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China Contagion: Diamonds & Wine Plunge To 4-Year Lows
As classic Ferraris break records on the shores at Pebble Beach, the "poor" rich-man's (and girl's) best friend (fine-wine and diamonds) has tumbled to 4-year lows. On the heels of a crackdown on corruption in China, as Bloomberg notes, Fine Wine prices have plunged over 30% from July 2011 highs and the end of the "show-off" era in Xi's new normal has sent 1 carat dimaond prices also down over 30% from their highs. It would appear the world's wealthiest are done with such small increments of wealth as fine wines and diamonds, preferring $100 million apartments and $38 million ferraris.
As Bloomberg concludes,
Wang said China’s wealthy are being less ostentatious not only in their choice of ornaments. Bans or limits on official banquets and gift-giving have forced premium wine brands to “re-adjust their positioning and present more middle-end products with lower prices,” he said.
China last year passed France as the largest consumer of red wine, Les Echos reported in January. Under Xi’s anti-corruption campaign, the Central Commission for Discipline Inspection can detain indefinitely and investigate any of China’s roughly 87 million Communist Party members.
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Um.. BTFD?
Diamonds and wine and ... GOLD? Oh my!
Haven't the Chinese been big buyers of gold till recently?
You mean buyers of Tungsten.
and the end of the "show-off" era in Xi's new normal has sent 1 carat dimaond prices also down over 30% from their highs.
Pah! 30%? You want some excitement, try silver.
You want some excitement, try Bitcoin.
Give it up... it's over.
Nah. Consolidation. Still fantastic for giving yourself 0% loans, money laundering, and speculation. You cra(yola) cra(yola) bro.
So 30% for corruption campaign - how much does it go south if we start putting bullets in their fuckin heads ?
I want dead! --- we need to set a standard for the bottom- Lets roll some heads and call in ISIS
If we are to see heads rolling I insist we build one of these...
https://www.youtube.com/watch?v=lfsMMVgIToA&feature=youtube_gdata_player
Now, should we crowd fund it via ZH, or roll it into a sexy IPO and let its' victims fund it? Please advise.
The bars they are buying are new recasts, The tungsten is in Fort Knox.
Still siting on 3 Trillion is reserves, this is a game to lower goid again
A $38 million dollar Ferrari? And no photo? Damn!
Um... define "1 Carat diamond", per the 4Cs: Carat, Cut, Color, Clarity scales.
Are we talking Investment Grade or Engagement Grade? Big difference.
Blow Job grade is the lowest. You can get quite a few hummers, hand jobs and bun runners out of a shitty rock.
Crack rock or diamond?
Better China contagion than Ebola contagion.
http://www.mirror.co.uk/news/world-news/inside-ebola-hell-mirrorman-witn...
Outer Party meet Room 101.
The Chinese have a leg up on Americans though, only Communist Party members can be detained indefinitely... in America, anyone can.
America! Fuck Yea!
Exception: Politician or connected Banker.
Central Commission for Discipline Inspection: coming soon to a US state near you.
Nothing to see here, China's fake economic "statistics" factory knows all.
As long as Rihanna can get her drink in a timely manner, all is well:
http://tinyurl.com/nzz75nc
I am not clicking your tinyurl RickRoll if that's what you were thinking.
It links to some Rhianna article:
http://mediaequalizer.com/brian-maloney/2014/08/breaking-news-rihanna-sp...
I hope I have some cash after the next big calamity. Burgundy at pennies on the dollar.....er, forget the dollar, grams on the ounce
Thank goodness. Pre Hu Jintao u cud buy a decent $20-40 bottle of wine. Those days are over. I say if you dont produce your own you shall not be permitted to bid against those who do. that shd do it.
Cubic Zirconia and Mad Dog 20/20 will train wreck your business model
Post SHTF event, that will go a long way to making most women happy. Hell a can of soup and some crackers may be all you need to have a great night?
I've personally seen no decrease in my beer prices.
Exactly:
Beer going up: World in turmoil and about to collapse.
Beer going down: World peace and harmony.
Grabbed a bottle of Jameson's and a 12 pack of beer the other day - topped $40 for the first time - prices up a bit in the last year but liquor taxes up even more!
Your suppose to be purchasing water after you get through the TSA pat down. No more BYOB, vendor sales were slumping.
