The implications of Doug K’s article about diamonds being rendered worthless by new synthetic technology goes beyond the value of jewelry. For a few thousand years diamonds were a very portable and tax advantaged store of wealth that could be concealed from authorities. Many a family used diamonds to avoid wealth confiscation across borders, political upheaval, and taxes. This ease of transport and stealth is in contrast to gold, which presents real problems with moving any amount of significant value. Witness the premium charged to sell gold in the recent Iran War for those in the middle east. One of the use cases for crypto is this very niche, vacated by the development of lab grown diamonds.
Doug Kass is a world-renowned hedge fund manager with decades of experience and success navigating through some of the most turbulent periods in market history. He is known for his time-tested analytical skills and ability to look past the current noise and herd mentality.
On TheStreet Pro, Kass provides frequent market commentary and investing ideas for active investors throughout each trading day in Doug’s Daily Diary. He also serves as president of Seabreeze Partners Management Inc. Previously, he served as a senior manager at Omega Advisors, a $6 billion investment partnership. He co-authored a book with Ralph Nader and the Center for the Study of Responsive Law called “Citibank: The Ralph Nader Report” and can be found as a guest host on CNBC's "Squawk Box."
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