Diamonds and Engagements

[KrisZ]

Excellent point, was unaware until I just saw your post and confirmed. I would only guess this abrupt change maybe do to interest rate increases and a slowing of the economy. I mean a story about people not getting engaged would not hold water for an overnight change like this.
Then one must take into account the unprecedented rise in the diamond prices on the chart. Supply and demand coming out of covid I would think, and with most massive increases in any product sometimes is followed by a lull. Maybe, but I read this like a product of massive Fed tightening and rate increases and oversupply do to the massive peak on the chart.

I agree, that sharp of a drop doesn’t happen because people all of the sudden decided not to get engaged and married.

I would say this is the market correcting itself. That massive peak during the pandemic was an abnormality IMO. People had lots of disposable cash, now they don’t.

 

[Kira]

I worked with a licensed precious metals and diamond broker. We liked each other....I'm pretty sure.
He said the only diamonds which appreciate are large, industrial (meaning perfect) diamonds.

So, all the wholesalers who sell diamonds in closed bags -yes, upstream buyers don't know what they're buying- can take their precious product and shove it up their ...noses.
I was told the diamond companies' position (on the sealed bags) is, "How dare you question us, your supplier?"

Also, there never has been a diamond shortage except that caused by controlled supply.

I once found a large cubic zirconia at a lawn sale for $1.
I sold it to a couple who came up to me crying about the price of a diamond engagement ring.....for $5.

 

[ragtoplvr]

Well, recently Debeers is now advertising that diamonds are to show friendship

Good luck with this

Well, maybe if they quit artificially raising the price with their monopoly they might sell more. As it is, no f.... way.

 

[GMFan]

It took me 33 years to find my bride who is an angel. I thank God for her everyday and how lucky I am. I don’t envy those looking to marry and finding a suitable partner. It’s a difficult road. It’s really no surprise that marriage rates are dropping.

 

[97K15004WD]

I think the other part of the equation regarding engagements and marriage (other than it's not worth it anymore), is that the kids now can either fully support themselves, or not at all.

If a "bride to be" doesn't "need" a groom, and the law makes it so hard to get out of a marriage, then why bother with the pain.

And on the other side, if the person has no job, then they have no prospects either.