Diamonds Lost Their Luster In 2008

When 2008 started off, the world’s mining industry was in the midst of a boom, with never before seen prices being fetched for most of the metals, and miners raking in profits. The way 2008 came to a close, it is hard to imagine that this was the scene just months earlier.
The world’s wealth suddenly plummeted with the stock market crash. Banks burned by the mortgage crisis stopped lending money, and an equity crunch spread around the globe.
This rapid change hit the diamond market hard. In the retail sector, prices dropped drastically, as demand came to a stand still. Companies were forced to sell their products at a loss and many household names went bust. The House of Taylor lost the license to its brand name and acknowledged an $11.2 million debt when it entered into a peaceful possession of collateral with New Stream Secured Capital. Friedman’s jewelers, operators of 455 stores in the U.S., went into liquidation. The company that purchased 78 of the stores, Whitehall, soon after filed Chapter 11. In an effort to save $65 million, popular American jewellery chain Zale restructured by closing 23 stores and cutting staff by 20 per cent at its headquarters. The Home shopping network’s Jewelry Television restructured by cutting more than 200 jobs, and the Jewelry Channel closed its doors just 16 months after launching, laying off 106 workers in the process. Jewellery retailers experienced a lull in sales throughout the year and came to expect a disappointing Christmas. Their expectations were met. Jewellery was, by some counts, among the worst-performing categories during the holiday season, as sales in the luxury category plummeted 34 per cent.





















Taking good care of diamonds not only maintain a long life of your jewelry but also the pleasant effect on your personality. Better is if it’s stored in individual jewelry cases or cloth pouches, but more care can go for more benefits.







