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Sparkling opportunity, Why Now Is the Perfect Time to Get that Engagement ring

Updated: Jan 9

In the initial stages of the pandemic, the wholesale diamond market experienced a considerable downturn, reminiscent of the 2008 financial crisis. However, as the pandemic progressed, prices took an upward trajectory, fueled by a surge in consumer spending and couples getting engaged. Unfortunately, this price surge was accompanied by a slowdown in production, shipping constraints, and the imposition of stringent COVID-related restrictions, all contributing to a further spike in prices.

As the demand cooled off and the supply chain gradually regained momentum, diamond pricing began a steady decline. The global cost of living crisis further compounded matters, exerting pressure on consumer spending habits and leading many couples to postpone their engagement and wedding plans until a more stable economic climate emerged.

Moreover, the presence of synthetic diamonds in the market intensified the pricing pressures, offering a seemingly cheaper alternative for budget-conscious consumers. However, this surge in synthetic diamond availability led to a substantial decrease in their value proposition, causing several factories to shutter their operations. Market sentiment has begun shifting back to natural diamonds, given the waning appeal and value of synthetic diamonds.

In an effort to stabilise the natural diamond market, notable industry players such as India and major miners implemented pivotal measures, including the temporary halting of rough diamond imports and sales. These actions have had a positive impact on the market, with signs of economic recovery emerging in the Far East, particularly in Hong Kong, which often serves as an indicator for the region's short-term market direction.

Looking ahead, we anticipate a gradual market stabilisation and a return to the 'normal' pricing levels over the medium term. This current market landscape presents a compelling opportunity for prospective buyers to invest in diamonds or diamond jewelry, as the present pricing scenario may not resurface until the next global economic recession. Despite the hesitation displayed by many retailers and high street stores to adjust their pricing models, my direct relationship with cutting factories and miners enables me to promptly respond to market fluctuations and extend these cost-saving benefits to my valued clients.

Diamond ring
Diamond Halo Engagement ring

If you've been contemplating the purchase of an engagement ring or a unique piece of diamond jewellery, now is the perfect moment to seize this opportunity within your budget, ensuring unbeatable value.

Get in touch:

If you are in the market for an investment diamond or engagement ring or just simply want to know more about gemstone and diamonds, I'm happy to help you. Just contact me or book an appointment in Harrogate or London and I can answer any questions you have and help you find the perfect gemstone or diamond for your needs.

For all your fine gemstone and diamond needs in Harrogate, the UK or worldwide.

Clayton Delville - Diamond colour expert
Clayton Delville - GIA Gemologist and Diamond Grader

Clayton Delville Hood

Clayton is a GIA graduate gemologist, Diamond and Coloured stone grader and dealer with over 20 years experience in the Diamond, Gemstone and Jewellery business. More...

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