Word: diamond
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...City dime-a-dance hall in 1913, to a nationwide chain of dance studios, to national prominence on television's The Arthur Murray Party, a ratings winner in the 1950s, to a seemingly choreographed game of doubles with his wife Kathryn on courts near their Hawaiian home below Diamond Head, the former Broadway hoofer has always kept both feet on the ground. His professional foxtrotting days behind him, although he still takes a turn on the dance floor, Murray may now be the oldest money manager in the U.S. Handling a $15 million portfolio for himself, relatives and friends...
...with other hard assets and collectibles, the end to the diamond-speculation boom began in 1980, when inflation started to level off and interest rates shot up. That made investments like money-market funds more valuable, and diamonds, gold and other hard assets less attractive. Despite its sharp price increase last week, gold is selling for only about $380 per oz., well below its January 1980 peak of $850. A portfolio of U.S. coins is now worth 15% less than it was a year...
International Diamond Corp. filed for reorganization under the Bankruptcy Act last February, after reselling only $30 million worth of stones for its customers. The Federal Trade Commission has accused the firm of improperly claiming that it was selling diamonds at wholesale prices and falsely portraying them as risk-free investments. One of the company's founders, Bernhard Dohrmann, and about 100 ex-salespeople have joined a new company called Diamond Resource International...
Even though the investment market for diamonds has soured, the stones appear to be just as popular as ever. American sales of diamond jewelry increased by 7% last year, to $5.5 billion. Among the most successful items are diamond stud earrings for young girls, which cost an average of $100 a pair. Americans seem to believe that a diamond is still a desirable piece of jewelry, even if it has not been a very good investment...
...nights after work, Chicago Secretary Doreen Dahlstrom, 24, goes to lift weights at the Diamond Gym. And what begins as an off-hours fancy can mature into a career, as proved by Becky Sheehan, 35, of Dayton. "I grew up thinking that to be attractive to men, I should be soft, feminine and caked in cosmetics," she recalls. "But when I was 25, I took up tennis and got hooked. The arm muscles tennis built up looked pretty neat, I thought. So I started weight lifting. Now I teach aerobics and tennis, and I have a new idea...