Still Your Best Friend: Jeffrey Rackover

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The diamond industry has come under attack recently, a trend that is visible in most luxury sectors. When reports emerge on the negatives of investing in these fine gemstones, my immediate reaction is to wonder what investment right now is being touted as a solid one. My years of experience in this industry have taught me that diamonds are a resilient stone, one that offers virtually unmatched returns.

Since the price of the stone has dropped (as has the price of most everything, regardless of industry), should you have the means, now is an ideal time to add some diamonds to your collection. Diamonds have proven to be an enduring asset. While utterly draping oneself with these shining beacons of wealth may be considered somewhat gauche right now, staple pieces never go out of style. A classic band, a subtle tennis bracelet, stud earrings: these types of jewelry are always wearable, always chic.

With the dip in prices, those who are in the market for an engagement or anniversary ring are able to receive a larger stone than they were just a year ago. A diamond ring is a material asset that rewards the wearer in more ways than one. It is an investment that not only symbolizes commitment between two people, but also offers financial security for the future, should the unthinkable happen and cash is needed immediately.

While trying to unload real estate or luxury autos right now is a near impossibility, fine jewels easily become liquid assets. I do offer the service of buying diamonds as well, but luckily I haven’t seen an increase of my customers parting with their precious jewels. This can be both a testament to the level of my clientele and to the savviness of diamond collectors, who are aware that the stone will do nothing but appreciate in the coming years when the market does correct itself.

For those who are not quite comfortable making the investment in the flawless transparent stone right now, I can recommend yellow diamonds, which have seen a surge as of late not only because of the fine spring color, but because they are less expensive than the white. Outside of the diamonds, emerald jewelry makes quite a statement. An important emerald necklace can cost a few hundred thousand dollars, while a similar setting made with diamonds would run upwards of $2 million. The emeralds can achieve the same look on the neck, and in some cases, such as for women with green eyes, the effect can be even more stunning than with white stones.

For the spring, cool pink sapphires are incredibly in vogue, and you can’t go wrong with classic “summer jewelry”—pieces that can be paired with a pair of slacks and a blouse to be worn while taking in the polo matches in the Hamptons. Put on a few diamond bangle bracelets and some funky hoop earrings, and you achieve a classic look that is both sophisticated and demure, which is timeless, regardless of the market conditions.

Until next time,

Jeffrey Rackover
589 5th Ave.
New York, NY 10017

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