Here's more action in the carbon biz:
AFP PHOTO / FABRICE COFFRINI
A model holds the "Archduke Joseph" historial diamond on October 3, 2012 during a Christie's auction preview in Geneva. (pic via the daily news)
The price which the 76-carat jewel fetched at the Christie's sale is a record for the auction of a clear, colorless diamond....MORE
On the day when the 76.02-carat 'Archduke Joseph Diamond' sells for a record $21.5 million, we thought it intriguing how even these incredible high-end status symbols are seeing prices collapsing at the low-end...of the high-end. It seems the 'wealthy' just can't afford 1-carat diamonds anymore as the price has plunged by over 25% in the last 15 months. Perhaps it is only the 1% of the 1% that can now afford their baubles as like everywhere, there is a growing divide between the 'haves' and the 'have-mores' (in this case). Coincidentally, heading into the stock market slide of 2008, we saw Diamond prices plunge and Gold prices rise - but we are sure it's different this time...
Just a friendly comment, between De Beers and the Russians a it's a rigged game.
Commodities: Russia's Diamond Hoard Has the Potential to Crush the Diamond Market (or not)
Paper Diamonds: How Do You Standardize Rocks So They'll Fit Inside An ETF Wrapper?
End of the Oppenheimer Era at DeBeers: Nicky Oppenheimer on What the Family Will Do With the $5.1 Billion
Nothing is forever.
Except, maybe, Neil Diamond.