Diamond prices are tumbling as both natural and lab-grown varieties lose their sparkle with customers worldwide

Diamonds might still be out of many people’s price range, but they’re not quite so far out of reach these days.

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 a report in the Guardian.

The news comes as diamond giant De Beers recently reported it started 2024 with a stockpile of $2 billion in diamonds and was unable to whittle that down much as the year went on. Demand has been on the decline for a number of years due to inflation, a slowdown in the luxury sector, fewer marriage proposals in a post-COVID world, and an increased interest by Generation Z in lab-grown diamonds.

Prices for diamonds peaked in 2022, according to Tenoris, which tracks diamond sale prices. Since then, 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.

Source: FORTUNE