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Millennials Are Snubbing Diamonds

  • Diamond prices may fall as much as 10% in 2018, Tribeca says
  • Fund likes medical marijuana, green chemicals, battery inputs
Photographer: Simon Dawson/Bloomberg

Diamonds are set to slump further, according to a hedge fund whose bet on marijuana made it the world’s best performer in 2016.

Prices of the precious gem may slump as much as 10 percent this year as it loses appeal with younger consumers and faces challenges from synthetic alternatives, said Singapore-based Ben Cleary, who co-manages the $500 million Tribeca Global Natural Resources Fund.