Diamond Prices Crash: Lab-Grown Gems Shine as Monopoly Falters
Diamond prices are plummeting, with natural diamonds 26% cheaper and lab-grown diamonds a staggering 74% cheaper than in 2020. This decline is attributed to several factors including decreased demand in China, a weakening global economy, and the rise of ethically sourced, rapidly produced lab-grown diamonds, which now comprise 45% of the bridal market. While some consumers still prefer natural diamonds, the industry faces challenges, mirroring historical price drops following the discovery of new diamond sources. The future of diamond value hinges on whether the current marketing strategies can sustain demand in a market increasingly saturated with lab-grown alternatives.
John Q. Hosedrinker