When I heard this story from my father I felt that it was a clear example of the asset value of gemstones. No matter how carefully planned, social and political structures made by man are transitory. In times of unrest, the intrinsic value that gemstones possess will transcend all devices and systems created by politics. Let’s assume that one had sold a diamond in 1948 and started a business with that money. This would not only benefit the individual, but it would increase employment and force one to bear some of the responsibility of the renewed economic activity. Since ancient times, gems have served mankind not only as beautiful objects, but over and over again as a source of economic renewal.

It may be that the value of gemstones is truly appreciated only when they are passed down. After a gemstone is purchased, it is possible for the market value to be influenced by factors such as fluctuations in demand due to changing fashion trends, or changes in supply caused by increases in production or

scarcity. However, this should not be a source of major concern. When a number of different gemstones are considered together, this averages out. What is important is to decide what quality to choose. Keeping in mind the rule of “half enjoyment, half investment,” gem-quality stones can be said to be 50 percent enjoyment and 50 percent investment, while the ratio for jewelry quality is about 80:20, and accessory quality is often limited to 100 percent enjoyment. Accessory quality is poor quality with shoddy workmanship, and it is doubtful that much value will be placed on these stones by people who inherit them. The 20 percent asset value of jewelry quality depends on the specific item. If it is of a quality and design that remains popular over time, the value may approach 30 or 40 percent, while in the opposite case it may have as little value as accessory quality. Gem-quality stones of high value are easy to remodel, and while they may not always possess the 50:50 value mentioned above, they are limited in quantity and will definitely become more scarce as the market grows.

It is said that mothers who own exquisite pieces of jewelry are treated kindly by their daughters and granddaughters. Maybe the daughters and granddaughters cherish hopes that by being kind, they might someday make those wonderful pieces their own. There is a Japanese saying that “ a grudge over food is a fearful thing,” but as society becomes more affluent, there may come a time when we say instead, “a grudge over jewelry is a fearful thing.” It can be satisfying to purchase jewelry of high quality while knowing how enjoyable it will be for the person who inherits it.