Jewellery scion Margot McKinney and Tribeca portfolio manager Ben Cleary have raised $50 million to turbocharge their new hard asset diamond fund.
Jewellery scion Margot McKinney and Tribeca portfolio manager Ben Cleary have raised $50 million to turbocharge their new hard-asset diamond fund, built around a rare collection of Argyle tender “hero diamonds”, the last from the, the new Kimberley Syndicate hopes to double investors’ money over the next three years, boosting the value of their rare portfolio using Ms McKinney’s jewellery design skills and a global network of investors and events.
In the padded backrooms of diamond dealerships, one of these hero diamonds could fetch as much as $18 million,Ms McKinney, who was brought up buying and selling fine jewellery in her family’s department store in Toowoomba, Queensland, has built an extraordinary career sourcing rare stones and designing unique pieces.
Over the past 20 years, most hard asset classes increased in value three to five times, while Argyle diamonds increased in value almost seven times.But Argyle Tender Diamonds – the kind Ms McKinney had suggested they buy – had outperformed 10 times, and with the closure of the Rio Tinto mine Mr Cleary saw the increased scarcity would prove a juicy opportunity.
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