Chanel's enormous success with costume jewelry most of which were designed by herself, had been taken note of by genuine jewelry manufactures and dealers, and others associated with the jewelry industry, such as the diamond and colored stone dealers, who had been having a very lean time during the depression that started in 1929 and continued into the 1930s. Her success with costume jewelry also impressed the International Guild of Diamond Merchants, which was now studying various strategies to give a new lease of life to the badly battered diamond industry. It was in pursuance of this goal that a team from the International Guild of Diamond Merchants had approached the legendary "queen of haute couture" in Paris, and negotiated with her a deal, to design a sparkling collection of fine jewelry using diamonds and platinum, that would bring the most dazzling of precious stones back to center stage, and thus help the luxury industry out of the economic crisis. Chanel, exhibiting her usual trait of accepting challenges, responded favorably to the call of the International Guild, and together with Paul Iribe, the multi talented, graphic, textile, jewelry, stage and advertising designer, with whom she shared two years of her life, set about creating the collection, that eventually saw the light of day in November 1932. The duo based their fine jewelry collection on three themes, knots or bows, stars and feathers. Each piece of jewelry was remarkable not only for its delicate setting and the discrete clasp, but also for its interchangeability, such as a necklace that could be converted into a brooch or a bracelet, or a pendant that could be transformed into a pin.