt
The way they talk about you
They’ll turn your name to dirt, oh.

Isaac said he kissed you, beneath the apple tree
When Benji held your hand he felt electricity
When Alexander called you, he said he rang your chimes
Christopher discovered you’re way ahead of your time

Stop, the love you save may be your own
Darlin’ take it slow or some day you’ll be all alone
You better stop
The love you save may be your own
Darlin’ look both ways before you cross me
You’re headed for a danger zone

Hold on, hold on, hold on, hold on…

“S” is for save it
“T” is for take it slow
“O” is for oh, no
“P” is for please, please don’t go

The love you save may be your own
Some day you may be all alone
Stop it
Save it girl
Baby, ooh
You’d better stop
The love you save may be your own
Please, please or some day, some day baby
You’ll be heading for a danger zone
(All alone)

I’m the one who loves you
I’m the one you need
Those other guys will put you down
As soon as they succeed

Ooh, stop, the love you save may be your own oh baby
You better stop it, stop it, stop it girl or someday you’ll be all alone

The way they talk about you
They’ll turn your name, turn your name
Stop, the love you save may be your own
Don’t you know, don’t you know
Some day baby you’ll be heading for a danger zone



Credit: CBS Television, Public domain, via Wikimedia Commons.