The demand for diamonds is fading and people are opting out for other luxury goods like vacationing and high end technology gadgets. In the recent years, shoppers are showing a disdain for diamonds which is resulting in a significant drop in the price for diamonds.
Now is the time to buy diamonds because they currently cost less than they did in 2006 dude to a rise in prices of other luxury items. This is good news for us but bad news for diamond producing companies, like De Beers, as they attempted to raise the prices on diamonds last year which ended up backfiring on them. This led to a 15% decrease in prices last year and then another 7% decrease in January of this year.
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