Diamonds may be forever, but prices are falling fast. Naturally formed diamonds lose their value very quickly –26% less in stores today than two years ago– One gemologist described them as a “waste of money”. The fall is being driven, among other things, by the mass production of lab-grown diamonds, whose own value has fallen by three-quarters since the pandemic.
“It's a bad time to buy diamonds.” said a London jeweler. guardian. “They'll probably get cheaper in a few weeks.”
Natural diamond prices have collapsed to their lowest levels in a century, prompting production cuts and mine closures, according to a Bank of America study.
Prices for some diamond weights (carats) have nearly halved from high prices three years ago after the early pandemic spending splurge subsided.
Even the world's dominant diamond producer, De Beers, was forced to take rare price cuts of 10% to 15% late last year.
Pour one out for the diamond mine owner! On the contrary, it's a good time Up to the golden neck.
“Spot gold rose 0.1% to $2,753.19 an ounce,” Reuters reported. “Prices hit a more than three-month peak on Wednesday.”
It's just shy of its all-time high of $26.72 in October at $2,790.15, but it's up more than a third in a year. Also, unlike Bitcoin, you can wear it, use it as documentation, and attract attractive mining picks.
