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99 Alternatives
Opportunities are Infinite
As per the National RetailFederation data on the US consumers, more than 50 per cent of adult buyers spent over $19.6 billion in 2018 on Valentine’s Day, which included $4.7 billion on jewellery. Silver, gold and luxuries gemstone decors were popular during the week.
Dress and watches embedded with crystals and diamond embellish styles are mostly bought as gifts. Gemstones are extensively adopted by the Chinese wealthy to evade capital controls and transfer assets out of the country.
The exceptionality of such crystals is that it can transfer wealth easily. In contrast, Honk Kong offers international rare gemstone auction platforms and other trade avenues that involve over-generous billings across borders to the buyers.
Diamond has many industrial uses and can be passed from one generation to others, while the value continues to increase as the mine resources of natural crystals are depleting. Its price is rarely affected by the economic slowdown; besides, a classic polished gemstone with clear colours can be a money-spinner.
The latest marketplace includes Amazon, where one can get traders’ information, guarantees, certifications and 24/ 7 customer support, or one can invest through the asset managers, who can provide deals in fancy stones where they determine the mode of selecting, buying, storing and selling the items.
In the UK, the financial watchdog issued a warning letter to FCA regulated firms to handle malpractices in such deals. These are ‘Dear CEO’ letters, which warn companies against advertising risky products online or through social media.
Diamond is mostly considered safe as a wall, but the buyer needs to remain careful as many such schemes now have become the object of the investigation.
Over 100,000 cases of diamond investment were reported in Italy in 2014, where people spent over $8000 on each such stone, on the recommendation of their banks, and now the investigation reveals the banks pushed their clients into such gemstone deals where the stones were purchased at almost double the market price.
Last week, banks and brokers were intercepted in relation to the investment scam. The banks said they were cooperating with the investigation process.
Post-recession, the Italian banks tried to collect diamonds to increase profitability, and they assured the customers to commit their savings to such speculation, which appeared fulfilling, mostly due to the promotions made by the banks, and the employees also ensured that it was a safe, risk-free asset, which could deliver sumptuous returns in a short time.
Banksworked as intermediaries for the sellers and earned fees for each sale, while the clients understood the banks were the partner. Still, in reality, the diamond sellers were using the trustworthiness of banks to sell low-cost stones for a higher price.
The prosecutors alleged the top bankers received gifts for the deal from the firms, which included smartphones, diamond rings’ and luxury travel opportunities.
The prosecutors, in the case, believed the stones were sold for a price above the market value, and the banks failed to provide legal backing to the customers, which led to deceiving deals.
To find out more about rare gemstone investments, check 99 Alternatives at (http://www.99alternatives.com).
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