这届消费者只认黄金

Core Viewpoint - The article discusses the contrasting trends in the jewelry market, highlighting the significant decline in diamond and silver prices while gold continues to rise, impacting consumer behavior and company performance in the industry [5][8][25]. Group 1: Diamond Market - The price of natural diamonds is projected to drop by 20% by December 2025, with De Beers experiencing a decline in performance since the end of the pandemic, leading to two price reductions totaling approximately 25% [5][9][11]. - De Beers, which once controlled 85% of the diamond market, now holds 63% of the global supply but has faced losses since 2023, indicating a broader crisis in the diamond industry [9][12]. - The rise of lab-grown diamonds, which accounted for 63% of global production in 2024, has further pressured natural diamond prices, prompting De Beers to cut production by 23% in an attempt to stabilize the market [11][12]. Group 2: Silver Market - The silver market, particularly brands like Pandora, has struggled due to rising raw material costs, with silver prices increasing by 163% over the past year, leading to significant cost pressures on silver jewelry brands [14][20]. - Pandora's revenue from the Chinese market has drastically decreased, and the company plans to shift towards platinum jewelry to mitigate reliance on the volatile silver market [20][24]. - The high gross margin of silver jewelry brands (around 75%) is contrasted with the low resale value, leading to a 90% depreciation rate for silver jewelry, which is not seen as an investment [14][18]. Group 3: Gold Market - Gold prices have surged, enhancing its perception as a safe investment, which has influenced consumer purchasing decisions, making gold jewelry more appealing compared to diamonds and silver [25][28]. - Companies like Lao Pu Gold and Chow Tai Fook have reported significant revenue growth, with Lao Pu Gold's performance expected to increase by 217% over 25 years, reflecting the strong demand for gold jewelry [5][26]. - The article notes that the pricing strategy of gold jewelry is closely tied to gold prices, allowing brands to maintain profitability even as gold prices fluctuate [15][28].