Investment Grade Diamonds: the New Offshore For Emerging Billionaires ?

Finance and Trade
10/03/2015 12:43

Philip Manduca, Executive Chairman at Paragon Diamonds plans to provide ‘first generation economies’ billionaires in Russia, Ukraine, India, Middle East with investment grade diamonds as “easily accessible, highly portable and to government and tax authorities invisible store of value”, advantages no other ‘hard asset’ is able to offer. Paragon is “currently in the process of developing a diamond project in Lemphane, Lesotho and will be vertically integrated”. In January, the company secured a $12m package from Dubai-based finance house International Triangle General Trading in exchange for a 30% stake in the company. ITGT, which has strong ties with Middle Eastern royal families will help distribute the diamonds via Dubai.