Diamond prices may slump 10% in 2018 as millennials snub the precious gem

Polished diamond was one of the worst-performing commodities in 2017

Diamonds are set to slump further, according to a hedge fund whose bet on marijuana made it the world’s best performer in 2016.

Prices of the precious gem may slump as much as 10 per cent this year as it loses appeal with younger consumers and faces challenges from synthetic alternatives, said Singapore-based Ben Cleary, who co-manages the $500 million Tribeca Global Natural Resources Fund.

“Diamonds are marketed on the idea that they will forever represent a pinnacle of luxury and materialist desire,” Cleary wrote in an email. “Our concern is whether a younger generation of millennials will have the same allegiance