Invest in diamonds!!!

[Ibrakeforpossums]

FWIW years back I bought that GIA 2.26 carat F VVS2 asscher for around 27K.
Years later I sold it (on consignment) for around 42K, before commission.

Honest!
Just extremely lucky timing as the diamond market changed.
Apparently I bought at a dip, and sold at a peak.
I take no credit - just random dumb luck.

But of course I agree that, for consumers, diamonds are a horrible "investment".
Mostly because (unlike an ounce of gold) we have to pay retail prices and sell at wholesale prices.
If wholesale is half of retail, values must double to just break even.
So much for the "investment".

Kenny,

Mr. Car Parts wonders how much you spent on storage and maintenance on that 27K investment. We're guessing around $3 to $5,000 in ultrasonic cleaners.

 

[kenny]

Kenny,

Mr. Car Parts wonders how much you spent on storage and maintenance on that 27K investment. We're guessing around $3 to $5,000 in ultrasonic cleaners.

$5,000? Oh My! No!

It was always "stored" on my finger, so zero spent.
Zero spent on insurance or safe deposit box.
I've never had an US cleaner.

I have always cleaned my diamonds the same the way that NASA taught me when I worked as an engineer in aerospace ... with a tiny toothbrush, isopropyl alcohol and canned air.

 

[Ibrakeforpossums]

I should have known you'd have a better way. Thanks for being good-natured.

You worked for NASA?

 

[DejaWiz]

I should have known you'd have a better way. Thanks for being good-natured.

You worked for NASA?

Of course he did...his humor can be out of this world!

 

[kenny]

I should have known you'd have a better way. Thanks for being good-natured.

You worked for NASA?

NASA was one of our customers, so we had to clean things following their procedures.

 

[Garry H (Cut Nut)]

Here ya go fella's and sheila's:
What do you think about this?

Qatar's Super-Rich Invest a Minimum $1m in Fancy Color Diamond Fund

www.idexonline.com

I think the investors are nuts!

 

[Ibrakeforpossums]

Just those haircuts give me pause.

 

[Rockdiamond]

I'm livid...maybe shouldn't even write this while I'm so angry.........
I got a call this morning....
"Do you buy diamonds?"
"Yes", I answered....
As the discussion unfolds, it turns out his dad had recently passed on- the family was settling the estate.
His dad had been convinced to "invest in diamonds". Which is EXACTLY how they were advertised in this case.
This happened a few years back- when he was in his mid '80's.

His son was holding a small diamond his dad had paid over $70k for.
My first question was- did you call the place your dad bought this diamond?
"Yes, but they won't buy it back....they will only take it on consignment"


Such amazing investments......

 

[nala]

I'm livid...maybe shouldn't even write this while I'm so angry.........
I got a call this morning....
"Do you buy diamonds?"
"Yes", I answered....
As the discussion unfolds, it turns out his dad had recently passed on- the family was settling the estate.
His dad had been convinced to "invest in diamonds". Which is EXACTLY how they were advertised in this case.
This happened a few years back- when he was in his mid '80's.

His son was holding a small diamond his dad had paid over $70k for.
My first question was- did you call the place your dad bought this diamond?
"Yes, but they won't buy it back....they will only take it on consignment"


Such amazing investments......

Sad. But also. Random person calling you? Sounds suspect. I would hope no one would be that naive.

 

[Texas Leaguer]

Sad. But also. Random person calling you? Sounds suspect. I would hope no one would be that naive.

One thing that was surprising to me during the 'investment' era that I referred to earlier is how many of the victims that I met were sophisticated people. The scammers worked the phones relentlessly like other boiler room operations do, and they targeted people with disposable income like doctors, dentists, and other professional people. I even had lawyers come to me with their investment gemstones. You would think they would not be that naïve, but they got sucked in. Part of what the scammers relied upon was that their high profile victims would be too embarrassed to pursue them and draw attention to their lapse of judgment.

Then again, the scammers never stayed in one place very long. They would vanish periodically and reappear as a new entity, continuing to run the same scam, making it very hard to find police them. Actually, they did not have a real place of business where customers could come see the operation. During this time many were working out of Florida. They were extremely proficient at this fraud.

Elderly people can be especially vulnerable to slick fraudsters of ALL stripes. Having had some experience with friends and family members, I worry about older folks who don't have someone looking after them closely.

 

[Rockdiamond]

Sad. But also. Random person calling you? Sounds suspect. I would hope no one would be that naive.

My spidey sense is basically at 100% at every moment when the phone rings.
In this case, the discussion was so open and fank- I am quite sure the person on the other end of the phone was exactly who they said they were......

Then again, the scammers never stayed in one place very long. They would vanish periodically and reappear as a new entity,

Bad guys, for sure Bryan......the issue is that we now live in a world where some very large prominent internet diamond sellers are gladly, and vociferously participating in the "investment diamond" craze.

I know we've come to loggerheads countless times over minor details of diamonds.....but I know that where it really counts- we see eye to eye.

 

[LilAlex]

^ AI keeps getting better!

 

[denverappraiser]

I have a client right now who bought a diamond in an ugly ring at a local auction that I’m helping her sell loose through a trade only auction a month later. The hammer date is in about a week. She’s likely to double her money. In general I agree with David, but there are outliers.

 

[denverappraiser]

I’m constantly looking for second hand diamonds but no clue where to find them. I’m looking for an Ideal cut .75- 1 carat G-H SI 1-VS2. Any suggestions?

Craigslist. eBay. Facebook marketplace. Divey bars. Friends. Neighbors. Coworkers. Loupetroop. Pawn shops. All have their issues, not the least of which are personal risk and questionable grading issues.

 

[DejaWiz]

Craigslist. eBay. Facebook marketplace. Divey bars. Friends. Neighbors. Coworkers. Loupetroop. Pawn shops. All have their issues, not the least of which are personal risk and questionable grading issues.

Glad to hear this...I've made some of my best life decisions in divey bars!