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Should Diamonds be a Commodity?

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  • Description

    Chris Del Gatto discusses the new push to make diamonds a commodity.

  • Duration 5:07
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I think that sounds really complicated but I could be wrong it's like crystal got those here right now co-founder chairman CEO of -- You guys -- -- people -- diamond and jewelry and watch people OK but leading global buyer of diamonds and fine jewelry correct so.

Should there be a -- NE TF should people trade diamonds.

But I I think is very complicated the issue is complicated I think it's.

Perhaps axiomatic of a little bit of knowledge can get into trouble -- the largest buyer of diamonds fine jewelry and watches from the general public.

And because of that experience we understand what the value of the diamond that every single day but the real value of cash so you're selling your that mean we understand how -- -- that.

What time it could be ten -- could be a 100000 dollars success meeting -- be anything right India and even worse than that they're experts that argue about the variables -- that I -- I think I think it's under -- you could say -- it's cracked.

Sort.

Sort of -- preferences the other two -- devious to and that's one of the -- that's going into this fund.

I could look at bets -- say this is a lucky VS to another expert we'll know that where if you just the financial analysts if you just someone.

Looking to invest in diamonds you don't know that that devious to.

Is basically suspect.

I gun sales up or down.

Diamond sales overall in the better qualities they believe are up right to people are buying diamonds again because they weren't for a while they work for awhile with the economy could end up.

And what's interesting is we saw companies like Blue Nile -- I was online doing well not so much anymore.

Yeah I mean I I think you know because of the economy of course that affects any kind of luxury purchase but I mean -- diamonds you you buy anywhere because you love you wanna celebrate the special occasion.

It's it's a great luxury purchase but I just really really question a lot of the metrics of the thinking behind an actual diamond -- What it -- about the supply of diamonds is -- are they still readily available or is getting harder and harder to dig for good ones -- a lot of the information that is that's out there is talking about supply not being able to keep up right now in the very near future -- especially if you -- -- And it was so what our -- -- dislike it through the roof because there's an ETF that's it easily I can get in and out of that and that's a result them acquiring.

The metal right absolutely in the dialogue is much smaller I think gold is about a hundred billion dollar annual production diamonds are only been eighteen billion dollar a year ago what -- this -- to that.

Well understood your business so if they did create -- like this.

If soliciting diamonds of being bought for funds it just creates demand frankly.

And when there's demand in the market the diamond market is so small that literally if there's a by a for a ten carat stone that's going all around New York.

-- raised their price just because they know that.

Buyers out there if all of a sudden funds aside to look regardless of investment as an automatically raise the price of diamonds before they go -- the fund I.

So I mean that there's really -- I think you're like me that wanna -- -- data from my daughter.

That's that's a good point that's absolutely true -- -- -- would inflate the plot to price for no other reason other than you know.

Financial people looking for money -- and it would almost not very little people like me out of the data I mean I go find another -- Could have a kind of a replacement right potential as -- can see where from where you're sitting you don't want this to happen.

Well for for us circuit has been about from the beginning consumer advocacy before -- there really wasn't a place that the public could go to that all they did day in day out is by do we care about consumer.

Service and care about giving them the best price.

Well listen have a fund that I think it is not necessarily suspect committed some -- -- logic isn't all there.

And then also on top of that could inflate the price of diamonds to the consumer -- and in my opinion necessarily a good thing -- -- Your business would changing would be selling to Wall Street as opposed to selling to people like me well we don't so for the publicly by from the public and we -- to the industry.

By 2015 you're looking at buying and selling a quarter of a million carrots yes there is the largest -- of violence from a public in the world.

Last of people come in with their stuff and say I'm divorced that a lot -- majoring -- -- People come in from myriad of reasons they come in for a a lot of happy to have to -- on the husband's like -- five -- them.

And we we want to go to the -- to -- -- that's as nice as the place we bought it.

And that service didn't exist before circus so we see diamonds every day for so many different reasons many of them -- some of them -- of course.

Well we try to do is give them -- environment and experience and a price that's really taken.

They have this thing with some of convinces them to worsen timing gave me let's understand that -- -- we've -- that -- so if I want it to come dissect ourselves something or buy something how to find you.

WWW circuit jewels dot com all we have offices New York Chicago San Francisco Washington DC Palm Beach Barcelona Hong Kong.

A staggering grown so I -- to -- the -- -- -- and you can tell what any of our offices nationwide and internationally and just walking without an appointment as soon with a fantastic fire and make your offer and write a check on the spot.

You are also -- still got co-founder chairman and CEO of service he started this company and then with.

With the co-founder Jeffrey singer with a partner in us history you.

Hey thanks for coming -- I have -- -- -- your camp I'm not sure I entirely agreement.

Because I think we've become a nation that just wants to trade.

Everything absolutely going to be -- bubble them before you know absolutely and that everything lends itself of the formula it's just that simple especially -- Chris thank you so much I try to update you.

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