How is Coronavirus impacting the jewellery and diamond trade?

[Sunstorm]

Everything will take a big hit, the question is how much and when it will end. Travel and tourism are already hit badly and this will really affect economies. Not that they would not be otherwise affected. Plus everyone is already cancelling for like the rest of the year. On the upside travel will be cheap. That could be an upside if we could travel.

Retail will be hit very badly. The only sectors doing above normal are the basic necessities such as groceries and of course pharmaceuticals.

Obviously diamonds and jewelry are luxuries that could be very badly affected. Engagements and weddings are certainly getting cancelled. Not feeling it here yet but there is a lot less panic mentality here than in the US or some other Countries.

I am intentionally not stopping what my passion is. I have projects started last week and bought new emeralds for myself. But it is possible I will have to stop and just hang out here and enjoy what I have. I would hate for our joy to be ruined though. Imagine if no one is buying all we will have here will be corona threads? I hope we remain positive and full of hope and despite thinking rationally and knowing this could affect a lot of us, not have a panic mentality.

Whatever is meant to happen will happen anyhow. That said I am going to self quarantine at least partially but many things we cannot avoid. We have a family member scheduled for brain surgery. We have sick cats. A lot of things going on in addition to corona. We are also autoimmune and not just a little bit. I am glad I refused biological therapy as I would be immune compromised now. Hopefully we will not need steroids. But like I said, I am not scared. I am just thinking responsibly.

 

[Mlh]

I am thinking lab grown purchases increase over mined due to lower prices. Just a thought.

 

[partgypsy]

I have a diamond ring that I would like to sell (and then use money to pay bills, and maybe get a less expensive colored stone piece), but given the current situation I doubt I could sell it.
So, not doing anything. And unless I sell this piece I am on a gem/jewelry moratorium for the foreseeable future. I had a bunch of big bills the past few years, and in 2021 my oldest will be starting college! Happy news but also means no funds for anything other than necessities.

 

[diamondseeker2006]

The news media is more responsible for the stock market issues than the coronavirus. They tend to sensationalize everything that comes along. Remember the disastrous Zika virus that was supposed to be a huge epidemic? Yeah, it never happened because those birth defects were localized and had another cause.

I have every confidence that the market will come back after this virus starts declining. But in the meanwhile, I am certainly not selling low to buy luxury goods.

 

[Phoenix]

Well, all 3 US stock indices were down by 7% each shortly after the opening bell, caused not only by fears about the coronavirus but also by OPEC members engaging in price wars. Circuit breakers were triggered (and trading halted for 15 mins) to stop stock prices from falling through the floor. I freaked out a bit at first, then resumed to buy more stocks.

My point is: in these times, don't sell, buy if you can/want to (but I myself am not buying any bling/ luxuries atm).

 

[diamondseeker2006]

I should clarify my previous statement by saying that the coronavirus is actually a real virus that is spreading, unlike Zika. However, I am reading plenty of medical opinions that the danger is being exaggerated by the media.

@Phoenix Definitely a good time to be buying stocks!

 

[Sunstorm]

Or... we do not know how bad it can potentially be. This is also possible. We do know from cats how terrible it can mutate and there is news it has already started. Coronavirus has also never managed in the past to infect this many people. 16 million under quarantine in Italy is certainly bad enough to me.

There are small problems like eating; me and many of my friends are ordering out pretty much every day, we should stop like about now.

Yes, it could possibly be less bad or much worse. We cannot predict it which is why they are rightfully taking it seriously.

Sensationalism is pretty bad. News about tp, like are they kidding us, and why tp on earth? You cannot eat tp. It is just a hoard mentality getting out of hand. Where I live it is sugar and flour.

I would Hold off on buying stock... they will fall further. This situation has only begun.

 

[anon34985]

Someone correct me if I'm wrong, but I have never seen this before, so perhaps, yes? (the price slashing)

 

[distracts]

Hearing how your love of bling overcame your concerns made me smile! I've had some of the same thoughts about needing to save money just in case we are effected financially.

I bought some bargain super-ideal cut diamond earrings on ebay just before it all kicked off, with a plan to break them up and reset the diamonds. The plan involves further expense, and the earrings are still in their return period - I am seriously considering whether I should return them.

If they were instantly wearable I know that I wouldnt want to return them, the diamonds are amazing and the price was really good. But because theres more expense and "work" involved before they will be as I want them, it doesnt feel like a top priority right now.

