How Coco Chanel saved the diamond industry during the Great Depression

What made CHANEL, whose first love was costume jewellery, launch a luxury collection?
The big year for diamonds was 1932. The great Coco Chanel, whose first love was costume jewellery, turned her formidable design gifts to diamonds.
Chanel said: “In my profession, any means is legitimate, provided it is only used in the true spirit of fashion. I started creating costume jewellery because I felt it was refreshingly free of arrogance, during a period that tended towards ostentatious displays of luxury.”
So what changed? The Great Depression, that’s what. Chanel lent her support to the diamond companies that were struggling in the depression, which had set in by 1929 and lasted until the late 1930s. Her reasoning was that “during the economic recession … there emerged an instinctive desire for authenticity”.