Both natural and LGD prices tumble as they lose their sparkle worldwide

The price of both natural and lab-grown diamonds has tumbled in the past two years, as marriage proposals slowed and inflation increased worldwide.  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 reports.

De Beers too reported it started 2024 with a stockpile of $2 billion in diamonds and was unable to reduce it as demand declined for a number of years, 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 as De Beers sales in the first half of last year were down 20% compared to the year prior. Prices for diamonds peaked in 2022, but 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.

However, 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.