Thursday, April 30, 2009

Diamonds From Fantasy To Reality

The Fantasy

A 30.02 carat pear-shaped D, Internally Flawless type Iia diamond was sold for $4,002,500 to an unidentified private buyer at Christie’s New York jewelry auction on Wednesday. The winning bid represents a $133,000 per carat sale price. “The market for colorless diamonds remains absolutely firm and very much in line with prices realized for similar stones this time last year,” said Rahul Kadakia, Christie’s head of jewelry. Another top selling item was a 6.76 carats cushion-cut Burmese ruby and diamond ring that was sold for $866,500, or $128,000 per carat, to an Asian private buyer. A rectangular-cut D, VS1 diamond weighing 32.72 carats sold for $1,650,500, within the estimated range of $1.4 - $1.8 million. “The sale attracted buoyant participation from private collectors and members of the trade from all over the world, setting a great tone for the spring jewelry auction season,” Kadakia added.

Yes, there is still a market for big rocks, especially if they are D-IFs.

And, you would think from Kadakia's comments that the demand for diamonds is robust.

The Reality

What better way to describe reality than to show you this chart.

Diamond prices have tanked.

So...if you are in the market for something new or if you want to trade up, now is a good time to buy.
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