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Few things in life hold the timeless allure of a natural diamond. Much like a masterful work of art, a diamond is more than its material form—it is a rare, emotive, and deeply personal expression of history, craft, and value.
As I write this, I have just returned from a whirlwind trip to TEFAF (The European Fine Art Foundation) Art Fair renowned for its exceptional quality, rigorous vetting standards, and the breadth of art, antiques, and design on display. Within the hallowed corridors of the nearly four-decades old art fair that sees antiques, invaluable art, vintage collections and best of contemporary art today, there was a booth dedicated to Mayfair-resident India high jewellery maison, Santi Jewels.
As investment strategies remain a continuing dialogue and space of evolution, perhaps it is time to reframe diamond jewellery—as investment-worthy luxuries, akin to great paintings and sculptures.
To unravel the parallels between the worlds of art and natural diamond jewellery as investments, we turned to a compelling triumvirate of voices: Russell Mehta, one of India’s most respected diamantaires and an ardent art collector; Jaya Asokan, the director of India Art Fair who has played a pivotal role in shaping the country’s contemporary art landscape; and Reena Ahluwalia, a jewellery designer and artist whose work lives at the intersection of fine art and natural diamonds.
“Diamonds should not be seen as commodities,” states Russell Mehta, Managing Director of Rosy Blue, as he draws a comparison between art and diamonds. “They are not like gold, which is traded minute by minute.
Diamonds are more like art—an object of beauty, rarity, and emotion, something that is deeply personal, yet holds a certain store of value.” Nature’s art, if you like.
Art & Diamonds — The Synergy
The Indian art market has witnessed extraordinary expansion, with 2024 marking a historic high. According to the Hurun India Art List*, sales by the top 50 artists reached ₹301 crore, a 19% year-on-year increase. Yet, as Mehta points out, art remains a largely illiquid asset. “There is no instant resale market for art. I have pieces I love, but some are impossible to sell. That doesn’t make them less valuable—it makes them more personal,” he says.
Similarly, diamonds operate on a different axis from financial investments. “Unlike stocks, which can be sold at the click of a button, a diamond is a store of value,” says Mehta. “If you need to liquidate it, you will always get something for it, but its primary purpose is not as an asset to flip—it is to be worn, cherished, and passed down”.
The Rarity of a Diamond
If art is humanity’s expression of creativity, then a natural diamond is nature’s highest artistic feat. “A Picasso or a Warhol can be recreated, but a 300-carat, D-flawless diamond and with its very own signature inclusions inside? The probability of that happening again is next to nothing,” says Mehta. “Nature does not produce these in abundance.”
Reena Ahluwalia, an artist whose work bridges the worlds of fine art and diamonds, describes diamonds as “powerhouses of stories.” “Each diamond is like a carrier of stories, packed with history, emotion, and meaning. That’s why they have been revered for centuries,” she explains. Much like a masterwork on canvas, a diamond’s uniqueness adds to its allure. “Not all diamonds are rare. Some are rarer than others, and the rarest hold immense value, much like art,” says Ahluwalia.
“This is why ultra-high-net-worth individuals seek out specific natural diamonds—because they are anomalies of nature, geological masterpieces”
Provenance and Legacy —
A Shared Story
In both art and diamonds, provenance matters. “Collectors want to know the journey of a piece—who owned it, where it came from, and why it is significant,” says Jaya Asokan, Director of India Art Fair. This applies as much to a Tyeb Mehta canvas as it does to a Golconda diamond—each carrying its own historic weight.
Russell Mehta echoes this sentiment. “When people buy million-dollar artworks, they research its authenticity, previous owners, and exhibition history. The same applies to high-value diamonds. If you are acquiring a rare 10-carat diamond, you’ll want to know its origin, its journey, and who has handled it.”
For younger collectors, however, the idea of provenance is evolving. “Younger collectors are approaching art acquisitions with a more experimental mindset. While they are increasingly aware of provenance and its importance, they are equally, if not more, driven by a desire to engage directly with artists and support emerging practices,” Asokan explains. “For many in this new wave of collectors, the opportunity to interact with the artist, understand their process, and be part of their journey is a key driver in their acquisitions.”
Ahluwalia has witnessed this shift firsthand. Her art—a portrait of the Maharaja and Maharani of Mysore—was drawn with the accuracy of historical documentation, but recontextualised for a contemporary Indian audience. The work has resonated with younger collectors globally. “Diamonds and art hold similar emotional value,” she says of the portrait, which aims to reclaim a lost legacy. “We always see Golconda diamonds, Burmese rubies, Ceylon sapphires in places like the Victoria & Albert Museum, the British Museum, or the Aga Khan Museum,” she adds. “I wanted to rewrite that narrative so that a modern Indian could relate with the portraits.”
Mouawad Dynasty diamond painting by Reena Ahluwalia.
The Emotional Value — More
Than Price Tags
Luxury is no longer just about ownership—it is about resonance. “Art and diamonds both speak to identity,” says Ahluwalia. “When someone wears a diamond, it’s not just a material possession—it’s an extension of their story, much like the art they choose to live with”. Mehta echoes this sentiment. His wife started collecting jewellery designer Viren Bhagat’s pieces back in 1998. “She loved what he was doing – it was different, and she started acquiring them,” he shares. Today, of course, Viren Bhagat’s jewellery is selling in the hallowed halls of Christie’s with pieces like a five-strand natural pearl and diamond necklace estimated between USD 800,000 to USD 1,200,000. “But much like pieces of art in my home that remind me of moments in my life, this jewellery my wife wears — it will never be about selling them—it’s about what they represent,” he shares.
This is why attempts to categorize diamonds solely as investment tools fall flat, he explains. “Yes, diamond prices fluctuate, just like art values do. But at the end of the day, no one is tracking the price of their grandmother’s heirloom diamond ring, just as they wouldn’t check the value of a painting that hangs in their living room. They are emotional investments.”
Diamonds as Art — A New Narrative
As the luxury landscape shifts, both art and natural diamonds are being redefined through new narratives. Ahluwalia’s ‘Diamond Trails’ project, for instance, reframes diamonds as artistic subjects. “It’s an anthology of diamond stories—visual, literary, and historical. I wanted to explore new-age storytelling that isn’t just about marketing, but about the emotional, artistic, and cultural resonance of diamonds,” she explains. This cultural shift is key to the future of both art and diamonds.
“Collectors today aren’t just buying status—they are buying meaning,”
says Asokan. And in this way, the parallels between art and natural diamonds become even clearer. “Both exist outside of time. A great painting and a great diamond will look just as extraordinary centuries from now as they do today. That is the true definition of luxury,” says Ahluwalia.
“What price do you put on something that will outlive you, that will be worn by generations to come?” asks Mehta. In a world increasingly defined by transience, both art and natural diamonds offer a quiet defiance—objects that are not only rare and beautiful, but enduring in meaning. Their worth is not merely measured in price tags or resale potential, but in the stories they carry, the hands they pass through, and the memories they hold. To own a natural diamond, like a great work of art, is to possess something that transcends time—an heirloom not just of material value, but of spirit, sentiment, and history. And in that, lies their truest luxury.
*The Hurun India Art List is an annual ranking by the Hurun Research Institute that identifies and ranks the top 50 most successful living Indian artists based on the sales of their works at public auctions.
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