Defiant Diamond Dazzle
It goes against all the laws of economics. This is the time of the huge sub prime crisis in America. This is the time of spiralling oil prices. This is the time of grain shortages and looming food shortages. It’s also the time when diamonds are cocking a snook at global trends and selling like they never have before.
Ask the people at Sotheby’s and Christie’s and they will tell you that the gems on auction are going at record prices and there has been a sales increase of six percent the previous year. Let rare or royal jewels find their way into the market and there are so many people making a scramble for them.
One reason could just be that investing in diamonds and other precious stones and jewellery could be some kind of a safety measure against rising inflation. Is it because of this that people are buying? Or is it because of the new emerging economies that seem to be flush with funds even as they throw up any more millionaires each year into the world arena. More and more Chinese, Russian and Indian buyers are making their presence felt at these auctions.
What’s going to go under the hammer soon are two incredible diamonds – one, the largest blue diamond that is almost 14 carats and the other a yellow diamond which is a perfect heart shape and is a over 21 carats. It would be interesting to see how quickly these get picked up.
Tags: diamond demand, diamond prices, Diamonds
