Dreaming of a sparkly Christmas? Diamond prices dip low this year

METAIRIE, La. (WGNO) — You’ve heard that diamonds are a girl’s best friend, and this holiday season, the prices of diamonds are extremely friendly.

WGNO’s Kenny Lopez went to Diamonds Direct in Metairie to find out about the dip in diamond prices this Christmas.

Are you dreaming of a sparkly Christmas with a new diamond ring?

If so, “Diamond pricing right now is fantastic. It is a great time to buy,” said General Manager of Diamonds Direct Dan Christensen.

Diamond prices have dipped to new lows.

“It depends on the size of a diamond. They could be 10% to 15% to 25% less on the purchase of raw diamonds, than they were just six to eight months ago,” he said.

Over at Diamonds Direct, Christensen says prices are lower because of the pandemic. After, many folks were getting engaged, so the diamond demand was high.

“So, they were mining a lot more of these diamonds. So, we have a lot more of them,” he said.

With the demand not as high anymore, there are plenty of diamonds to sell.

“Because it is a supply and demand, you’re paying for rarity when it comes to diamonds. When diamond prices go down, the rarity has diminished,” Christensen said.

Some examples of how the prices are lower are that diamond hoop earrings can range from $250 to several thousand dollars, and diamond tennis bracelets start at $1,000.

So, if you’re thinking of proposing with a Christmas engagement ring, now’s the time to buy because you’ll get a better ring at a better price.

“Finding that perfect diamond is really up to that individual. What they see, and what’s most appealing to them,” he said.

When the price is right, you can’t go wrong!

“Oil prices fluctuate, and diamond prices fluctuate as well. We sold a 5-karat diamond, and the price of that diamond was 20% less six months later,” he said.

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