Big bling shows well and rewards too
By Dian Vujovich
Diamonds. There is nothing quite like them. Along with all of their sparkle comes a cost that speaks volumes about those wearing and purchasing these precious carbon bobbles. As an investment, the ultra-wealthy love them. Plus they know that size and quality matter and the pay-off for the right stones can be terrific.
Recently, Sotheby’s sold a 74.79 carat pear-shaped white diamond for $14.2 million—millions more than what was expected. Even though names of buyers and sellers in the oh-so brilliant diamond world are often as secretive as a cat burglar hoping to snatch jewels from an unsuspecting suitor, that’s not always the case.
In a recent Wealth-X article, Ming Yin Chen, a.k.a. Tiffany Chen, announced that she was the buyer of a 75-carat diamond at a Christie’s auction. The house called it “the largest and most perfect briolette diamond ever sold at auction.”
I’m thinking same diamond ? but haven’t been able to verify that. I always thought Christie’s and Sotheby’s were rivals. Hum.
Anyhow, word is Chen is 57 years old, has a net worth of at least $55 million, is married to Keung Wah Heung, founder of China Star Entertainment —his assets about $110 million—and that the diamond has been named “The Star of China”, according to Wealth-X.
Sure the cost is excessive but hey, we’re talking the ultra-high-net-worth folks here and in an investment arena where interest rates are low and perceived stock market risk high why not invest in wearable assets? Far better than stockpiling unwearable precious stuff like gold bars, barrels of oil or wheat fields and definitely a lot more fun to show off. Right?
Plus, the promise of future profits is brilliant.
According to consultants at Bain & Co., diamond consumption is estimated to grow as much as 60 percent by 2020 with sales in the U.S. going from $15.6 billion in 2010 to $26.1 billion in 2020.
Palm Beacher’s know the value of tangible assets probably better than most and understand that alternative investments can be richly rewarding. With that in mind, expect to see a lot more bling on the necks, wrists and ears of the ladies in the coming season. It’s not just for show, you know.
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