Consumers shy away from luxury goods
- Prices for rough diamonds have dipped in 2023 as many post-pandemic consumers shy away from luxury goods.
Diamond prices have adjusted to consumers choosing services over jewelry. People are eating out, traveling and spending money on experiences rather than luxury goods, according to analysts. Retailers typically do not adjust their in-store prices based on the rough diamond market in the short term, regardless of whether the products become cheaper or more expensive on the back end.
“In the short term, if wholesale prices fall, some jewelers are going to try to use the opportunity to capture more margin,” said Zimnisky.
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