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Diamonds aren’t necessarily forever. At least not in Japan, where jewelry owners are unloading unwanted jewels for cash at a record pace and shipping them off to buyers in China and India.
The appeal of gem-encrusted rings and earrings that were part of the luxury fashions of the 1980s and 1990s has faded as the population ages and the economy languishes. In a country that doesn’t have any mines and was the second-largest buyer less than a decade ago, exports of used diamonds are up
77 percent this year, Ministry of Finance data show.
“I want to spend the money for traveling or dinner rather than just holding the diamond in my closet,” a 64-year-old housewife, who asked to be identified by her first name, Mitsuko, said after selling her 2-carat diamond ring at a Komehyo Co. store in Tokyo’s bustling Shinjuku district. She declined to say how much she got, except to say that it was less than what she paid 30 years ago.
As the population shrinks and the number of retirees grows, Japan is seeing the market for secondhand goods expand as people unload luxury items acquired during the boom years.
For people such as Mitsuko, cashing in means getting rid of unneeded things to lead a simpler life, a concept known as “danshari.” Others are selling inherited jewelry or practicing “shukatsu” — preparing for one’s own death, said Shuzo Takamura, executive director of the Japan Re-Jewelry Council.
China was the fastest-growing market for diamonds last year after the U.S., according to De Beers SA, the world’s top diamond seller. Japan, which was the
No. 2 buyer before the financial crisis in 2008, now ranks fourth behind the U.S, China and India.
Total Recall
Fiat Chrysler is recalling 164,000 Jeep Cherokee SUVs worldwide to install shields that stop water from getting into the power rear lift gate controls.
The company says the recall covers the 2014 and 2015 model years. It addresses a problem that could cause a fire.
Fiat Chrysler says it learned of one fire and found that water can get into the lift gate control modules on some Cherokees and cause an electrical short. No injuries have been reported.
The company says it will notify customers when they can schedule service. In addition to the shields, Fiat Chrysler will replace control modules that have been exposed to water.
Fiat Chrysler says until repairs are made, owners of Cherokees with power lift gates should check cargo areas to make sure they are dry.
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