- May 3, 2001
Where do I send the toilet paper and the two cans of tomatoes. I would even send you three cans of tomatoes if the diamond is well cut...
Hi Garry..., for a while, all we saw was sell-sell-sell, everything that is liquid! equities, gold etc..., everything was for sale. It seemed like only the US$ followed by the Euro were in super heavy demand. Now the US is pouring in monetary stimulus and everyone is happily spending again (investments not consumer spending)..., we are so transparent as a society its scary.I meant -18% drop, but as the day progressed we dropped from a peak of 0.58 to now 0.553. Another nearly 5% in 12 hours. So 0.72 to 0.553 = -30% in a month or so.
I agree. The aftermath will last at least a year and a half or more, before things will go back up running. And I don’t think it will ever be the same. Businesses will have to adapt and there will be a new normal.Hi Garry..., for a while, all we saw was sell-sell-sell, everything that is liquid! equities, gold etc..., everything was for sale. It seemed like only the US$ followed by the Euro were in super heavy demand. Now the US is pouring in monetary stimulus and everyone is happily spending again (investments not consumer spending)..., we are so transparent as a society its scary.
I would suggest taking what these folks are saying as a possible scenario, https://www.businessinsider.com/unemployment-claims-millions-increase-economist-commentary-krugman-roubini-elerian-coronavirus-2020-3
I am on the side that dont think this historic occurrence will be over by this coming up Easter!
Some people are buying diamonds. We still have orders coming in, though not in normal volume of course. But filling those orders is the challenge with so many areas of the country and the world under some sort of 'stay at home' order.I wonder if our PS vendors might weigh in on sales during this terrible time with the Coronavirus? How could anyone be buying diamonds now?
@Mlh ,Just wondering, does Whiteflash ever run sales or adjust prices based on the market prices of diamonds/jewelry ? I see that BGD and HPD and others seem to offer incentives in tough times.
Thank you for the thoughtful response @Texas Leaguer ! Stay safe@Mlh ,
Our policy has always been to right price our goods, making sure we are competitive on an apples to apples basis with other sellers. We believe this provides our customers with a simpler and more confident buying experience. In order to do this we definitely have to adjust our prices when the market moves.
We also feel like our clients are some of the most savvy shoppers in the market and are put off by the 'mark-up to mark down' games that have been traditionally played in the jewelry industry. Amiright?
However, you make a good point about tough times and we do not know exactly what lies ahead or where the market will go. To the earlier advisory about an end date for our county 'stay at home' order that expires on April 3, we just got word that the state of Texas has just ordered a statewide stay at home order until May 1.
With this level of uncertainty in mind, I would not rule out a Whiteflash sale at some point as we look to jump start the business as things begin to return to normal.
IMO, our industry (amongst many others) is experiencing a full reset!! Yesterday’s normal, will not be tomorrow's. Most of the businesses will not look the same as they did pre-Covid-19.It’s a super “interesting” ( May you life in interesting times) turn of events with a rebellion against Rappaport occurring in conjunction with CV.
For reasons having to do with peace of mindI’ve always been able to orient my thinking that any diamond we own is worth what that market dictates. Sometimes that means we adjust our cost upwards to meet the market- and other times we need to adjust the other way, and we technically loose.
But it’s a tough pill for many dealers to swallow when they loose money.
Right now a large percentage of goods that were available to the market a month ago are “frozen”.
In NY it’s due to both non essential business shutdown- and the Rap/ price uncertainty situations.
That might meen prices for the stones and or rings which can be sold/shipped to hold/ increase in value.
But of course demand is going to be diminished to a great extent.
It’s impossible to say what this will do to prices/ supply/ demand in the upcoming months IMO
has a ways to go - from the front pageWake me up when diamonds are 30% off from the level before the virus hit.
Agreed David. India where 90% of diamonds are cut and polished has shut down. I an sure DiaGem can tell us things are like that in Israel.I just don't see how we can get an accurate picture of prices right now.
Can anyone suggest demand is far less than it has been in recent memory?
So, we can agree, less demand.
BUT- the vast majority of goods are frozen right now- the most major sites are publishing early May shipping, but who knows.
Plus the removal of goods off Rapnet will also mean less "virtual" diamonds ( even if they can't be shipped)
And the production of new goods may not resume for a while.
