Diamonds Sparkle After Gold’s Mid-April Decline

CNBC reported that investors — including JPMorgan Chase & Co. (NYSE:JPM) — are increasing their exposure to the diamond market, which, unlike other sectors, has been “relatively unscathed” by gold’s steep mid-April drop.

Neil Gregson, manager of JPMorgan’s Natural Resource fund, commented:

It is very hard to talk about benchmark price of diamonds, but on average rough stones prices fell by about 15 percent last year. So far this year– certainly a few months ago when we added they were trending up 5 percent or so. We have had less exposure to gold then we have had for eight or nine years. We reduced our gold equity holdings at the beginning of the year – before the sell-off in April, and were looking for areas to deploy that money and one of those areas was diamonds.

Click here to read the full CNBC report.