{"id":1428732,"date":"2023-09-22T09:45:00","date_gmt":"2023-09-22T13:45:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1428732"},"modified":"2023-09-22T09:45:00","modified_gmt":"2023-09-22T13:45:00","slug":"diamond-prices-are-crashing-forcing-russian-mining-giant-to-halt-sales","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/diamond-prices-are-crashing-forcing-russian-mining-giant-to-halt-sales\/1428732\/","title":{"rendered":"Diamond Prices Are Crashing, Forcing\u00a0Russian Mining Giant To Halt Sales"},"content":{"rendered":"

Diamond Prices Are Crashing, Forcing\u00a0Russian Mining Giant To Halt Sales<\/span><\/p>\n

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A surge in lab-grown diamonds flooding the market, coupled with a decline in luxury spending, has forced Russian mining giant Alrosa PJSC to temporarily suspend rough diamond sales to prevent prices from crashing further.\u00a0<\/p>\n

Bloomberg<\/a>\u00a0obtained a memo from Alrosa addressed to its customers, explaining rough diamond sales for September and October have been suspended as the company “strives to reverse the existing trend of diminishing demand.”\u00a0<\/p>\n

Diamonds, watches, and other jewelry soared during the pandemic and peaked in the first half of 2022. We have covered the Rolex boom and\u00a0bust extensively<\/a>\u00a0and have turned our attention to crashing diamond prices in 2023:<\/p>\n

Did Europe’s Luxury Bubble Just Burst?<\/em><\/a>\u00a0<\/p>\n

World’s Top Polishing Diamond Hub Warns “Difficult Year” Ahead On Weak US, China Demand<\/em><\/a><\/p>\n

Another Middle-Class Spending Barometer Flashes Red: Rolex Prices Near Two-Year Low<\/em><\/a><\/p>\n

Luxury Recession: Diamond Prices Crash, Rolex Downturn Persists<\/em><\/a><\/p>\n

Luxury Turmoil: Diamond Prices Crash To Pre-COVID Levels; Used Rolex Prices Hit New Six-Month Low<\/em><\/a><\/p>\n

Besides the luxury spending slowdown due to\u00a0tapped-out consumers<\/a>, man-made diamonds have been all the rage because these gems are only a fraction of the cost. The big fear of the natural diamond industry is starting to be realized as consumers accept lab-grown diamonds in rings.\u00a0<\/p>\n

Edahn Golan, an independent diamond industry analyst, told CNN Business consumers are flocking to man-made diamonds because the most popular one-carat round man-made diamond for an engagement ring in March was $2,318. He said that’s 73% cheaper than a natural diamond of the same size, cut, and clarity.\u00a0<\/p>\n

The latest data from the Diamond Index via the International Diamond Exchange shows prices have crashed well below pre-Covid levels.\u00a0<\/p>\n

<\/a><\/p>\n

Alrosa competes with De Beers, the biggest producer of diamonds, both of which have been rocked by a rough diamond sales slowdown this year after a massive boom during the pandemic.\u00a0<\/p>\n

Last week, Reuters reported the Group of Seven (G7) nations might be preparing to\u00a0reshape the global diamond supply<\/a>\u00a0chain by placing restrictions on Alrosa.\u00a0<\/p>\n

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Tyler Durden<\/a><\/span>
\nFri, 09\/22\/2023 – 05:45<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/commodities\/russian-diamond-giant-alrosa-halts-diamond-sales-prices-crash<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Diamond Prices Are Crashing, Forcing\u00a0Russian Mining Giant To Halt Sales A surge in lab-grown diamonds flooding the market, coupled with a decline in luxury spending,…<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-1428732","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pbimBl-5ZG4","jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1428732","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1428732"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1428732\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1428732"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1428732"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1428732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}