Price of diamond increased 60% in a day?!?!?

[Scooba116]

yesterday morning, I added a $14,000 diamond to my cart at JA. I just logged back on and the price is $22,000. JA said the price can increase based on demand. Sure, but 60% in less than 24 hours??? Yes, according to them. What is going on here?!?! I am devastated.

 

[diagem]

Unfortunately the price of diamonds in their raw materials have been quite volatile for some times..., (a few PS posts on this subject in resulting polished). This volatility is further being fueled by recent developments such as inflation, interest rates and now of course the whole Russia~Ukraine ordeal! These and other affairs have put a new reality on world economics in general but for the diamond industry it seems like the whole boat is rocking, hard.

I am surprised at JA for not being able have recognized what was coming over quite a long time to soften their price change structures along the times...

Unfortunately due to the nature of this industry being quite old-school, extreme changes results in extreme consequences.

I am inclined to say..., IMO, things will eventually find their medium but for now..., it looks like prices will continue their climb.

 

[Scooba116]

Unfortunately the price of diamonds in their raw materials have been quite volatile for some times..., (a few PS posts on this subject in resulting polished). This volatility is further being fueled by recent developments such as inflation, interest rates and now of course the whole Russia~Ukraine ordeal! These and other affairs have put a new reality on world economics in general but for the diamond industry it seems like the whole boat is rocking, hard.

I am surprised at JA for not being able have recognized what was coming over quite a long time to soften their price change structures along the times...

Unfortunately due to the nature of this industry being quite old-school, extreme changes results in extreme consequences.

I am inclined to say..., IMO, things will eventually find their medium but for now..., it looks like prices will continue their climb.

But why wouldn't all the similar diamonds have increased 60% in the last 2 hours (I just realized I search it 2 hours ago and it was the lower price). Why would this be the only diamond to increase? Also, it's a lab diamond.

 

[tyty333]

Could it have been mispriced in the first place? Just a thought...

Edit...I was just looking around JA lab stones like 3 carats plus. It is weird because there seems to be such a wide range of
prices for similar* stones.

 

[Karl_K]

60% in a day is either a pricing mistake on one price or the other or someone smoking crack in my opinion.

 

[kenny]

60% in a day is either a pricing mistake on one price or the other or someone smoking crack in my opinion.

Karl, shame on you!
You're alarming diamond shoppers.

Here on Pricescope crack is called feathers.

 

[Texas Leaguer]

But why wouldn't all the similar diamonds have increased 60% in the last 2 hours (I just realized I search it 2 hours ago and it was the lower price). Why would this be the only diamond to increase? Also, it's a lab diamond.

Sellers of virtual inventory are completely at the mercy of the data feed they receive from the actual owners of the diamonds. Errors in the data including pricing can happen overnight, or get corrected overnight. A correction that extreme is most likely due to a pricing mistake/correction on the part of the owner of the diamond and reflected on the merchant website.

 

[Karl_K]

Karl, shame on you!
You're alarming diamond shoppers.

Here on Pricescope crack is called feathers.

oh so sorry, you are so right.
smoking feathers.

 

[Scooba116]

Sellers of virtual inventory are completely at the mercy of the data feed they receive from the actual owners of the diamonds. Errors in the data including pricing can happen overnight, or get corrected overnight. A correction that extreme is most likely due to a pricing mistake/correction on the part of the owner of the diamond and reflected on the merchant website.

I could see that, but I can’t find this dismond anywhere else. shouldn’t it be available elsewhere if it’s virtual inventory?

 

[musicloveranthony]

Price gouging. Skip it and find a different one

 

[Texas Leaguer]

I could see that, but I can’t find this dismond anywhere else. shouldn’t it be available elsewhere if it’s virtual inventory?

Not always. It generally requires permissions in order for a merchant to download the inventory from the vendor and upload it to their site. Some vendors allow anyone to list the stones, while some are very selective. Most fall somewhere in between.

 

[yssie]

oh so sorry, you are so right.
smoking feathers.