• Feedback
  • RSS Feed
  • Sitemap
Ommcom News
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home Business

Diamond Prices Dip Globally With Consumers Choosing Services Over Jewellery

OMMCOM NEWS by OMMCOM NEWS
October 2, 2023
in Business

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 analys.

Diamond prices have adjusted to consumers choosing services over jewellery.

People are eating out, traveling and spending money on experiences rather than luxury goods, according to analysts.

“Diamonds are a completely consumer-driven market,” CNN quoted Edahn Golan, an independent diamond analyst, as saying.

Shopper demand for diamond jewellery influences rough diamond prices and, to an extent, retail prices.

Retailers stoke consumer demand by pouring hundreds of millions of dollars into advertising.

The plummeting prices follow two record-breaking years in rough diamond sales.

In 2021 and 2022, demand for natural diamond jewellery was at an all-time high, CNN reported.

“There was a parabolic move up, and now there’s a correction on the other side,” Zimnisky noted.

Industry analysts expect to see a jump in retail sales during the winter holidays and into early 2024.

The winter months are peak engagement season, and Christmas and Valentine’s Day are typically lucrative holidays for jewellery companies.

While this might lead to a small spike in rough diamond prices, “overall, we’re going to see a year-over-year decline of sales in the holiday season”, predicts David Johnson, a spokesperson for De Beers, one of the largest diamond companies in the world.

 (IANS)

ShareTweetSendSharePinShareSend
Previous Post

Odisha Minor Drowns In Pond While Bathing

Next Post

Digital ID Verification Checks To Surpass 70 Bn Globally In 2024

Related Posts

Business

India’s Exports Of Goods And Services Rise 9.34 Pc To Cross $69 Billion In Aug

September 15, 2025
Business

India’s Trade Deficit Narrows To $26.49 Bn In August Despite US Tariff Turmoil

September 15, 2025
Business

Global Labour Shortage By 2047 To Create Opportunity For India’s Young Workforce: Report

September 15, 2025
Business

RBI Likely To Cut Rates By 25 BPS In Q4 CY25 As Inflation Stays Benign: Report

September 15, 2025
Economy
Business

Bank Credit To Grow 11–12 Pc This Fiscal On 2nd Half Boost: Report

September 15, 2025
Business

Low Inflation To Give RBI Space To Cut Rates By 50 Bps This Year: Report

September 15, 2025
Next Post

Digital ID Verification Checks To Surpass 70 Bn Globally In 2024

RBI-MPC’s Decision On Repo Rate May Be Unanimous But Not On The Stance: Economists

Calcutta HC Upholds Rs 1,354 Cr Arbitration Award In Favour Of Reliance Infrastructure

Khimji
OMC
  • Feedback
  • RSS Feed
  • Sitemap

© 2025 - Ommcom News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ

© 2025 - Ommcom News. All Rights Reserved.