Some facts:
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..
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“Americans workers”?
O I C
Actually UE is at 6.10% with 1.25 million people out of work. Its gross to spend money on things like diamonds when the economy is in the toilet. Lets talk about how Conde Net is having MASSIVE layoffs today.
the unemployment rate is 6.5% as was released last friday at 8:30 am est. 1.2 million people have lost jobs this year as there are over 10 million currently unemployed. people can spend money on whatever they want. is it gross to spend $400k on a new house in this emvironment if the price is 40% off its high? i dont think so so why would it be gross to buy diamonds if you like diamonds, have the money, and the price has fallen. let’s talk about how uninformed fashionista commenters are on the economy.
I’m just jealous that you live somewhere where you can get a house for $400k.
That ~might~ get a shitty basement studio apartment where I live.
at #4. WHERE DO YOU LIVE ASSWIPE. MOVE!!!!!
well, seeing as how the NATIONAL median home price is closer to $210k, most of the country would be below $400k. i live in nyc and OF COURSE i know you cant get much for $400k. we all dont live in NYC though commenter 4 so you might want to get some perspective.
I have perspective, I’m just jealous.
I do understand that that’s the price I pay for living somewhere it is desirable to live.
Hi Kenya, according to the Elevator News in our building, as of today, its at 6.10% with 1.25 million people out of work.
That said, who actually has money to buy diamonds now? Seriously? who on this forum has money to buy harry winston? Sure if you like diamonds go buy them, but that said with Conde laying people off today and DHL shutting down,its just a miserable time unless your a socialite. Please people arent even buying stuff on Ebay. I was just at Barneys on Sunday and ran into a friend who works there and he said that NO ONE is shopping.
oh boy, i guess i’ll interject now. according to the Bureau of Labor Statistics, it’s now 6.5%, up from 6.1% previously. hope that helps.
http://www.bls.gov/news.release/empsit.nr0.htm
darlings, you all have the most ridiculous views on how the economy works. if someone has money and is confident about their long-term prospects, now is a good time to get a deal. if i buy diamonds, it does not mean someone is losing their job or getting kicked out of their house. you can have opinions on the gaucheness of conspicuous consumption, but really, how does it affect anyone?
but if you do buy diamonds, work hard to make sure they are kimberley diamonds, or consider vintage! an informed consumer goes a long way.
guest 8, the unemployment rate is a monthly statistic that is published by the bureau of labor statistics the first friday of every month at 8:30am eastern sharp. the unemployment rate represents the number of unemployed persons as a % of the labor force and is a highly anticipated economic number by financial professionals. Also released simultaneously is the monthly change in nonfarm payrolls which shows how many jobs were gained or lost for the prior month.
the last reported figures were unemployment rate of 6.5%, 240,000 jobs lost in the month of october, a total of 1.18 million jobs lost this year bringing the total number of unemployed to over 10 mill.
while these figures aren’t enormous by historical standards, they are high from what we have come to expect. our economy seems to be worsening from week to week as news of more companies in severe financial trouble emerge but we need to keep in mind a few things. the US dollar is continuing to strengthen which is ultimately good for our economy. the price of “things” is going down which helps consumers with reduced purchasing power. we also have very productive workers and new leadership which, i feel, over time will lead us out of our current problems.
does this go for all gemstones (i don’t like diamonds)? if so, perhaps i should pass this info on to my bf…