I'm always cautious when it comes to warning signs in the economy, as I like to have plenty of emergency funds set aside if the worst happens. In truth I have been about the return the earrings every day last week, but at the last minute I look at them again and say to me myself: "argh, but the diamonds are soooo nice", maybe I will think on it some more.....

Yeah - if we did NOT have sufficient amounts saved I would have not spent any money, because jewelry IS a luxury good. Spending money if I don't have a safety net makes me too anxious to do it.

With the stock market, I am not really worried about myself/my husband because we are decades from retirement, but my parents are retired so I worry about that - they should be fine but you never know.

 

[SandyK]

I'm also seeing price decreases on the searches I've been running for square ECs for studs, example below...makes me wonder if I should hold off for a little bit?

 

[diamondhoarder]

Now that the WHOLE of Italy has just been put into lockdown, I have a feeling that economic (as well as health) panic is likely to accelerate. Its unprecedented. Its hard to imagine - an entire country is now a red zone, and normal life there is being suspended.

 

[Diamond_Hawk]

Aside from the economic factors it becomes a 'priorities' issue.

When disposable income is available and there is extra margin in life (time, money, fun) - thoughts naturally turn to hobbies, travel and material possessions (like jewelry). As people start thinking more and more about mere survival and avoidance, there is less attention (and, thus less money) given to the non-essential parts of life (though many PSers will claim jewelry to be an essential part of living )


All of these industries will be hurting to a greater or lesser degree for the time being, but will bounce back as time progresses I suspect.

 

[gregchang35]

the AUD is not doing well. The stocks took a beating so that means that i cant go on a bling spree!!!

 

[Daisys and Diamonds]

im enjoying cheaper petrol

 

[Texas Leaguer]

The news out of China seems to be encouraging. The infection rate at the epicenter of the outbreak has slowed to a trickle.

However, Chinese authorities took drastic measures to contain the spread. It remains to be seen if other countries can replicate those successes.

There will clearly be massive disruption to the global economy in the short run. We all need to do our part to mitigate the spread. In the long run, we will get through this.

 

[Inked]

It was so gorgeous out I walked down 47th in NYC to look in the windows as I often do, and it was less crowded over all. No one was harassing me with "What are you looking for?? (they dont wait for an answer) We have it!"... LOL.

I am looking for 2 specific pieces but havent noticed anything I want being cheaper yet.

 

[diamondhoarder]

We were thinking about the potential implications of this crisis on my husbands business, and the knock-on effects on our finances last night. It helped me to make my mind up about the super ideal diamond earrings I ordered which were still in their return period. I would rather have the cash in the bank than new bling right now, I reluctantly sent them back today.....

 

[MamaBee]

We were thinking about the potential implications of this crisis on my husbands business, and the knock-on effects on our finances last night. It helped me to make my mind up about the super ideal diamond earrings I ordered which were still in their return period. I would rather have the cash in the bank than new bling right now, I reluctantly sent them back today.....

I just posted that I wanted to see your earrings @diamondhoarder! Waaaah!

 

[diamondhoarder]

I just posted that I wanted to see your earrings @diamondhoarder! Waaaah!

I can't bear to post pics because it will only make me feel more sad that I returned them

 

[MamaBee]

I can't bear to post pics because it will only make me feel more sad that I returned them

 

[partgypsy]

" should clarify my previous statement by saying that the coronavirus is actually a real virus that is spreading, unlike Zika."
Diamondseeker I don't know what you are reading, but yes, Zika is a virus. It is highly communicable, via mosquitos. If a pregnant woman gets Zika it can cause birth defects in the baby, The birth defects were due to the virus, NOT "due to another cause". While it is not a pandemic (it is spread differently than the cold or the flu) in 2015 over 50 countries had active cases. https://en.wikipedia.org/wiki/Zika_virus

 

[diamondseeker2006]

" should clarify my previous statement by saying that the coronavirus is actually a real virus that is spreading, unlike Zika."
Diamondseeker I don't know what you are reading, but yes, Zika is a virus. It is highly communicable, via mosquitos. If a pregnant woman gets Zika it can cause birth defects in the baby, The birth defects were due to the virus, NOT "due to another cause". While it is not a pandemic (it is spread differently than the cold or the flu) in 2015 over 50 countries had active cases. https://en.wikipedia.org/wiki/Zika_virus

It hasn't been proven the last I read, and there are many possible causes of the birth defects in that region. My point was there was sensationalism on the zika virus spreading to other locations/countries and causing birth defects (sorry if that was unclear in my previous post). Rush to make a vaccine. The epidemic didn't happen. Not to get off on a rabbit trail, but here are a couple of articles so you can see I didn't make it up.

