Diamond prices, De Beers have recently seen a significant drop
Here are some key points:
De Beers has decided to stop offering lab-grown diamonds for engagement rings as the man-made alternatives continue to cannibalize demand in one of the company’s most important markets.
The price of rough diamonds, particularly those between 2 and 4 carats that can be used in bridal rings, has dropped by more than 40%.
The price cuts range from 5% to 15% in several categories for stones 0.75 carats and up, with an emphasis on 2-carat diamonds and larger.
The fall in lab-grown prices has been even steeper, and De Beers expects lab-grown prices to continue to decline as more supply comes into the market.
This drop in prices is attributed to the increasing demand for lab-grown stones, which are physically identical to natural diamonds but can be made in a matter of weeks in a microwave chamber.
These lab-grown diamonds offer a cheaper alternative without many of the environmental or social downsides sometimes attached to mined diamonds.
For more detailed information, you can check out the full news articles.
Please note that the diamond market is complex and can change rapidly. It’s always a good idea to do thorough research before making any investment decisions on diamond prices.
What is the difference between lab-grown and natural diamonds?
Lab-grown diamonds and natural diamonds are both real diamonds, but they differ in their origins and formation process:
Natural diamonds are formed deep within the Earth over billions of years under extreme heat and pressure.
They are brought to the surface by volcanic activity and are found in a type of volcanic rock formation known as kimberlite pipes.
Natural diamonds often contain trace amounts of other substances, particularly nitrogen, which gives them a yellow color, or boron, which imparts a blue color.
They usually contain inclusions, tiny bits of foreign material that were trapped in the still-forming diamond millions of years ago.
Lab-grown diamonds are created in a laboratory and often produced in just a matter of weeks.
They are created in controlled environments, replicating the conditions under which natural diamonds form.
Lab-grown diamonds possess essentially the same chemical, physical, and optical properties as natural diamonds.
They offer identical beauty and physical properties to natural, mined diamonds but come at a reduced cost.
The main difference between the two is their origin and the time needed for them to form. However, it’s important to note that lab-grown diamonds and natural diamonds are identical in appearance and it’s virtually impossible to tell them apart without specialist laboratory equipment.
When choosing between the two, consider factors like value, ethics, and personal preferences to make an informed decision.
Here’s a summary of the diamond prices changes over the last few months according to the data from PriceScope:
0.0 – 0.5 Carat diamonds: The price decreased by 1% in August 2023, increased by 1% in September 2023, and decreased by 1% in October 2023.
0.5 – 1.0 Carat diamonds: The price decreased by 7% in August 2023, 6% in September 2023, and 3% in October 2023.
1.0 – 2.0 Carat diamonds: The price decreased by 2% in August 2023, 5% in September 2023, and 4% in October 2023.
2.0 – 3.0 Carat diamonds: The price decreased by 1% in August 2023, 5% in September 2023, and 4% in October 2023.
3.0 – 4.0 Carat diamonds: The price remained stable in August 2023, but decreased by 3% in both September and October 2023.
4.0 – 99 Carat diamonds: The price remained stable in August 2023, but decreased by 3% in September 2023 and 4% in October 2023.
Please note that these are average diamond prices and actual prices may vary. For more detailed information, you can check out the full diamond price charts.
Please note that the diamond market is complex and can change rapidly. It’s always a good idea to do thorough research before making any investment decisions.
Image creditSwamibu, CC BY 2.0, via Wikimedia Commons