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The Canadian diamond market production is expected to drop by 7.1 per cent by 2027

Canada has been one of the world’s primary exporters of diamonds for decades, but recent figures suggest the market is declining. Indeed, production in the country is expected to drop by a CAGR of 7.1 percent up to 2027.

There could be various reasons for the slowing down of this powerhouse industry. One factor could be to do with the greater prevalence of diamonds in mainstream media, perhaps making the rare stones seem less scarce than they once were. Modern ideas of luxury may also be playing a part.

Diamonds More Prevalent As Visual Representations

With the rise of the online world, it’s now much easier to find visual representations of diamonds than it is to see the real thing. The slots market is a great place to see these precious stones, with the Gem Heat slot at Betfair Casino one of the all-time greats. The reel spinner has been in the sector since 2018, and still manages to attract a lot of players.

Indeed, diamonds and other expensive minerals are a common theme for slot games. This could be because they’re associated with riches and treasure – the perfect imagery for slot developers to use. With all these visual representations of diamonds everywhere, you could argue that people feel there’s less need to buy them. After all, if they want to see the glimmering gems, they can simply play slot games.

The rise of slot games with diamond themes on the reels could suggest that modern people are more in favor of experiencing the precious stones rather than owning them themselves. Players can engage with the symbolic allure of these items, without having to fork out on them.

Shifting Customer Preferences: A Move Away from Traditional Luxury

Society could be moving away from traditional luxurious items like diamonds, as there are now countless other ways for people to show off their wealth. Diamonds have value because of their rarity, but there are tons of other things that can serve the same purpose now. For example, for people with money to spend, it may be more enjoyable to buy a supercar such as a Lamborghini. That’s something that can be used, rather than simply displayed.

There are also some ultra-modern methods for people to show off their wealth and flaunt that they can afford things that others can’t. Diamonds used to be one of the only ways to do this, but now people can buy everything from land in the metaverse to highly exclusive artwork NFTs. Indeed, the digital tokens can fetch some incredibly high prices. Some of the most expensive have been listed by NFT Evening, and they include collections such as The Merge, which sold for $91.8 million.

The Canadian diamond market could be declining because people now have so many other ways to enjoy diamonds without buying them. It could also be to do with the rise of other luxury items that people can use to show how rich they are. Being able to purchase rare NFTs is a major powerplay in the modern age.


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