A Review of the Evidence Linking Zika Virus to the Developmental Abnormalities that Lead to Microcephaly in View of Recent Cases of Birth Defects in Africa | Insight Medical Publishing

A Review of the Evidence Linking Zika Virus to the Developmental Abnormalities that Lead to Microcephaly in View of Recent Cases of Birth Defects in Africa

molecular-pathological-epidemiology.imedpub.com

:


"In a review of literature, Icheku and Icheku (2016) found no conclusive evidence that Zika virus infection caused any of the abnormalities found in the babies with microcephaly. The study could also not find any conclusive scientific evidence of the full spectrum of outcomes that might be associated with Zika virus infection during pregnancy or the factors that might increase risk of the disease infection to the fetus [1]. However, a subsequent systematic review panel on Zika virus infection and neurological disorders found epidemiological studies, which suggested a marked increase in the risk of brain abnormalities in fetuses and new-borns when a woman acquires Zika virus infection during pregnancy [20].

CDC recently reported that the causes of microcephaly in babies are mostly inconclusive. Some babies have microcephaly because of other abnormalities. Other causes of microcephaly, including severe microcephaly, can include exposures during pregnancy to certain infections such a s rubella, toxoplasmosis or cytomegalovirus; also to lack of nutrients or not getting enough food, exposure to harmful substances, such as alcohol, certain drugs, or toxic chemicals, and interruption of the blood supply to the baby’s brain during development. Finally, this calls for large-scale studies to produce conclusive evidence of other causes of abnormalities in babies born to mothers infected with Zika virus during pregnancy."

another:

No proof Zika causes microcephaly, UW-Madison study says

The Centers for Disease Control and Prevention and the World Health Organization declared in April 2016 that the Zika virus caused microcephaly.

madison.com

Maybe there are newer studies. But at the time of the incident, claims were being made that were definitely not proven.

 

[partgypsy]

Hmm. I'm not sure where you get your news from, but the concern was for pregnant, or possibly pregnant woman traveling to areas affected by the ZIka virus. I don't recall any hysteria of it causing a pandemic or spreading from person to person, because that's not how it spreads. I do acknowledge there was some uncertainty about Zika but here in 2020, you look at the CDC website it states Zika causes serious birth defects. Apparently some strains were not harmful in pregnancy, but there was at least 1 strain that was particularly harmful in pregnancy. It is also true that other factors may contribute to the risk. But it is incorrect to say other causes caused the birth defects, or it was not related to the Zika infection.
https://www.cdc.gov/zika/healtheffects/index.html

Why Zika virus caused most harmful brain damage to Brazilian newborns

Researchers have found that the strain of Zika that circulated in Brazil during the microcephaly epidemic that began in 2015 was particularly damaging to the developing brain.

www.sciencedaily.com

 

[PreRaphaelite]

Do you think as people become accustomed to greatly increased hand-washing, that they will wear rings less often (for a little while) and instead focus more on enjoying (and buying/ordering/repairing) earrings, necklaces, and the like?

I have been feeling that way and I'm wondering if it's just me?

 

[chele162]

Do you think as people become accustomed to greatly increased hand-washing, that they will wear rings less often (for a little while) and instead focus more on enjoying (and buying/ordering/repairing) earrings, necklaces, and the like?

I have been feeling that way and I'm wondering if it's just me?

I know that I'm wearing my RHR a lot less now. I'm single so I don't have an ER or WB so I don't know what I would do then. I just know that I hate getting my ring hit with so much soap and hand sanitizer, that I'm just not wearing it much. My necklaces and earrings are still good though.

 

[MakingTheGrade]

All I know if if this impacts me being able to get my order from JA in a timely fashion I’m gonna be extra cranky lol.

 

[AprilBaby]

My rings are off because I can’t stand the soap and sanitizer getting all over them. My hands are also super dry and lotion cruds up the rings.

 

[PreRaphaelite]

Might we see more rings for sale on eBay soon, because those are the first things we give up on and decide to let go of?

 

[AprilBaby]

No way my jewelry is being sold at a loss. My stocks are bad enough. My diamonds keep me warm at night.

 

[MakingTheGrade]

Might we see more rings for sale on eBay soon, because those are the first things we give up on and decide to let go of?

Maybe but maybe not of the quality many PSers would be interested in. People with very high end diamonds and bling probably also have a safety net fund to cover them for unexpected circumstances. At least I’d hope so lol. I don’t spend a lot in bling without at least 6 months expenses saved in liquid assets.