Diamond prices much higher.

If you happen to be fortunate enough to be able to shop for diamond jewelry this year, be ready to pay a lot more for it.

Diamond prices declined in previous years because of the weak economy, but in the last year or so prices climbed and jewelers tell me it is because of strong demand for diamonds from China and India.

One jeweler in the International Jewelry Center in downtown Los Angeles told me the wholesale prices he is paying for diamonds have been the highest he has ever seen in about 25 years.

Add to the price of the diamond stones the higher costs of gold and platinum for the finished jewelry pieces.