"Travel and Food Take Priority as Diamond Prices Plummet"
Rough diamond prices have dropped as post-pandemic consumers prioritize spending on travel and dining experiences over luxury goods. The decline in prices is attributed to declining sales at jewelry counters, as consumers had excess money to spend on discretionary purchases during the pandemic. However, retailers are unlikely to adjust their in-store prices based on the rough diamond market in the short term. While a small spike in rough diamond prices is expected during the winter holidays, overall sales are predicted to decline compared to previous years. Analysts anticipate a gradual recovery of rough diamond prices in 2024, supported by promising economic indicators in the United States.