Why diamond prices will shoot up in 4 years time!
If you’ve been holding off in the hope of diamond prices depreciating or reducing, i have some bad news for you.
They aren’t! You should buy your diamond ring now.
It has been forecast by industry experts that rough diamond prices will shoot up in 4 years time. They will increase progressively upwards from now onwards.
How can this be you ask?
The economy isn’t doing all that well right now and growth has been slow.
Apparently, the Chinese and Indian economies are doing pretty well and are due to grow even more.
The middle class incomes in those countries is growing and so is their appetite for luxury goods including cars, housing, clothes and jewelery.
Traditionally, the Asian communities collected gold in all its various forms i.e. in bars, coins and jewelery.
Gold has since become rarer to obtain and thus more expensive.
They are more easily available, more affordable and the two countries where the demand is highest i.e. India and China happen to be diamond cutting centers.
This is definitely helping with the uptake of diamonds in the two countries and one of the main reasons that diamond prices will shoot up in 4 years time.
The diamond producing countries like the DRC (Democratic Republic of Congo), Angola and Russia will be rejoicing over this but not exactly good news for you.
Well, not to worry…..
There is a way to mitigate the situation and ensure you aren’t too affected by these developments.
1) If you can,buy your diamond engagement ring, ear rings or jewelry within the next one year.
The prices will be lower by as much as 8%.
2) If you don’t have the cash, start paying for your ring in installments.
Quite a few of the online stores are offering this option and you don’t have to pay extra to make use of it.
3) Shop at diamond stores that manufacture their own diamond rings and other jewelry.
This stores buy their rough diamonds at source, cut & polish then make their own jewelry. Needless to say, their prices are much cheaper as they avoid all the middlemen in the diamond chain.
There are savings to be made here.
You could very well end up paying more for your diamond rings in the near future but for now, there’s no need to panic.