1. American workers make up almost half of all diamond purchases worldwide. [Another somewhat related fact: There is exactly one diamond mine in the US (in Arkansas), and it's not used for commercial sourcing.]
2. US joblessness just increased to 6.5%, the highest in 14 years. Translation: A lot of those American workers are out of jobs right now.
3. Almost 50% of all diamond purchases are made in the fourth quarter. Translation: They’re usually bought as holiday gifts, or in anticipation of a major bonus to buoy the cost, so most major diamond dealers (Harry Winston, Tiffany’s, Van Cleef, etc) haven’t even felt the full effect of our downward economy, and are just about to enter the time of year that usually carries their business.
So what does this all mean? Well, according to Bloomberg, the price of diamonds should fall at least 15% next year, which basically means that Harry Winston is going on sale – but does 15% off $30,000 really help? Well, for some..