The world through a diamond dealer’s loupe.
What does it take to spot perfection?
One of the hidden masters in the diamond industry comes from a family with multi-generational ties to the world of trading with outstanding gemstones and jewelry. Extraordinary pieces from his collections have been adorning the wealthy and famous on and off the red carpets through the last 45+ years. Sitting in his office on 5th Avenue, Ishaia Gol, President and founder of Ishaia Trading Corp., has not spent this long of a stretch in New York since the early 80’s. Under normal circumstances Mr. Gol would be headed to the airport for Geneva, Asia or the Middle East to conduct business. With Covid-19 keeping Mr. Gol in New York, I had the opportunity to pin him down and ask a few questions. This is the first time he has agreed to do an interview.
How did you get into the diamond business?
My brother David Gol has been a gemstone trader since the early 50’s or should I say a connoisseur of precious gems. I had just completed my army service in Israel back in the mid 70’s when David approached me. He needed a partner to head up a buying office in New York as business dealings had increased significantly, and travelling back and forth from Milan and later from Geneva was extremely time-consuming for him. I was initially set on a career in mechanical engineering but after some thought I decided to go into business with my brother. Enrolling at NYU for a degree in business administration and learning about diamonds at the same time meant long hours but a rewarding experience I still draw on to this day.
I earned my graduate gemologist inhouse degree from GIA in 1977. This was only the second class to graduate out of NY. Basically, the profession of Gemology did not exist back then. On top of studying, I spent months in a friend’s factory learning how to polish diamonds. At the same time in a different office I learned how to sort diamonds. In those days you only certified diamonds that came out as IF (Internally Flawless) and a 1.00 carat diamond was considered a big stone. “I became the first gemologist in my family and one of the first in my community, so they thought I was God” Mr. Gol says with a glint in his eyes.
What are the first 3 steps you take when purchasing a diamond?
There isn’t really a set list of things I cross out. It is a combination of characteristics that determines the beauty of a stone, for color and colorless diamonds. If the stone isn’t beautiful, referring to the cut, I will not even consider it. There are people that first look at the lab-report, I do not! I will consider technical issues stated on the report, for example fluorescence. But don’t confuse fluorescence with lack of beauty, it is purely because in today’s market I cannot sell a stone with this feature. From a buying point of view “Very Good, Very Good” (this refers to the polish and symmetry) doesn’t mean anything on a piece of paper, however I acknowledge it and then I look at the stone to see for myself. I have to carefully consider the polish and symmetry grades in order to sell a stone today. It will have to be Excellent, Excellent, and it was not like that just five years ago. I calculate how much I will have to lose in weight to make it EX, EX. But this again becomes a secondary issue if the stone is a 5.01 carat and the stone is VG, VG, then there is no way I can make it EX, EX. This is out of the question. It’s a combination of several factors that make me purchase a diamond and it can be different every time. Most importantly I have to keep the client in mind. What do they want and how do I manage to give them the best version of a diamond they like?
How often do you buy a diamond that needs repolishing or recutting, compared to a diamond that has reached its highest potential?
In most cases I do not repolish the colorless diamonds I purchase. The technology today is so advanced that you don’t have to be a genius to manufacture a beautiful colorless diamond. It is very different with color diamonds, but colorless diamonds, no problem. Color diamonds are another story because every stone “behaves differently” when polished. To bring out maximum color the lapidary has to work on angles and placement of the facets in another way.
Do you have a favorite color in a diamond?
I do not have a favorite color; I like a diamond because that particular diamond appeals to me. It has nothing to do with color, shape, size or value on its own. A combination of several things makes for my eye to catch an extra glimpse.
Do you think a colorless diamond is an investment and will prices for diamonds increase after the dip we have seen during Covid-19?
I think people buy diamonds because of the beauty. However, diamonds are considered the smallest physical form of wealth and we cannot ignore the fact that most expect such a purchase to increase in price over time. I expect the prices for colorless diamonds to increase, I do, but I can’t exactly tell you when,* other than most likely in the near future.
*The day after this interview the RAPAPORT list increased for colorless round brilliant between 0.30-0.89ct cut and fancy cut diamonds 1.50ct-10.99+ct.
What advice would you give to anyone purchasing an engagement ring, which is often the first major purchase a couple will make?
It is very simple. Make sure you agree on two things. Are you going for size or quality of the diamond? This is often the biggest challenge I see couples dealing with in this situation. It is not unusual for women to prefer a larger stone where men look at the quality to be the determining factor.
Any thoughts on a natural diamond vs lab-grown?
I don’t think it is a trend. Carroll Chatham started marketing his flux-grown emeralds back in 1930 and today we never see them. It’s already happening, the value of synthetic diamonds keeps dropping.
Ishaia Gol is not the only one with this interpretation. It is a general view in the industry that consumers are too sophisticated to see the synthetic diamond goods as an investment, or even a product that should be compared with a diamond making its way to the surface after millions of years in the ground.
Which jewelers have you worked with in the past that stood out?
The way I see it, there are many avenues to approach making jewelry and now I am talking about High Jewelry. Most importantly for me there is the technician and there is the artist. The technician will put together a necklace but the artist will bring the piece to life. Charles Zuber was one of the late master jewelers from Geneva. He was just an outstanding artist. When you picked up a piece made by Zuber it was almost like the diamonds were floating, you didn’t feel the weight of the metal. Charles had the uncommon genius and ability to mix passed down family manufacturing methods of haute-joaillerie with the micromechanics utilized in watchmaking. He was truly one of the geniuses in his field. The renderings we have on file of pieces commissioned from him are pieces of art themselves today. Another jeweler we worked with from Paris, Mr. Ehret, his pavé work was out of this world, I’m talking about 10-15 years ago. Regrettably, his craftmanship expertise became so expensive due to the number of hours put into each piece, that he worked himself out of business. Clients are just no longer prepared to pay the price for these masterpieces. We’ve crafted magnificent jewelry for all the major jewelry houses in the world, in collaboration with a select few manufactures. The last piece I had made by Ehret I gifted to my wife. It was such outstanding work I had to keep one piece, even though I am a businessman not a collector as far as jewelry is concerned.
What do you see for the future of the diamond trade?
It’s a question of fashion. When Chanel starts selling more dresses than Lululemon sells workout clothes the world will look different. (No High Jewelry diamond necklace goes with a Lululemon t-shirt. Your jewelry wardrobe stands out when you wear a Chanel or Carolina Herrera gown compared to the current trend of workout clothes.)
Mr. Gol is in his 45th year of the gemstone trade and his office has seen and made some impressive gems and jewelry during that time. His brother David Gol is still working to this day creating jewelry through the Geneva office. The brothers are considered experts in their field to an extent that the leading auction houses will make frequent visits seeking their opinions on value and finish of a gem before an auction. Top jewelry houses will commission suites with outstanding diamonds and craftsmanship and wealthy private individuals come to seek the best of what this world has to offer.
