Gold loses glitter to diamond

Chennai, Mar 18 (ANI): Gold has lost much of its glitter to diamond. Though considered auspicious for a family, gold prices have shot through the roof. It coincides with steep fall in diamond prices in Chennai.

According to reports, the price of diamonds has also come down by 30 to 40 per cent. It may have been the reason for spurt in demands for diamond.

"The impact is more on jewellery industry rather than the diamond industry. People who want to buy gold jewellery, they are now buying diamond jewellery," said N Anantha Padmanabhan, Managing Director, Nathalla Anjeneyar Chetty Jewellers and Chariman of Gold Club.

Diamonds have increasingly occupied the space traditionally meant for gold in a household, functions and marriages.

There can't be a better time to buy diamonds. Reeling under economic recession, gold has lost its investment value.

"The pricing that you have for stones right now is steep. It's truly worth because 20 to 30 per cent skid on solitaire diamond is a lot. A stone that cost five lakh one and half months back is now three and half lakh that is one and half lakh discount on stone. The fact that once the economic meltdown is over then the rates are going to go back up. So it's a fabulous investment," said Aishwariya Lakshmi, a customer.

Gold prices stood at rupees 15, 000 per 10 gram on Tuesday. (ANI)