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Article: Diamond fund launches on LSE.
- Article from:
- Isle of Man Newspapers (Douglas, England)
- Article date:
- July 6, 2007
CopyrightCOPYRIGHT 2007 Johnston Publishing Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MARILYN Monroe said they were a girl's best friend, but an Isle of Man fund is banking on diamonds also proving popular with investors.
Diamond Circle Capital is a closed end fund that will begin trading on the main London Stock Exchange today (Tuesday). Diapason Commodities Management is aiming to raise $400 million for what will be the first listed fund to invest in gemstones.
The fund will only buy large polished diamonds with an average value of $3 million, which will be locked in a safe at UBS. Diapason plan to trade the stones with a 15 to 20 per cent annual portfolio turnover.
A booming demand for alternative returns that are not linked ...