UKRANIAN hookers at 1G per night are so, so 90s, dontcha know
Wine and diamonds down 30% since 2011. Sounds a bit like gold. But at least there is a fundamental reason for the first two.
Gold fundamentals are a tiny boat on a stormy sea of paper until the big reveal happens and we see who has all the physical.
What's the fundamental reason? If you want to smuggle wealth into/outof a country, Diamonds are even better than gold.
They're a hassle to appraise though, and if you want a market that is cornered by a family of crooked oligarchs, diamonds are your best friend.
Every wise party member now knows that obscenely expensive bottles of Bulgarian wine like girlfriends adorned with faux diamonds are no longer wise accoutrements for public display at party functions.
It is also no longer a good idea to wear ten watches at the same time.
However, I hear shirts made of solid gold are all the rage these days.
WB7. Great point. I stopped wearing my Rolex watch during the 2008 fiasco. Trained myself to use the phone for time. The poorer you look, the better you blend in. Winks
Using old school tactics will get us thru this rut.
I like that you mentioned Bulgarian in your post. I'm feeling patriotic!
Amish Hacker, I gave you an up vote for two reasons, 1) screen name 2) comment.
Wow! The Chinese having to lay off the bling and over-priced plonk?! And this is supposed to be a harbinger of global economic meltdown? Do the bankers look that worried? Not to me they don't. They're all on holiday. Stockmarket crash? No problem........in the new normal crank up the algo's, there's your corrected "correction," now quickly becoming, the norm'.
Taking 10+ years to transfer wealth to The Fed et al is just the worst. Even vampires would admit taking that long to suck the life out of their victims was the worst kind of cruelty.
Diamonds. Funny shit. Why anyone supports DeBeers and their scam is totally beyond me.
We can make that shit in a lab.
But hey, go for it.
Diamonds are overpriced but you cannot make diamonds in a lab.
huh?
http://www.brilliantearth.com/lab-created-diamonds/
Yup near as I can tell there is a race on between the diamond manufacturing industry in certain Asian nations and the detection devices frantically being deployed by the old line diamond processing industry - mostly in India near as I can tell. My guess is that it is only a matter of time before the CVD diamond process (google it) can be tweaked such that the manufactured diamonds, with injected impurities / crystal structure defects, are indistinguishable from "home grown". Then it is pretty much game over...
Have the Chinese actually created any prestigious brands?
They seem to consume everything from the West. Even if their slaves end up fabricating it these days, everything for which they clamor is Western in origin.
Ming dynasty vases are worth a few bucks.
Cha-Ching dynasties even moreso.
Everything is "made in China" now. We just make the raw materials and energy in the West.
Boeings and rockets seem to be about the only exceptions.
Here's hoping for twenty million barrels a day...
theonewhowaskazu: What's the fundamental reason? If you want to smuggle wealth into/outof a country, Diamonds are even better than gold.
ummmmm, we can manufacture diamonds......
Gold? Not yet.
See them into your hottie's dress. Make sure she's not wearing any underwear....should cruise through customs no problem.
We can't manufacture diamonds, period.
A Jewish friend of mine in his 50s, who got divorced last year, finally went out on a date with a Jewish girl -- after he'd dated some non-Jewish (secular Christian) girls.
He told me that he "...took her out for Wine & Cheese (and hoped for sex), but got Whine & Cheese" (yeast infection) instead. ;-) ;-)
Do you know what a Jewish American Princess favourite wine is?
"I want to go to Florida!!"
Know the difference between Mexican girls and Jewish girls??
Mexican girls have fake jewelry and real orgasms!!
My friend is a real estate agent in NJ, he just listed a house for a Chinese couple moving out of state, another Chinese man bought the house for cash, 850K, now he bought the house cash, but with borrowed money from a Chinese bank, encouraged by the Chinese government. This is going on all over NJ.
I saw that movie.
It's the sequel to "The Invasion of the Body Snatchers"
"The Invasion of the Real Estate Snatchers. Much scarier.
whether or not these are really green shoots waits to be seen. in the mean time could someone please tell me the 4 Cs of the diamond price in questions and whether this is wholesale or retail?
How low is gold going to plunge in the wee hours?
diamonds about as useful as bitcons.
at least you can drink that pisswater wine before you hang yourself.
booyah