The Diamond Industry Faces a Slump in Prices Due to Slow Consumer Demand

The Diamond Industry Faces a Slump in Prices Due to Slow Consumer Demand

Business

At De Beers’ recent sale, diamond buyers were given the option to buy nothing due to the decline in diamond prices caused by slowing consumer demand. Similar actions have been taken across the diamond industry, including cancellations of sales and imports. The decline in diamond prices has also impacted the luxury space as a whole. Measures have been taken to stabilize the industry, but there are concerns about long-term demand due to structural issues and changing consumer preferences.

Existing-Home Sales Decreased to 3.96 million SAAR in September

Existing-Home Sales Decreased to 3.96 million SAAR in September

Business

Existing-home sales in September decreased by 2.0% compared to August, with a year-over-year drop of 15.4%. Sales rose in the Northeast but receded in the Midwest, South, and West. The total housing inventory at the end of September was 1.13 million units, showing a 2.7% increase from August but an 8.1% decrease from one year ago. Unsold inventory stood at a 3.4-month supply, up from 3.3 months in August. Overall, existing home sales and inventory experienced a decline compared to previous years.