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Press Release: Investment Diamond Exchange (IDX) listed an extremely rare 22.17-carat, fancy intense pink diamond, anticipated to bring in over $23 million at auction. As the global economy heats up and investors seek creative ways to make money, investment diamonds are becoming more popular than ever. With pink diamonds increasing at 443 percent from 2003 to 2010, according to Sotheby’s, investors are looking to lock in these huge returns for their portfolio. Pink diamonds are one of nature’s most beautiful rarities. In November of 2010, the 24.78-carat Graff Pink diamond sold for $46.2 million and set the record for the highest price paid for any diamond sold at auction at Sotheby’s Hong Kong.
“We have already received multiple bids at $23 million and we expect the competition to heat up as we near the end of the auction in July. The lucky investor will have the rights to name one of the rarest diamonds in the world,” said Chris Duffield, the managing partner of IDX. According to Bain & Co., “There is tremendous demand for diamonds coming from emerging markets like China and India. Diamond jewelry is China’s fastest-growing discretionary expenditure, with demand for wholesale diamonds growing at 32 percent annually since 2005.” With all existing diamond mines currently operating at peak production, supply is anticipated to lag behind the exploding demand for the foreseeable future. “Any day now, diamonds are scheduled to become a publicly traded asset in the United States through the launch of a Diamond ETF, making way for institutional capital to finally flow into this asset class,” Duffield said. “It is important to note that gold prices quadrupled from 2004 to 2011, following the release of physically backed gold ETF.” Many industry experts anticipate a similar pattern to emerge in the price of loose diamonds for sale following the release of the Diamond ETF. About Investment Diamond Exchange Investment Diamond Exchange (IDX) is an internationally recognized diamond exchange located in Los Angeles, California. For more information, visit www.investmentdiamondexchange.com. Rapaport News is not responsible for, and does not endorse, the content of any third-party press release. This is not a Rapaport Press Release. It has been provided as additional information for our clients.
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