- The price of both natural and lab-grown diamonds has tumbled in the past two years, according to a report, as marriage proposals slowed and inflation increased.
Diamonds might still be out of many people’s price range, but they’re not quite so far out of reach these days.
Over the past two years, the price of natural diamonds has fallen by 26%. Lab-grown diamonds, meanwhile, are down 74% compared to their prices in 2020, according to a report in the Guardian.
The news comes as diamond giant De Beers recently reported it started 2024 with a stockpile of $2 billion in diamonds and was unable to whittle that down much as the year went on. Demand has been on the decline for a number of years due to inflation, a slowdown in the luxury sector, fewer marriage proposals in a post-COVID world, and an increased interest by Generation Z in lab-grown diamonds.
Demand in China has also ebbed.
De Beers sales in the first half of last year were down 20% compared to the year prior.
Prices for diamonds peaked in 2022, according to Tenoris, which tracks diamond sale prices. Since then, the average price of a one-carat natural diamond has fallen by more than $1,800. Lab-grown diamonds of the same size have seen average prices drop from $3,410 for a one-carat cut to $892.
Diamond sellers are pushing back against the reports, however. In a joint statement, the Diamond Dealers Club and the Diamond Manufacturers and Importers Association insisted the natural diamond market was stable and even saw some improvement last year.
“Most jewelers reported a solid year-end performance, with sales levels holding steady or improving compared to last year,” the groups said. “The undersigned trade organizations, representing thousands of professionals across the diamond industry, reject misleading narratives suggesting that natural diamond prices are broadly weakening. While isolated pricing anomalies may exist in the market, they are not indicative of overall trends.”
