Diamond Prices Are Crashing

Photo: istock

As much as I love jewelry I've always known the price of gemstones is arbitrary to a great extent. Jewelry is as much of an overpriced luxury item as Hermes handbags, Manolo Blahnik shoes, or Dior pants and coats. They cost what consumers are willing to pay for them. Never think of luxury items as investments but to be enjoyed as things of beauty only. The value of luxury goods is driven by want not need. If you covet investments, take your money to an investment firm to buy stocks, bonds, and mutual funds, where you'll earn returns on your portfolio. You're lucky to break even by reselling luxury goods after you subtract a 15% - 20% commission.

Photo: That Guy Osiris - I'll take them!

So I'm happy to report an exciting development in the diamond market! In 2023 diamond prices are tumbling down -- about 23% for 1-carat stones and about 15% for 3-carat stones -- according to experts who watch diamond prices such as That Guy Osiris, an ex-diamond trader who has a YouTube channel. 

The reasons for the decline in diamond prices are several: 

(1) Monopoly diamond sellers such as DeBeer aren't as powerful as they once were in setting diamond prices high combined with limiting the supply of gemstones on the market. 

Photo: istock

(2) Nowadays the demand for diamonds is less. Not every bride in 2023 desires an engagement ring. Some wish to put their $7,000 - $15,000 earnings elsewhere such as for a downpayment on a house or car. Millennials are more interested in spending on travel and experiences than buying diamond rings.

(3) A main reason why the price of diamonds is sinking is the greater acceptance by the public of lab-grown diamonds which cost about 1/3 less than diamonds mined in nature. Diamonds created in a lab are chemically and optically identical to natural diamonds.

(4) The process of making laboratory diamonds is getting better and cheaper all the time, and more companies including jeweler James Allan are offering them. According to Liberum Capital Markets, about 25% to 35% of diamonds sold to customers today are lab-grown diamonds.

Photo: That Guy Osiris

5) That Guy Osiris says that industry leader DeBeers is responding by discounting its prices for 2 - 4 carat rough natural diamonds. Recently prices for uncut natural diamonds have dropped from $1,400 a carat to $850 per carat to be competitive with lab-grown diamonds.

All of this is a win, win, win for customers! If diamond prices keep falling, one day I'll be able to afford my fantasy 4-carat stud diamond earrings (that's 2-carats each ear, sister!!), my 20-carat diamond blingy tennis bracelet, and my 5-carat diamond solitaire ring ... no engagement needed!

Diamonds By Bonnie - has an Instagram and a YouTube Channel

I don't care one iota about the lesser monetary value of lab or natural stones as long as I'm not charged for it. Just give this glitter-loving girl her diamonds! I'll start with that big brilliant round diamond at the top of the blog and the pear-shaped diamond ring at the bottom! We can add my fantasy diamonds to my collection later.😉😂

If in the future diamonds cost less, would you value them less?

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Bejeweled Athletic Shoes

Blue by Betsey Johnson

As a gal who loves the glitter of gemstones, bejeweled athletic shoes always catch my eye, yet I don't own a pair and am not tempted to buy them for myself. When it comes to footwear I always select function over fashion so never stray from Nike. It's likely because I live in New York City and walk miles on concrete. Also, I don't want to invest in more than one pair of athletic shoes at a time as the functional ones with guaranteed arch support and stable heels are expensive, and I desire more from my sneakers (or trainers as the British like to say) than to look good wearing them. Lately, when I buy shoes (or clothes), I don't forget their original purpose and want them to serve their intended purpose.

Kurt Geiger London Laney Crystal

That said embellished sneakers (a/k/a tennis shoes) are a trend, especially with a chunky midsole that will boost your height by an inch or so. Without a doubt, they're super cute and can elevate your style! An all-black or neutral outfit will benefit from a pop of shimmer.

Tretorn Nylite Plus Glitter 

You can find them for under $80 (if unlike me) you don't mind having multiple pairs of sneakers hanging out in your closet. They're not as washable as sneakers without jewels which may limit their use, but if you have a job or attend a lot of events where you can dress casually smart, you'll probably get your money's worth buying a pair. It all depends on your lifestyle.

Clarks Nova Spark Sneaker

While I've never bought bejeweled sneakers, I do own black bejeweled high heels and previously owned (1) black and (2) silver rhinestone ballet flats, which are fun to wear! Often other people compliment them, so the sparkly style seems to be a mood booster!💫

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Glitter Shoes For A Pick Me Up

Bottega Veneta Almond Leather Glitter Pumps here. You know what makes these shoes look chic instead of nerdy? The glitter!!

If you read my blog regularly you may notice that I like glitter and shiny things. On a dark background, such as black or navy blue, rhinestones (or the more costly crystals if you can afford them) pop to jazz up, not only your shoes but your entire outfit. I have 2 pairs of high heels accented with rhinestones that I often wear paired with a little black dress to attend galas. Dressy, fun and timeless!

So today let's do a quick roundup of glitter shoes in various shoe styles:

Miu Miu Crystal Heel Patent Pump (Returns in November)

Although the style changes slightly from year to year, top shoe designer Miu Miu launches their crystal heels every November (just in time for Christmas and New Year's parties, and it's become one of my holiday rituals to go into their flagship store on West 57th Street to admire them, but I can't bring myself to pay the 4-figures dollar amount for a pair. These are the shoes that would be in my wardrobe if I weren't too cheap to buy them! 

Skechers Double Up Eye Candy here

Now we will travel to the land of affordability ...  these equally pleasing and casual shoes are more likely to be in my closet. You can buy them with a portion of one paycheck, or save up for a pair. Smart with pizazz.

Andy & Zoe Muffin Rhinestone Sneakers here in 6 colors here.

Shimmer sneakers in your favorite color to run weekend errands.

ASOS Design Fairgame Sandles here.

Dream Pairs Ballet flats on eBay here.

As you can see from fancy to casual, glitter can cover the whole shoe, or accent it with the choice of many colors to match your tastes and attire. 

Do you like things that glitter and shine?


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