People Are Interested To Spend More On Traveling Instead Of Investing On Diamonds: Prices Fall

Oct 4, 2023

News

The prices of rug diamonds have dipped as consumer behavior changed in the post-pandemic era. Based on the CNN report of CNN, people are shying away from investing in such luxury items. The Zimnisky index reports said the prices have reached their lowest point in many years.

According to industry analysts, diamond prices are changed in terms of customers’ preferences who prioritize experiences such as traveling over luxury goods and dining out. A diamond analyst, Paul Zimnisky, said that consumers had extra spending during the pandemic since expenditure on traveling and dining was considerably low.

Another diamond analyst, Edahn Golan, said diamonds are a consumer-driven market. He stated in an interview, “Shopper demand for diamond jewelry influences rough diamond prices and, to an extent, retail prices. Retailers stoke consumer demand by pouring hundreds of millions of dollars into advertising.” The sales rate of diamonds is expected to see the final jump during the winter holidays, and it will be in early 2024. There will be many holidays in this period, including Valentine’s Day and Christmas. Retailers don’t know how to adjust in-store prices based on the rough diamond market in the short term.

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