As The Empire Burns, Diamonds Rise



(image via dailymail)

The excesses of the wealthy contrast startlingly with the scenes of an economy in near free fall. It is good to know though that whatever happens of mortgages and credit cards and property values and the price of gas, that diamonds are forever. Thank you, Damien Hirst, artist in residence of Empire in decline. From Bloomberg:

"'There's a group of very savvy, tremendously wealthy people who have put a small portion of their fortunes aside to invest in diamonds,' said Francois Graff, managing director of London- based Graff Diamonds International, in a telephone interview. 'They've made incredible returns.'

"Five years ago, dealers were paying $70,000 per carat for colorless diamonds of 10 carats and more, said Graff.

"'Now we're paying over $200,000 per carat,' he said.

"There are only about 200 highest-grade, D-flawless colorless diamonds of more than 5 carats discovered per year, according to Raymond Sancroft-Baker, Christie's International's European director of jewelry. The annual yield of large-scale blue and pink stones is considerably smaller.

"'Diamonds are getting rarer. The earth just isn't giving them up,' said Sancroft-Baker in a telephone interview."

More here.