The article examines the significant decline in diamond prices, highlighting that natural diamonds have dropped by 26% over two years, while lab-grown diamonds fell by 74% since 2020. This depreciation defies historical trends where diamonds were viewed as valuable symbols of love and wealth. The reduction is attributed to various factors including diminished demand in key markets like China, the slowdown in marriage rates, and the rapid rise of lab-grown diamonds. Industry leaders like De Beers are struggling with excess inventory, cutting production by 20%, and the implications point toward a potential long-term shift in consumer preferences.
The decline in diamond prices, including a 26% drop in natural diamonds and 74% for lab-grown versions, signals a significant shift in consumer demand and value perception.
After an initial post-Covid boom, demand for diamonds has dwindled, exacerbated by low Chinese demand, economic gloom, and a marked preference for lab-grown alternatives.
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