CommoditiesNow is the Time to Buy the "New Gold"By Peter Krauth, Resource Specialist, Money Morning - June 25, 2013 • Print | Email View Comments Start the conversationLeave a Reply Click here to cancel reply.Your email address will not be published. Required fields are marked *Name * Email * Website nine + = 16Comment Some HTML is OK Sign me up for the Money Morning newsletter On May 15, Christie's auction house sold a huge diamond to the Harry Winston firm for $27 million, setting a new record price for a colorless diamond in the process. And while diamonds have been a girl's best friend long before Marilyn Monroe crooned those words, it's always been tough for investors to get into the game. Diamonds are considered one of those esoteric fields; an area of investing too small, complex, and exclusive to bother with for most. Let's face it, up to now, there's much more subjectivity in rating diamonds than gold. And that makes it more challenging for investors if they want to hold the physical asset. But it's worth the effort: Historically, diamonds have proven themselves to be very price stable – with a growth kicker. What's more, technology is making standardization of gemstones easier, making valuations more transparent. That means diamonds are becoming an increasingly popular store of value. According to the Financial Times, between 1999 and 2011, three-carat diamonds have risen in value by 145% while five-carat diamonds have risen 171%, as measured by the Rapaport Diamond Trade Index. The thinking is the relative price stability of diamonds is due to the fact that there's little speculative capital in this sector, estimated by some at no more than 1% of the market.