Diamond prices plummet.

A diamond jewelry store in New York City (New York State, USA)

According to the Zimnisky Global Rough Diamond Index, the price of uncut diamonds is at its lowest level this year. CNN quoted industry analysts as saying that the decline in rough diamond sales is due to the economic downturn.

During the Covid-19 pandemic, consumers had fewer opportunities to spend on food and travel, leaving them with money for luxury purchases, according to global diamond analyst Paul Zimnisky.

As the world returns to normal after the pandemic, people are once again enjoying dining out, traveling, and spending on "experiences" rather than expensive goods as before.

The sharp drop in rough diamond prices follows two years of record-breaking sales. In 2021 and 2020, demand for natural diamond jewelry reached unprecedented levels, before entering a downturn in 2023.

However, a drop in rough diamond prices does not necessarily mean a drop in diamond jewelry prices.

Retailers do not adjust in-store prices based on short-term developments in the rough diamond market.

Independent diamond analyst Edahn Golan says that a 1-carat round diamond in boutiques is now fetching an average price that is 3% higher than it was in January 2020.

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