Why this comparison?
Anyone thinking about tangible assets usually starts with gold: tangible, proven for millennia, tradable at any time. Natural Fancy Color Diamonds share their physical nature and independence from issuers and banks with gold, but differ in almost everything else: in price formation, in the range of fluctuation, in rarity and in value density.
Precisely because the two assets work so differently, they complement each other. The following sections place their characteristics soberly side by side, with current market data and without the expectation that one asset should replace the other.
Gold: the liquid classic
Gold is the most transparent of all tangible assets. The price is set uniformly worldwide on every trading day, buying and selling is possible within minutes, and investment gold is exempt from value added tax in Switzerland. Central bank demand has supported the market at a high level for years: in 2025 alone they bought more than 860 tonnes, accounting for around 17 percent of worldwide demand.
The flip side of this market breadth is volatility. After a historic rally to close to 5,000 US dollars per fine ounce, gold stands in July 2026 at around 4,170 US dollars, or about 3,270 francs, following a correction since the start of the year. Over the last twelve months the price in francs moved between around 2,600 and 4,290 per fine ounce, a range of more than 60 percent. Whoever holds gold holds liquidity and crisis protection, but must live with pronounced movements in both directions.
Natural Fancy Color Diamonds: the rare, one-of-a-kind value
Natural Fancy Color Diamonds work according to a different logic. There is no exchange price, because every natural diamond is unique, its value determined by colour, saturation, carat weight, clarity and provenance. Valuation relies on certificates from recognised institutes (GIA, IGI, HRD) and on the expertise of the specialist trade. What at first glance looks like a disadvantage is at the same time the core of the asset class: supply cannot be expanded at will, and individual sources have already run dry for good, above all the Argyle mine closed in 2020.
The Fancy Color Research Foundation (FCRF) has recorded the wholesale prices of yellow, pink and blue Fancy Color Diamonds in the most important trading centres since 2005. Its index shows two things. First, the long-term development: pink diamonds have gained 389.8 percent since 2005, blue ones 239.5 percent and yellow ones 47.0 percent, whereby the lower figure for yellow reflects the large commercial share of this colour family. Second, the remarkably low volatility: even in the most recent consolidation phase, the overall index moved by less than 2 percent over twelve months, and the quarterly movements are mostly well below 1.5 percent. Demand is increasingly concentrated on high saturations: Vivid and Intense qualities in sought-after sizes have recently been regular winners, while commercial qualities gave way. The same pattern shows for yellow: while yellow diamonds in commercial qualities corrected most sharply according to the FCRF, the Fancy Vivid Yellow category has stabilised and holds its value. The highest saturation grade of yellow diamonds thus remains the most sought after; within the yellow colour family it is at the same time the rarest.
Source: Fancy Color Research Foundation, Fancy Color Diamond Index, recorded since 2005, as at Q2 2026, published on 1 August 2026. Wholesale prices in the trading centres of Hong Kong, New York, Geneva and Tel Aviv. The figure for yellow covers the entire yellow colour family; within this family the highest saturation grade, Fancy Vivid Yellow, holds its value most stably. Past performance is no guarantee of future results.
The direct comparison
| Criterion | Gold | Natural Fancy Color Diamond |
|---|---|---|
| Price formation | Set on every trading day, uniform worldwide, fully transparent | Individual for each unique piece, based on certificate, comparable values and expertise |
| Liquidity | Very high, sale possible at any time at the market price | Selective, sale via specialist trade, exchange platforms or auctions; a longer horizon is needed |
| Volatility | Pronounced; a range of more than 60 percent in CHF over twelve months | Historically low; index movements recently below 2 percent per year |
| Supply | Stock growing every year, gold is continuously mined and not consumed | Naturally limited; individual sources permanently exhausted (Argyle, 2020) |
| Value density | Around CHF 105 per gram of fine gold; larger amounts mean weight and volume | The highest value density of all tangible assets; a fortune fits in one hand |
| Taxes and storage | Investment gold exempt from value added tax in Switzerland; safe deposit box or high-security vault | Subject to value added tax; a bonded warehouse allows the levy to be deferred, discreet storage possible |
| Character | Standardised and interchangeable; one ounce is like any other | Unique, with collector value, beauty and history; can be passed on across generations |
As of July 2026. Information on value added tax is of a general nature; we are glad to discuss the specific arrangement in a personal conversation.
“Gold is the liquidity anchor. The natural Fancy Color Diamond is the rarity core. Whoever understands both roles no longer poses the question as an either-or.”
Context: complement, not competition
The market data of recent years illustrate the division of labour. Gold has a spectacular rally behind it and then a noticeable correction; anyone who needed short-term liquidity was excellently served, but had to endure the movements. Over the same period the Fancy Color market showed the opposite: a mild, orderly consolidation with minimal swings and stable demand in the high-quality segment. It is precisely this low correlation that makes the combination interesting.
In practice this means: gold is suited to the part of the assets that is to remain liquid and valuable at any time. The natural Fancy Color Diamond is suited to the part that, over a long horizon, is to combine rarity, value density and discretion, with documented provenance and the option of one day passing it on. The prerequisite is the highest standards of certification and purchase quality; this is where our work as a diamantaire begins.
For in-depth information on a particularly striking example of finite rarity, see our article on natural Argyle diamonds. On the value added tax side we recommend our guide to the bonded warehouse in Switzerland.
Sources and status of the data: gold price and range of fluctuation as of July 2026 (spot market, figures in CHF per fine ounce); central bank demand 2025 according to market data from the World Gold Council; value development and index levels of Fancy Color Diamonds according to the Fancy Color Diamond Index of the Fancy Color Research Foundation (FCRF), wholesale prices since 2005. This article serves general information and does not constitute investment advice or tax advice.
Assess gold and Fancy Color Diamonds in person
We begin with an assessment of your situation: objective, volume, time horizon and existing tangible assets. Only then does it become clear how gold and a Natural Fancy Color Diamond can sensibly complement your structure. Calmly, confidentially and without sales pressure, with certified expertise (GIA, IGI, HRD).