Rough Diamond Prices Drop in 2023 as Consumer Spending Shifts from Luxury to Experiences
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Prices for rough, unprocessed diamonds have dropped in 2023 as consumers spend less on luxury items and more on experiences like dining out and travel.
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Diamond prices boomed in 2021-2022 due to high demand, but are now declining as that demand lessens. However, consumers likely won't see lower diamond jewelry prices in stores.
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Retailers typically keep their diamond jewelry prices stable despite fluctuations in rough diamond prices, to protect profit margins.
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Demand and diamond sales are expected to rise around the 2022 winter holidays, though likely not matching the highs of 2021-2022.
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Analysts predict rough diamond prices will gradually recover in 2024 as the economy strengthens, though the diamond market will remain softer than 2021-2022 peaks.