Madrid - Spain's economic crisis has spurred the demand for precious stones, especially large diamonds, gemologist Adolfo de Basilio said Friday.

"The price of diamonds and gold is going up, probably because people are worried about the fluctuations of the stock market and prefer to invest in tangible goods," said de Basilio, who heads a new Gemological Institute in Madrid.

People interested in investing in diamonds should find out their real rather than current market value, because "the losses can be enormous if you later try to sell" a diamond that had been bought above its value, he advised. (dpa)