THE SPARKLE of stars is brought down to Earth by a new store called Polaris Treasure Trove, with a pop-up shop at the Shangri-La Plaza mall in Mandaluyong City.
It was first established by Isha Ivonne Ricana in 2016, opening as an antique and jewelry store. This year, she rebranded her store as a source of South Sea pearl jewelry. She once sourced her pearls from Hong Kong, but after being urged by a customer, she began to source her pearls from Palawan.
She said that she pictures a simple and elegant woman wearing her pieces. Simple is relative: bejewelled brooches as big as an open palm, adorned with a single pearl, jostle for space alongside pearl necklaces in gold tones or cream with diamond clasps.
DIAMONDS AS INVESTMENTS
Alongside this venture, Ms. Ricana also brings to the Philippines ID Diamonds, a method of investment centered on diamonds. Diamonds are placed in a plastic box with digital information pertaining to their origins and certification. According to Pierre de Bosscher, ID Diamonds CEO, the London-based company is a way to diversify one’s investment portfolio. “It’s a real asset; it’s a hedge against inflation.”
Diamonds are usually expensive because of the workmanship involved in forming them as a part of a piece, as well as clever marketing techniques aimed at showing off the supposed rarity of diamonds. While a large amount of diamonds are indeed mined from the earth, Mr. De Bosscher argues that 80% of this is used for industrial applications, and only 20% of the diamonds mined in the world are used as gemstones.
The price of a box of diamonds varies depending on the number of stones and their sizes — the most expensive box at $150,000 contains 10 one-carat diamonds. Customers can opt for boxes of 10 .5 carat diamonds, eight one-carat stones, and four .5 carat pieces, starting at a price of about $9100.
When asked about the rate of depreciation and appreciation of the diamond bars (as the ID Diamond boxes are also called), he said, “I can’t forecast the future, but I can look at the past,” he said, presenting the case that in the last 10 to 15 years, diamonds have increased in value in the market by up to 40%.
As for Ms. Ricana’s decision to bring the diamond bar concept here, she said, “Filipinos are very fond of [their] investments.”
She argues that the diamonds are more liquid investments, and the diamond bar can be broken up immediately and sold to institutions. “Unlike if you have a building.” — Joseph L. Garcia
