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How is Coronavirus impacting the jewellery and diamond trade?

diagem

Ideal_Rock
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Joined
Oct 21, 2004
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4,936
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.
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/une...ry-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!
 

Lessics

Shiny_Rock
Joined
Jan 6, 2019
Messages
333
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/une...ry-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!
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.
 

Texas Leaguer

Ideal_Rock
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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?
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.

Our local closure of 'non-essential businesses' is set to expire at midnight on April 3. If that happens we will be working overtime to fill some of those orders, and some of the orders that were in progress at the time of the closure.

One of our biggest challenges is filling orders for some of the designer brands we represent who may be closed for an extended period. Fortunately we have control of our own designs and a large in-stock inventory of diamonds, so we will be able to control our destiny better than most.
 

Mlh

Shiny_Rock
Joined
Dec 6, 2019
Messages
334
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.
 

Texas Leaguer

Ideal_Rock
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Messages
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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.
@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.
 

Mlh

Shiny_Rock
Joined
Dec 6, 2019
Messages
334
@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.
Thank you for the thoughtful response @Texas Leaguer ! Stay safe :)
 

Rockdiamond

Ideal_Rock
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Jan 7, 2009
Messages
8,187
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
 

diagem

Ideal_Rock
Trade
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Oct 21, 2004
Messages
4,936
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
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.

Thanx to a small number of young dauntless Israeli diamantaires who are currently leading the rebellion David mentioned above against the Rapaport Group of companies, historic industry pillars are being challenged and we might be witnessing history occurring.

Funnily or sadly, this small rebellion are even shaking the grounds under the feet of our global dinosaur-leaderships. I have never yet seen such a quick bandwagon jump as with this occurrence. Respectable leadership persona's from many industry associations are apparently joining the march! Hopefully we will all understand that current leadership changes are inevitable. It might also mean a changing of the guards event.

We as an industry will finally have the opportunity to rediscover the true value our diamonds, gems and jewels. Obviously some segments will get massively hit while others I believe will start to be more appreciated and thus more valuable.

And again as David mentioned, super interesting times ahead amid all the daily bad news piling up. Keep well and safe everyone and stay in as much as possible in the relevant areas (its a matter of saving lives).
 

Garry H (Cut Nut)

Super_Ideal_Rock
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Rockdiamond

Ideal_Rock
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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........
 

Garry H (Cut Nut)

Super_Ideal_Rock
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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........
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
 

diagem

Ideal_Rock
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4,936
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
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.

I am expecting a tsunami of jewelry entering back into the market once Covid-19 gets under control.
Rough diamonds on the other hand is another story all together, we need to wait and see if it will be even economic to mine in the near future after such a massive economic shock!!

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!!

Like I mentioned above, some major changes are expecting to happen, diamond prices will also change, some segments will be majorly hit while I believe some will appreciate in value. it remains to be seen...

I will not turn my back around if a very special gem lands on my desk these days as far as opportunity. But sofar nothing interesting has landed yet :geek:
 

Jimmianne

Ideal_Rock
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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.
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.
 
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Bron357

Ideal_Rock
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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.
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!
 

Jimmianne

Ideal_Rock
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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!
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.:lol:
 

OoohShiny

Ideal_Rock
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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!!
:o

Have De Beers ever cancelled a sight before??


I am a bit confused as to how Rap may be superseded - how / who will determine prices diamonds should be sold at?

Will prices be crown-sourced (from cutters and wholesalers), fed into a system, then prices averaged and communicated to everyone?

Would that create a 'feedback loop' that meant prices would always be slow to change unless/until demand changes substantially??

Or will we see a return of locally-determined retail prices? (In which case, how will vendors be able to purchase wholesale if the local market retail prices are very suppressed due to lower wages?)


Economics makes my head hurt :( lol
 

Mamajemmy

Shiny_Rock
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Feb 6, 2020
Messages
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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. ‍♂
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??
 

distracts

Ideal_Rock
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@Jimmianne is there a thread for the ring in your user pic? You limit who can see your profile so I can't go find it on my own.
 

Jimmianne

Ideal_Rock
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@Jimmianne is there a thread for the ring in your user pic? You limit who can see your profile so I can't go find it on my own.
:wavey:
Hi, distracts. I just changed the user pic. Do you mean the moonstone?
 

matt_k

Shiny_Rock
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205
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??
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?
 

Mamajemmy

Shiny_Rock
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Messages
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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?
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.
 

OoohShiny

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I don’t have a thread, but here are some add’l photos. I got it from Alimamas on Etsy and she was terrific.
743800 743798
That is cool! :))
 
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