Wednesday, May 22, 2013

This Year, Invest In Diamonds

The month of May brings us fascinating news from the gem market. Famous diamonds are going for 30 to 40 percent more than their previous going rates.

This trend has led to the highest sales ever recorded by the legendary Christie's, Sotheby's, and jewelry auctions around the world.

Certain gems have even made the front page of newspapers for those in the know.

First was the beautiful pink diamond nicknamed "Princie", which sold for $39.3 million to a telephone buyer at Christie's April auction.

Christie's announced another diamond for their May auction expected to bring in $20 to $30 million. The buzz about this diamond has created quite a stir to see who buys "Absolute Perfection", the pear-shaped diamond nearly the size of a golf ball. Gem aficionados are dying to know how much "Absolute Perfection" will rake in.

Sotheby's has also posted some impressive pieces for their May auction. One item that is attracting much press coverage is Gina Lollobrigida's coveted diamond necklace and emerald earrings. Her pearl earrings sold for $4.9 million, smashing Liz Taylor's record.

So, why the rise in diamond prices?

Simply put, they are an attractive way to store wealth.

According to the Wall Street Journal, "Diamond prices often climb when stocks are falling and vice versa. But the long view on diamond values is reassuring, jewel and art experts say: Last month, the average asking price for a one-carat diamond among gem dealers was roughly $10,500, up 31% from a one carat's going rate six years ago, according to the RapNet Diamond Index, which tracks diamond prices among 12,000 gem dealers around the world."

We at Gray and Sons specialize in luxury watches and estate jewelry and we have a large selection of 1+ carat diamond jewelry, which you can find here, but if we had a diamond such as the Absolute Perfection in our showroom, it would be difficult to let go!

We, along with the rest of the world, eagerly await the outcomes of the next auctions. 

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