Cashing in on Monaco’s prestige

The setting is this year’s Monaco Grand Prix and it is the perfect place for diamond companies to cultivate contacts and entertain existing buyers. The diamond group Steinmetz rented a boat for seven days during this year’s grand prix at a cost of $240,000 per day. Add the berth that is another $150,000 a day. The grand total for seven days: around $2.7 million. It might be a lot of money to most, but not to Steinmetz, especially when you consider the company was in Monaco as part of its joint venture with Sotheby’s Diamonds to sell very big rocks. To get onboard the boat is by invitation only among the jewels on board, a 145.8 carat necklace, which had a price tag of $1.2 million.

By the way, Elevation Events Group CEO Ric Verbury was charged with organizing the main party event at Monaco this year :the La Dolce Vita ball with a guest appearance by former Fugee band member Wyclef Jean.

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