Diamond prices are down 18% from their all-time highs in February 2022, and are lower 6.5% year-to-date, according to one Global Rough Diamond Price Index.And market watchers predict their value will dive further.
Diamonds, alongside other jewelry, saw elevated prices during the Covid-19 pandemic which culminated in a peak early last year.
When the economy started opening up again, diamond prices started moderating, and slid into a “steep decline.
Continued competition from man-made diamonds, a slower Chinese economic recovery and an uncertain macroeconomic backdrop are also drivers of a lacklustre market, according to industry experts.
There is room for continued price declines, and that is a very likely scenario, especially since retailer margins for lab grown diamonds are especially high, around 60% compared with 34% for natural diamonds.
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