Pursuits
Diamond Fund to Turn ‘Talismans of Magic’ Into Commodity Assets
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Former Rapaport Group executives are creating a fund that’s looking to transform diamonds from the “talismans of magic” advertised by De Beers into commodity investments like copper and soybeans.
The precedents aren’t good. Diamond Circle Capital Plc, the first publicly listed fund to invest in the stones, has plunged 49 percent since selling shares in 2008, compared with a drop of 14 percent in an index of overall prices for the gems. The first diamond investment trust, set up in the 1980s, also collapsed.