Dubai-based jeweller Dhamani has showcased an AED26m ($7m) diamond necklace featuring a rare pink diamond as part of a larger collaboration with Australian producer Argyle Pink Diamonds, making the brand the first and only retailer to offer the stones in the Middle East.
Due to their rarity, pink diamonds are 20 times more expensive than white diamonds, with their prices going as high as AED15m ($4m) a carat, according to director of retail Manish Dhamani, making them a better investment.
“Pink diamonds have always gone up in price. From 2015 to 2016, their price went up four to five times, so around 400 to 500 per cent. That’s why they [are seen as] the best diamond for investment,” he said.
Dhamani added that there are only 300 pink Hero diamonds left in the Argyle mines, which produce around 90 per cent of the world’s pink diamonds. The mines will be closed by 2022, making the diamonds even more valuable from an investment point of view.
“If you have a pink diamond ten years along the line and you know that there are no pink diamonds available… We definitely know that if something is not available, the price will increase. So it’s an investment stone,” Dhamani said.
However, for the duration of the Dubai Shopping Festival, Dhamani is offering pieces starting at AED3,600 ($980) as opposed to their starting price of AED7,000 ($1,900).
“Around 80 per cent of pink diamonds are naturally small, below 15 points. We made it a point to make the collection affordable enough for everyone, keeping in mind what the spending power of millenniums and working woman is,” said Dhamani.
The brand is showcasing 11 pink Hero stones in their Dubai store featured in four separate collections. Five per cent of all sales from the pieces will be pledged to the non-profit Al Jalila Foundation for medical education and research.
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