Monday, May 27, 2024
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“Global diamond prices take a plunge as consumers prioritize experiences over luxury jewelry.

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New York: Prices for rough diamonds — the raw, unpolished, and uncut stones — have dipped in 2023 as many post-pandemic consumers are shying away from luxury goods, the media reported.

According to the Zimnisky Global Rough Diamond Index, prices are the lowest they’ve been in a year. Industry analysts attribute the slump to declining sales at the jewellery counter, CNN reported.

As consumers spent less money on dining and travel during the pandemic, “people had excess money to spend on discretionary purchases”, noted Paul Zimnisky, a global diamond analyst.

Diamond prices have adjusted to consumers choosing services over jewellery.

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