Diamond prices updated multi-year lows

By Alimat Aliyeva

The prices of diamonds on the world market have seen a rapiddecline, Azernews reports.

A particularly noticeable drop was recorded in the one-caratdiamond segment. By the beginning of November, their cost haddecreased by 22% compared to the previous year and by 23% since thestart of 2024, reaching the lowest level since January 2015.

Smaller diamonds have also experienced a significant drop inprice, falling by 27% over the past year and by 28% since thebeginning of this year. One of the key factors behind the pricedecline is the oversupply of rough diamonds on the market.Additionally, younger generations are showing less interest inpurchasing natural diamonds, preferring alternative forms ofjewelry such as lab-grown diamonds or other sustainableoptions.

Industry experts suggest that shifting consumer preferences,particularly among millennials and Gen Z, are contributing to thedecline. These younger buyers are increasingly concerned with theenvironmental and ethical implications of diamond mining, drivingthe demand for synthetic or "green" alternatives. Lab-growndiamonds, which are chemically identical to natural diamonds, haveseen a surge in popularity, offering a more affordable andeco-friendly option.

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