Diamond prices plummet

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

Prices for uncut diamonds are at their lowest level this year, according to the Zimnisky Global Rough Diamond Index. Industry analysts have attributed the decline in rough diamond sales to the economic downturn, CNN reported.

During the Covid-19 pandemic, consumers have had less opportunity to spend on food and travel, leading to money remaining for luxury purchases, according to global diamond analyst Paul Zimnisky.

As the world emerges from the pandemic, people are again eating out, traveling, and spending on "experiences" instead of on expensive goods.

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

However, the fall in rough diamond prices does not mean that diamond jewelry prices will also fall.

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

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

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