The lowest diamond prices in years

Diamond prices are the lowest in five years, according to an article from CommodityOnline. Job losses have been common for those working in diamond polishing and diamond mining. This isn’t necessarily good news if you’re a diamond worker or shop owner, but it’s good news if you’re the buyer. And retailers hope the lower diamond prices will increase the sales of diamonds.

These job losses, such as those in Surat, were a result of a fall in demand for diamonds. But the lower demand has lowered the prices, creating renewed interest in diamond jewelry, diamond engagement rings and loose diamonds. Let the wedding season begin!

With the decreased price in diamonds, CommodityOnline referred to them as man’s best friend. Hmm, I guess it’s no longer the dog. But you can guess why more men are attracted to diamonds right now – they can afford to buy them! And they are buying them for their girlfriends and wives in higher numbers.

Bachelors are more likely to buying diamond engagement rings right now just because they can afford them. Younger men and boys are buying diamonds as surprises for their girlfriends as gifts. It makes sense. They can afford to now. Well, or at least they think they can. Twenty-five percent off is often too good to pass up, even when a diamond ring is not in the budget.

The article stated that a $49,999 piece of jewelry is down 25 percent in price from two years ago. If you’re looking to get engaged or married this year, why not see how far you can stretch your budget and get the best deal? The prices are the lowest they have been in five years, so everyone will be taking advantage of this.

The diamond market in general has had difficulties during the recession, according to the article. Buyers are cutting out luxury items. Necklaces, bracelets, watches, earrings and rings are items people can live without. It doesn’t matter if they are diamonds, gems or gold or whatever. Sales have been dropping in the industry as a whole. Even the largest diamond producer, De Beers, said its production is down 91 percent.

But you know what? People are still buying wedding rings. Forget the bracelets. Forget the necklaces. Now is the time to buy a diamond ring. People will continue buying diamond engagement rings.

The average price spent on an engagement ring in the United States was $3,200 in 2008, according to Commodity. Amazon’s platinum ring with a half-carat diamond is now selling for $1,675, down from $3425. But the problem is, people keep waiting for discounts, and then more discounts. They are also spending more time looking at rings online and comparing prices from store to store, putting off their choice to buy.

According to Commodity, 15 percent of jewelry shops in the United States closed in 2008. This year’s marriage season will help boost some well-needed sales. If you’re in the diamond business, just hope that the recession doesn’t continue to cause people to postpone their weddings.

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