Fashion Plate

If you like Texas Jot, please take a look at my other blog, Fashion Plate. It is the home of my handmade retro Barbie clothes and lots of delicious recipes from my cookbooks.

Saturday, December 15, 2012

Russian Diamonds

I can't tell you how excited I was when I read that Russia had discovered an asteroid crater containing millions of carats of diamonds.  Unfortunately, they are not gemstone quality and these "impact diamonds" will be used exclusively for industrial and scientific uses.  After all the hype from the Christian Science Monitor (you'd think you could trust them) it seems this discovery will cause a mere ripple in the diamond market.  Even worse is the fact that most of these diamonds are smaller than .30 carats...Not exactly holiday gift material.
On the bright side, Russian diamond miner, Alrosa, is reported to have signed a deal with Tiffany & Co. providing $60 million worth of diamonds each year for the next three years.  Can you even imagine what $180 million dollars worth of diamonds looks like?  Although you may have never heard of Alrosa, they comprise 25% of the global diamond production.  I can't say the stock has been performing that well; down from 33.75 last December and just creeping back up to 23.9 this December.  If diamonds really are forever, you might want to give this one a shot...listed as ALRS.

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