If you’re considering selling your diamond jewellery, but can’t quite seem to let go of that old “diamonds are forever” mentality, all you need to do is look East for some inspiring financial advice from the women of Japan!
In the latest market news from Japan, diamond jewellery owners are currently opting to sell diamonds for cash, rather than storing them for a lifetime, as is so often done in the West. In these days of economic turmoil, no country has been left unscathed by economic recession in some form or another, which may also explain this emerging trend.
While Asian powerhouses like China, Korea and Japan had always aimed to emulate the tastes of the West in the ‘80s and ‘90s, the luxury appeal of diamonds seems to be taking a nose-dive, and is being replaced by the more practical aspects of modern life, and the numbers speak for themselves.
Image Credit: Japantimes.co.jp
Less than a decade ago, Japan was one of the world’s largest buyers of diamonds (unsurprising, as Japan has no mines of its own), but recent Ministry of Finance numbers show that export of used diamonds from Japan has jumped up 77% in 2015 alone!
Housewives and businesswomen all seem to agree – it is more worthwhile to sell diamonds for experiences, such as dinners and holidays, or to help out with expenses such as mortgages and rent, than it is to stuff a stone in a safe and leave it there for good.
Japan has one of the most notoriously aged populations, with fewer children being born and more and more retirees living to old age, and this partially explains the booming second-hand goods market taking over the country. The used goods market, since 2009, has expanded at around 10% annually, and people are far more comfortable today selling their goods to shops or even on the internet.
The number of approved and certified dealers who are permitted to deal in precious metals, jewellery and clothing has increased 23% over the last decade alone, with the number sitting currently somewhere around 750, 000, according to the Japanese National Police Agency.
According to De Beers SA, China is currently one of the world’s biggest buyers, driven by an ever-more urban population and a fast-growing middle class – good news for the thrifty Japanese women cashing in on their heirlooms and dust-gathering jewellery!
Main Image Credit: mineweb.com