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The Diamond – King of Jewels

Diamonds have always been and they probably will remain a material symbol of wealth. A transparent little crystalline stone brought social prestige and showed that its owner was a person to be respected.

Neither the value nor the importance of diamonds as a commodity has decreased over the last 100 years. On the contrary, they have continued to increase. We can rightly call them the most concentrated wealth, as an item of the same volume with comparable value does not exist, which is its great advantage over such as gold. They are not subject to the effects of time, taste, or crises and demand is always higher than supply. Investment in diamonds is appreciated throughout the world and they have become a world-wide method of payment. Specialists recommend investment in diamonds because the market has strict rules and is carefully monitored. Economists even postulate that the price of chosen carat weights will rapidly increase until the year 2015. Diamonds have always retained their value during crises or wars. So it is not just the latest trend but a traditional investment proven over the course of many years.

For this purpose, diamond markets such as Beurs voor Diamanthandel of Antwerp were established. This organisation has existed for more than 100 years and it is not at all easy to become a member. It is only possible for somebody who has been involved in the diamond business for a long time. In addition, the prospective member should have several guarantors from prestigious markets. The member from the Czech Republic and Slovakia is Ing. Přemysl Synek.

How long have you been working with diamonds?
„After graduation, I was interested in the international gold trade. I went to Africa because of its gold trade. I was introduced to diamonds and met people who traded in them. I was attracted to it and since then I have been working with this commodity.“

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How is it possible to join the diamond market?
„Above all, you have to be commercially interesting to the important businessmen in the market. You have to have some personal as well as business history, to fulfil security requirements and have two guarantors from the corresponding market, and three from the markets association. When you pass the preparatory stages, your name is displayed on the board of applicants. During this period, nobody can declare against you. The whole process may take several years.“

Why did you choose this way?
„The diamond market is accepted across the whole world and is an unambiguously transparent business.“

What fascinates you most about them?
„The simplicity and transparency of the diamond business. Diamonds are a unique creation of nature that can have investment potential and are the most concentrated form of wealth.“

What are their advantages in comparison with other market commodities?
„The main advantage is their limited supply. Another specific feature is the fact that the diamond market has strict rules. It is a very sophisticated and organised market. It is transparent because there are just a few players. They have enough funds and also the knowledge of mining diamonds, to work with them and to do business with them. With diamonds you are sure to get back what you invest.“

What was the most expensive diamond you have ever had in your hands?
„In the Antwerp workshop, a diamond cut worth 1 million EUR has recently been finished. It is awaiting its purchaser. The interest in big stones is rising. One of the biggest diamonds I have had in my hands weighed 40 carats.“ Ing. Přemysl Synek graduated in 1992 from the Czech Technical University in Prague. Subsequently, he was engaged in foreign trade. He worked on the diamond market project. Other positions he has held include a bankruptcy estate truste or special adviser. At present, he is the Managing Director of Diamonds International Corporation – D.I.C. a.s., a stakeholder and member of the oldest diamond market in Antwerp, Beurs voor Diamanthandel.

By Dodo Mikláš
Photo: archive P.S., iStockPhoto