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Internet diamond business rocks

Thursday, September 22, 2011 - 02:30

Sept. 22 - UK-based internet firm Seventy Seven Diamonds attracts investors and consumers by selling their diamonds for up to 60 percent less than the retailer in just a few clicks. Hayley Platt reports.

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Matthew Phillips recently got engaged to his girlfriend Natasha. But instead of going to a traditional jewellers he bought the ring online. Seventy Seven Diamonds is an internet business which buys direct from the manufacturer and sells to the consumer. By cutting out the middle man they say they're able to save customers up to 60 percent on the retail price. SOUNDBITE: Matthew Phillips, customer of 77 Diamonds.com, saying (English): "I absolutely love it, it's everything that I could have wished for. It's very simple, beautiful, the stone is set amazingly and most importantly she loves it. I'd say I've saved myself between 40 and 50 % of what I would have paid at retail so I'm really really happy with the decision that I made." Each diamond comes with a certificate of authenticity which the company's founders' Vadim Weinig and Tobias Kormind say is key when it comes to customer confidence. SOUNDBITE: Tobias Kormind, Managing Director and co-founder, 77Diamonds.com, saying (English): "There's plenty of luxury being sold online, it's not for everybody but I think there's definitely a growing group of confident buyers who are prepared not to just purchase books and CDs online but are buying full luxury products." SOUNDBITE: Vadim Weinig, director of operations and co-founder, 77 Diamonds, saying (English): "One thing is for sure if you keep your money in cash inflation will catch up on it and it will devalue. A diamond will rise above inflation index." The value of rough diamonds has fallen in recent months due to the holiday period and uncertainty in the financial markets. But analysts think that's temporary. De Beers - one of the world's largest dealers - expects demand from China and India to return as investors seek alternatives to struggling stocks and shares. Alina Morris is a diamond buyer. SOUNDBITE: Alina Morris, diamond buyer, saying (English): "Gold is really over priced, so we started to think about diamonds which is actually quite a good investment for long term. If you can keep for 10/20 years than the price will rise like real estate has in Hong Kong." Matthew is certainly pleased with his investment although he hopes his fiancee won't be selling it in the near future. He and Natasha are getting married later this year - using some of the money they saved buying their diamonds online. Hayley Platt, Reuters.

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Internet diamond business rocks

Thursday, September 22, 2011 - 02:30

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