When the Bolsheviks executed the Romanov dynasty, the process turned out to be more difficult than expected. The jewels sewn into the tsars’ clothing caused bullets to ricochet, forcing the executioners to use bayonets. According to Sarah Fabergé, a descendant of the famous London jewelry family, some of the seven lost Fabergé eggs may have been dismantled and hidden in the corsets of the royal family.

History shows that precious stones bring global recognition and high value. For years, white diamonds were considered a safe haven. A 2015 study recorded annual returns of 8.1% between 1999 and 2012, outperforming stock markets in the U.S. and Europe. However, this image didn’t last.

The Collapse of the White Diamond Market

The emergence of high-quality lab-grown diamonds has led to a price collapse. Today, a flawless natural diamond may be worth less than the gold setting it’s mounted on. In contrast, colored diamonds—especially pink and blue—remain attractive, delivering significant returns. A blue diamond sold this year for $21.5 million at Sotheby’s, while a pink one fetched $14 million at Christie’s. Other gemstones, such as rubies and sapphires, also continue to show stability.

The advice for investors is clear: those with significant capital may turn to colored diamonds and rare gemstones. For others, local auction houses may offer opportunities through “forgotten” jewelry.

Gold Remains the Ultimate Safe Haven

At the same time, gold continues to be the number one choice in times of uncertainty. Its price has risen by more than 40% this year, and it forms a key component of the so-called “Turkish portfolio.” According to analyst Charles Gave, in countries where currencies are consistently devalued, the right strategy is to hold 50% stocks and 50% gold. This model has already proven effective: since 2021, Turkish government bonds have lost 93% of their purchasing power, while the Turkish portfolio has gained 20% in real terms.

Similar scenarios are now emerging in major European and U.S. economies, where fiscal balances are becoming increasingly unstable. For example, someone who had applied this model in the U.S. since January 2020 would have seen real returns of +85% today.

Gold’s Weaknesses

Despite its strengths, gold has its limitations. It’s heavy, difficult to transport during crises, and—unlike diamonds—cannot be easily hidden or used as a “shield.” Nevertheless, it remains the only universal store of value that endures through the centuries.

Three Factors to Watch

• Tax Pressure: Governments are turning to new sources of revenue. In the UK, there’s talk of taxes on social media use or “luxury” water consumption.
• Last-Minute Marriages: Applications for immediate marriages in the UK have risen 14% over five years, mainly due to inheritance tax incentives.
• Demand for British Stocks: Despite foreign investors’ negative stance, FTSE 100 and 250 companies are supporting prices through large-scale share buybacks.