PSB Private Banking starts selling ALROSA investment diamonds

PSB Private Banking offered its clients exclusive ALROSA diamonds that are not subject to VAT. Investors can purchase colorless, pink and yellow diamonds of varying degrees of shade intensity, the press service of ALROSA reported.
VIP clients have access to rare specimens with the greatest investment potential and high collectible value, as well as "diamond baskets" – sets of colorless precious stones weighing from 0.3 to 1.99 carats with a single price per carat, for which a repurchase option is provided. All diamonds are certified by an independent gemological laboratory.
"For wealthy clients the issue of diversifying their capital has always been important. And against the background of the popularity of alternative investments interest in tangible assets is growing – gold, real estate or precious stones. Diamonds are an excellent investment tool for the long term. With the abolition of VAT on the purchase of diamonds through banking organizations since October last year their attractiveness to investors has significantly increased. Rare diamonds are also in demand, where size, color, and final cut play a key role in determining the price. Due to the fact that the price of such precious stones is linked to international markets diamonds become an interesting alternative to foreign exchange savings, protecting capital from depreciation. Focusing on the requests of VIP clients, we realized the sale of diamonds together with ALROSA, the largest diamond mining company in the world," said Evgeny Safonov, Senior Vice President, Director of the Private Capital Department of PSB.
"We are pleased that PSB has become a new partner bank of ALROSA and has expanded the opportunities for Private Banking customers to save and multiply their own savings. Alternative investments in general and quasi-currency instruments in particular are now in the focus of attention of private investors, especially against the background of the situation with exchange rates. The growth of interest in investment diamonds after the abolition of VAT is obvious. If at the end of last year sales growth was threefold, then in the first quarter of this year, compared to the same period in 2022, they increased 6 times. We are confident that wealthy clients of PSB will appreciate the new instrument in their own investment portfolio – the supply of diamonds is limited, demand is still stable, which creates the basis for long-term growth in the value of this asset," said Elena Sukhoveeva, head of the Alrosa Diamond Exclusive program.

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