Experts say diamonds are a smart investment - WFXG FOX54 Augusta - Your News One Hour Earlier

Experts say diamonds are a smart investment

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SCOTTSDALE, AZ (CBS5) -

Dov Safir's livelihood took a tumble when the real estate market crashed a few years ago, his big time investing meant big losses. So when it came time to rebuild his portfolio, Safir did some searching.

"Everybody's buying gold. Gold is great, but it's very heavy, bulky and unless you buy gold stocks where do you put it, you know what I mean," he said.

Safir turned from metals to gems and decided to make a girl's best friend his new moneymaker.

"I bought a stone for, lets say $6,500 and I just sold it a couple weeks ago here at Avilan and they paid me $9,000 for that stone," he said.

"There has been an increase in demand and the supply hasn't followed suit, and whenever there's a difference between supply and demand it's a great investment opportunity," said Jana Hadany with Avilan Diamonds.

Hadany said she's seeing more and more people investing in bling.

"I think when the economy crashed and real estate and typical things that they invest in that were no longer secure, they looked to alternatives," she said.

Hadany said diamonds are one of the few investments not affected by the stock market and that baubles could make big bucks for anyone willing to fork over the cash.

"For people that are looking to expand their portfolios, diamonds are the best thing," she said.

Copyright 2013 CBS5 (KPHO Broadcasting Corporation). All rights reserved.


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