New York post article about diamonds
- Thread starter waffle
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‘Are dropping’ is a forecasting of the future. That’s tricky. In 22 and 23 certain diamonds dropped by as much as 25%. That’s not the same thing but the news people are easy to confuse. Typical was closer to 5-10%. Will that happen again in ‘24? Maybe, but I wouldn’t be so certain. There are other pressures at work here and predicting the future is notoriously difficult. If you can buy cheaper, great, but I wouldn't lose a lot of sleep over timing it.
oncrutchesrightnow
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pokerface
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NY Post may be sensationalist, but in terms of reporting (not opinion pieces), it is actually quite reliable. At the moment, lab diamonds hold virtually no resale value. As soon as consumers start to realize that, imo, diamond prices will go up again. Another possibility would be that lab diamonds retain some value, but I think this is less likely looking at the trajectory of other synthetics.
LoveMunkie
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I work with two jewelers - one on NYC and one local to me. They both said prices continue to drop at this time depending on cut and size. My local jeweler is a B&M and they have not adjusted their pricing. My jeweler on NYC is a dealer and has adjusted prices to reflect. I am getting a new upgrade and have been waiting for 6 months as they drop before purchasing. Its hard to say how those trends continue though.
glitterata
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The Post article is just repeating info from a Bloomberg article that reported on recent price drops, not future ones. I agree that the headline is misleading (headlines often are), but the article itself says “as much as“ 25% for SOME categories of diamonds.
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Not surprised that a media outlet well known for sensationalism would print something like this. There are a number of factual errors in the report, which are somewhat minor but show the "thoroughness" of this piece of investigative journalism.
The fact is, the emergence of lab grown diamonds is just one of many factors that have created major headwinds for the natural diamond industry in recent years. Natural diamond prices are much more volatile today than in an earlier era when DeBeers had more control of the market. There is no reason to believe they will not continue to be affected by global economic and political events and basic supply/demand dynamics.
BTW, if you look at the Pricescope charts for diamond prices you see some upward trends in recent weeks.
The fact is, the emergence of lab grown diamonds is just one of many factors that have created major headwinds for the natural diamond industry in recent years. Natural diamond prices are much more volatile today than in an earlier era when DeBeers had more control of the market. There is no reason to believe they will not continue to be affected by global economic and political events and basic supply/demand dynamics.
BTW, if you look at the Pricescope charts for diamond prices you see some upward trends in recent weeks.
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If they have no value, please send'em all my way.
You did qualify it ...virtually no value....even qualified, it's an inaccurate portrayal. Consumers holding nicely made quality jewelry with quality lab diamonds are selling them all day long to each other and even back to stores.
Howdy Texan friend!!
I've been "shopping" on the major sites forever....
Lately, I'm seeing the "Big Boys" offering stones at a few points over wholesale pricing, based on the Rap sheet.
Two possibilities:
1) They've decided to work for pennies.
2) The rap sheet is no longer reflecting real world realities.
Here in NYC, not only is it cold as a witches....well you know.. But also the market for natural diamonds is icy cold too.
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