Middle East super-rich power diamond sales - report

Released last week, Merrill Lynch's World Wealth Report 2011 also suggests that rising numbers of the super-rich in the Middle East were behind the high growth seen in rough and polished diamond prices last year.

De Beers estimates rough prices rose by 27 percent in 2010, while other producers such as Gem Diamonds reported annual increases of up to 70 percent on certain classifications of stones during auctions last year.
Merrill Lynch research indicates that part of this growth was due to increased uptake by the wealthy or High Net Worth Individuals (HNWI) who chose to keep 22 percent of their "investments of passion" in jewellery, gems and watches.