ML-Implode News - Japan Becomes "Diamond Mine" For China As Elders Liquidate Assets

"I want to spend the money for traveling or dinner rather than just holding the diamond in my closet," a 64-year-old housewife, who asked to be identified by her first name, Mitsuko, said after selling her two-carat diamond ring at a Komehyo Co. store in Tokyo's bustling Shinjuku district. She declined to say how much she got, except to say that it was less than what she paid 30 years ago.
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A weakening yen is also making Japanese diamonds and jewelry more attractive to customers visiting from overseas, according to Naoto Owaki, a senior manager in the marketing and sales promotion department at Komehyo. The currency has fallen 18 percent against the dollar in the last 12 months, the worst performer against the greenback among 12 of its peers in Asia.
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"We can buy recycled diamonds 15 percent cheaper in Japan than for same-quality new ones in India," Bhandari said. And, the nearly unbreakable stones can hold their value from one country's rise to the next, he said.

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Japan Becomes "Diamond Mine" For China As Elders Liquidate Assets