Finance

Luxury Turmoil: Diamond Prices Crash To Pre-COVID Levels; Used Rolex Prices Hit New Six-Month Low

We requested in May Did Europe’s Luxury Bubble Just Burst? 

By June, we identified Luxury Recession: Diamond Prices Crash, Rolex Downturn Persists. 

And there have been indicators in July that Richemont, the proprietor of Cartier and Van Cleef & Arpels jewellery, reported a shock drop in income within the second quarter. As we famous then, “Faltering demand in one of its biggest markets is an ominous sign of a weakening consumer.”

Besides Richemont, LVMH faces troubles because the US luxurious market sours within the second quarter. The so-called ‘sturdy shopper’ narrative is cracking. This comes as customers have been battered by two years of detrimental actual wage development, forcing some to attract down on private financial savings whereas racking up insurmountable bank card debt to make ends meet. On prime of this, rates of interest are at 22-year highs, and the newest Senior Loan Officers Opinion Survey on Bank Lending Practices reveals even tighter financial institution lending requirements that counsel a much less favorable financial outlook for the US within the coming quarters. 

Considering all these components, it is sensible why diamond costs have collapsed to pre-Covid ranges. The newest information from the Diamond Index through International Diamond Exchange reveals the index was at 116.12 on Aug. 1, breaching the ground of 116.26 set on Mar. 24, 2020. 

Also, the secondhand luxurious watch market has but to discover a backside. 

The Bloomberg Subdial Watch Index, which tracks costs for the 50 most-traded watches by worth on the secondary market, continues to slip, breaching a six-month assist stage of round $35,762, now printing about $35,271. The index has slumped 41% since peaking round $60,600 in March 2022. 

Burberry and Prada have additionally reported weakening demand within the US market. Without stimulus checks, the luxurious items increase is not any extra. Just wait till pupil debt funds restart in underneath a month.. 

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