Global diamond prices drop 35% and The wellknown diamond companies takes action!

In the past few years, diamonds have been the darling of the luxury market. Since this year, global diamond prices have fallen sharply. In response, several large diamond companies have taken a series of measures to try to ease the decline in diamond prices.

According to statistics, since 2023, the global wholesale price of polished diamonds has dropped by about 20%, while the price of uncut diamonds has dropped by about 35%. In response to this situation, the international diamond giant De Beers Group previously announced that it will continue to reduce the supply of rough diamonds in the month ending November 3, which is the ninth sales cycle.

In September this year, De Beers' main competitor ALROSA, Russia's largest diamond mining and processing company, took an unprecedented step to stop all diamond sales within two months to support prices. .

It is reported that the measures taken by these diamond industry giants have achieved short-term results, and the prices of some small diamond auctions have increased by about 10% in the past week.

During the COVID-19 epidemic, global diamond sales increased significantly, with many consumers purchasing jewelry and other luxury goods online. However, after the economy was fully liberalized, global diamond demand plummeted. According to analysts, another reason for the decline in diamond prices is that Lab grown diamonds are rapidly taking over the market share of natural diamonds. According to data from global jewelry industry analysts, the market share of Lab Grown diamonds has continued to increase since 2021. As of July this year, the market share has reached 49.9%, very close to the 50% critical point.