Diamond prices are down as people spend more on travel and food | CNN Business

CNN  — 

Prices for rough diamonds have dipped in 2023 as many post-pandemic consumers shy away from luxury goods.

According to the Zimnisky Global Rough Diamond Index, prices are the lowest they’ve been in a year. Industry analysts attribute the slump to declining sales at the jewelry counter.

As consumers spent less money on dining and travel during the pandemic, “people had excess money to spend on discretionary purchases,” noted Paul Zimnisky, a global diamond analyst.

Diamond prices have adjusted to consumers choosing services over jewelry. People are eating out, traveling and spending

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