City Trader Aims To Become King Of Diamonds

Published on 13/08/09

WHEN Seamus Fahy says the recession couldn't have come at a better time for his fledgling diamond business, it's easy to think the one-time city trader either has an unusually good sense of humour or an unusually poor grasp of reality.

When the 41-year-old says he ploughed €50,000 of his own cash into setting up Voltaire Diamonds in October, it becomes clear he's not just kidding around.

And when he says he's recently sold a €40,000 engagement ring and is about to hand over a €15,000 ring for a 50th birthday present, the frugal realities of recession don't appear quite as inevitable as we imagine.

"I always knew this was going to launch in the recession," Fahy. "People still get engaged in recessions, they still get married, and they still want nice pieces."

The difference in the recession, Fahy says, is that people want to pay less for those "nice pieces". Which is why Fahy thinks now is a particularly good time to launch a business like Voltaire, where the idea is to sell internationally certified diamonds for at least 20pc cheaper than the high street.

The concept was born about two years ago, when Fahy was looking for a route home to Ireland and a route out of his desk-bound lifestyle in a London equity trading outfit, and some diamond trading pals in Antwerp suggested he look at their industry.