Anita Loos might well change her aphorism to "diamonds are an investor's best friend." So are emeralds, sapphires, rubies, and of course gold. Prices of these and other luxury goods have been rocketing as a result of dollar devaluation and inflation-fired demand. Indeed many will continue to rise during the price freeze. Reason: most of these goods are imported, and retailers are allowed to tack on increases that they have to pay to their foreign suppliers.
Wholesale prices of large, uncut African diamonds have increased more than 50% since just before the dollar was first devalued 18 months ago. In...
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