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Cashing in on Monaco's prestige

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Former Fugees band member Wyclef Jean made an appearance at the La Dolce Vita ball.

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Monaco
Monita Rajpal
Art of Life

MONACO (CNN) -- With barely an inch between the mammoth boats in Monaco's main harbor, it could be referred to as "billionaire's row."

The setting is this year's Monaco Grand Prix and it is the perfect place for diamond companies to cultivate contacts and entertain existing buyers.

The diamond group Steinmetz rented a boat for seven days during this year's grand prix at a cost of $240,000 per day.

Add the berth -- that is another $150,000 a day.

The grand total for seven days: around $2.7 million.

It might be a lot of money to most, but not to Steinmetz, especially when you consider the company was in Monaco as part of its joint venture with Sotheby's Diamonds to sell very big rocks.

To get onboard the boat is by invitation only -- among the jewels on board, a 145.8 carat necklace, which had a price tag of $1.2 million.

CEO Nir Livnat told CNN that having a presence at Monaco was crucial for his company.

"Monaco is the pinnacle of foreign marketing activities worldwide," he said. "We believe Monaco is the best drop for our name, brand name. It's the combination of glamour, of beauty and of the right association."

Livnat said that while these sorts of events are costly, they are worth every penny.

"It's true to be in Monaco to do anything in Monaco just to walk the streets in Monaco costs you money," Livnat said.

"But again I believe that it's worth it. You can quantify what we have done as far as sales, with Sotheby's Diamonds. This is a joint venture and they run all our sales for us in Monaco and I think that you have clients who are not just here but who saw us here and who bought from us in New York afterwards, or on the boat or in London or Geneva or any where around the world."

The grand prix is a boon for events organizers too.

Elevation Events Group CEO Ric Verbury was charged with organizing the main party event at Monaco this year -- the La Dolce Vita ball -- with a guest appearance by former Fugees band member Wyclef Jean.

"(The ball) is a core product within our hospitality program. It's one of our biggest hospitality functions in Europe anyway and for us it is ideal, it's our client based, it's the top of the top."

"We like to create something to which we offer a special access and special access here means you can see where these boats are, we are right on track side. And it is very difficult to get in there.

"The Dolce Vita is all about access, celebrities, and performers. We've got Wyclef Jean bringing friends and guests, and that's what people want. They want to rub shoulders with the rich and the famous and that's part of it."

CNN's Monita Rajpal and Producer Andrea Armsden contributed to this report.

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