Diamond prices have plummeted to record lows due to decreased consumer spending and the increasing popularity of lab-grown diamonds. De Beers, the world's largest diamond producer, has experienced its worst year in two decades. The downturn in the diamond market is indicative of a broader decline in luxury goods consumption, with the Bloomberg Subdial Watch Index and the Live-ex Fine Wine 50 index also experiencing significant drops. Gen Z's disinterest in marriage and millennials' preference for lab-grown diamonds have further pressured natural diamond prices. The decline in diamond and luxury goods consumption suggests that low- and mid-tier consumers are facing financial challenges. The lack of interest in classic automobiles among younger generations is also a reflection of changing consumer preferences. The overall trend indicates a reversal in the fancy artwork market, with a potential pullback in spending expected from higher-income households.
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