So for those who really do want to get their diamond now, there's vastly limited supply.
Lower demand, lower supply......
Anyone's guess of the immediate effect on existing, available diamonds, and futures........
Personally, I dont think there is a shortage of diamonds..., newly cut goods maybe, but in general, 100% of diamonds mined from beneath are still above earth. As far as I know diamonds are not perishable.Agreed David. India where 90% of diamonds are cut and polished has shut down. I an sure DiaGem can tell us things are like that in Israel.
So a lot of inventory will run down as rough sales have stopped too.
Strangely this seems to be a self regulating market. Some dealers will sell at any price. Some will hold back and wait for a happy rebound
Wow. Congratulations on the TP! That’s awesome.Sigh, I got up early to go to the supermarket to buy a pack of toilet paper. Limit 1 pack per shopper. Supermarket opens at 7am, got there about 7.05am.
Apparently I needed to be there BEFORE 6.30am to stand in a queue to get 1 packet. No toilet paper for me!
So I bought 78 rolls online. Free shipping yay. Won’t be needing a reorder til Christmas, hopefully by then this madness is over.
The Formula 1 Grand Prix here in Melbourne is apparently cancelled for spectators, whether or not the race still runs is ?
Nothing will stop the spread of the Corona virus. What we need to do is reduce the rate and speed of infection so that our health systems can cope with the higher than normal need for medical support. We can’t stop the spread of any other flu or cold viruses, that’s how it is. The main thing is to slow the rate of transmission so if you are in the % that experience serious complications that there is a hospital bed and ventilator to help you recover.
As much as I’d love a bit of a bing fling, the Aussie dollar has crumbled into a heap. It makes any US purchase, with GST tax and shipping almost double ie a $500 US item will cost just about $1,000 Aust with tax and shipping. Ouch. And eBay isn’t requiring signed for delivery at this time and I’m not wanting anything nice going missing so I’m just repolishing what I have and living vicariously though Pricescope!Wow. Congratulations on the TP! That’s awesome.
I am doing my best to contribute to the bling economy while sequestered. Lol
A bling fling...
Scrolling, evaluating, dreaming, and then eventually finding something I can’t pass up is a wonderful past time.
Not to mention having something coming to the mailbox, and the conversations with the vendors have been great. People are really connecting and you get to know about their lives and how they’re handling things. It makes getting a little bling from someone even more special.
The added fees are awful. I am only looking in Europe, and then only buying small items. I hardly brought any jewelry with me, as I thought I was coming here for a short vacation.As much as I’d love a bit of a bing fling, the Aussie dollar has crumbled into a heap. It makes any US purchase, with GST tax and shipping almost double ie a $500 US item will cost just about $1,000 Aust with tax and shipping. Ouch. And eBay isn’t requiring signed for delivery at this time and I’m not wanting anything nice going missing so I’m just repolishing what I have and living vicariously though Pricescope!
Life events are changing, Rapaport relevency for the first time is being chalenged, De Beers is "canceling" their upcoming sight, global industry leadership are tagging after a handful of young diamantaires with certain guts..., yes folks, its a real earthquake at this moment in time, perhaps historical!!
I was looking at at stone and through some research on here found that it was traded in to a different vendor in December and now it’s list for over 3k more than what the person brought if for in November! Is that common??The 2 carat J VS2 CBI I just upgraded to from HPD was listed for $2,000 more like 6 weeks ago... so now seems like a very good time to buy.
Sorry, I don't understand your question.I was looking at at stone and through some research on here found that it was traded in to a different vendor in December and now it’s list for over 3k more than what the person brought if for in November! Is that common??
Gotcha! I read your post wrong. I was reading a post about a stone that a member brought in November from one vendor and then traded it in to another vendor in December and now it’s listed for 3k more than she bought it for from the first vendor. I thought you were saying that happened to you’re stone but now I see you said yours was listed for less.Sorry, I don't understand your question.
I just meant to say that the crafted by infinity Diamond I upgraded to from high performance diamonds is currently $2,000 cheaper than it was like 2 months ago. So it could be that prices ARE going down a bit for diamonds as a result of the coronavirus fallout--- at least for online sites?