It’s a Great Time to Buy a Diamond, But Fewer People Want One

In the diamond industry, even the crooks are old-fashioned.

The ringleaders jailed for a $20 million jewelry heist in London last year were in their sixties and seventies, so it’s no surprise they’d go after the gems. They’re old enough to remember when advertisers said diamonds were forever and Marilyn Monroe sang that they were a girl’s best friend.

Not anymore. Diamonds are losing their allure for many consumers more interested in spending money on vacations, fancy handbags and high-tech gadgets. Mine owners like De Beers — who helped dream up those successful marketing campaigns in years past — have been unable to prevent prices from dropping below where they were a decade ago, a sign the industry is failing to maintain the cachet of its brand. Read More…