4 Diamantaires make the Forbes Billionaire list

[Todd Gray]

Excerpts from National Jeweler article released today:

Forbes magazine released its popular annual list of the richest people on Wednesday.

According to Forbes'' 2010 list of the World''s Richest People, that would be De Beers Chairman Nicky Oppenheimer, with an estimated net worth of $5 billion, the fruits of an inherited fortune. The 64-year-old Oppenheimer, whose grandfather Ernest founded De Beers in 1917, ranks No. 154 on the list, with his fortune unchanged from last year.

In addition to Oppenheimer, three other diamond industry heavyweights ranked among the world''s wealthiest people.

According to the list, self-made billionaire and British diamond merchant Laurence Graff ranks at No. 374, with an estimated net worth of $2.5 billion. The 71-year-old''s net worth climbed as the world demand for high-end diamonds revived, the magazine said, claiming that jewelry insiders are calling Graff "the new Harry Winston."

Ranking No. 488 on the list is Israel''s Beny Steinmetz, who inherited the Steinmetz Diamond Group from his father. His fortune is estimated at $2 billion and remains unchanged from last year. Steinmetz''s company is De Beers'' largest buyer of rough diamonds, according to Forbes.

Finally, coming in at No. 655 is Israeli diamantaire Lev Leviev with a net worth of $1.5 billion, unchanged from last year, despite the very public troubles his company is enduring.

 

[FB.]

In a few years time I expect there will be even more on the list........and probably some of them making the top 100.

 

[denverappraiser]

Date: 3/11/2010 6:25:55 PM
Author: FB.
In a few years time I expect there will be even more on the list........and probably some of them making the top 100.

I don’t. I point out that 2 of the 4 (Steinmetz and Oppenheimer) inherited an even bigger fortune than what they they have now and 1 (Leviev) rode to the top along with an assortment of others on the dissolution of the Soviet Union, an accomplishment that I think had more to do with playing right with Russian politics than with diamonds. The only one of these that I think you could say really made it to the big time by working in diamonds is Graff, and he''s BEEN the only one for quite a few years. Way to go Laurence.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

 

[Rockdiamond]

I have to disagree with you about Lev Neil.
Without a doubt, he did benefit from the conditions in Russia after the dissolution of the USSR- but in many ways, he did so specifically with regards to exporting diamonds.

In fact, Liviev''s company is still one if the largest players in fine quality loose diamonds in the world.

 

[denverappraiser]

Leviev is most definitely in the diamond business in a big way, I’m just not convinced that it was is expertise and risk taking in the diamond business that made him rich. That was an expertise in Russian politics and he's invested in diamonds from there. That said, I'll agree that Lev is a relatively new player in diamonds and he seems to have done well. I'm ok with including him in the column with Graff.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

 

[diagem]

Date: 3/11/2010 7:17:25 PM
Author: denverappraiser

Date: 3/11/2010 6:25:55 PM
Author: FB.
In a few years time I expect there will be even more on the list........and probably some of them making the top 100.

I don’t. I point out that 2 of the 4 (Steinmetz and Oppenheimer) inherited an even bigger fortune than what they they have now and 1 (Leviev) rode to the top along with an assortment of others on the dissolution of the Soviet Union, an accomplishment that I think had more to do with playing right with Russian politics than with diamonds. The only one of these that I think you could say really made it to the big time by working in diamonds is Graff, and he''s BEEN the only one for quite a few years. Way to go Laurence.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

Neil..., both the Steinmetz brothers (Benny & Dani) inherited a "tiny" (sightholder) Company (as compared to present size)..., they made it into the group it is today! Both are extremely shrewd and professional business persona''s.

Leviev as well..., I believe it was only 25 years ago that Leviev sat at the polishing wheel.

 

[Rockdiamond]

Maybe in some ways, the inherent goodness of the Russian Diamond Cutting infrastructure allowed a situation where someone might not necessarily be a maven about certain aspects of diamonds , yet still be able to provide incredibly well cut goods....so we both have a point- but I agree that he belongs in the column with Graff today.


Leviev is massive..... but in a totally different way than Fabrikant was, when they were the largest.

Where Fabrikant had 50 people working to service a certain amount of volume, it''s possible to have 4-5 people produce the same amount.
Computers, and internet selling have everything to do with this.....

 

[Paul-Antwerp]

Considering that number 1 on the list, Carlos Slim, is wealthy enough to buy about 6 or 7 years of total rough diamond-production, and with a bit of leverage, probably could buy up all the currently existing diamond mines in the world, it just shows how small and nimble this industry actually is.

Just a thought.

Live long,