Diamond prices updated multi-year lows

By Alimat Aliyeva

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

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

Smaller diamonds have also experienced a significant drop in price, falling by 27% over the past year and by 28% since the beginning of this year. One of the key factors behind the price decline is the oversupply of rough diamonds on the market. Additionally, younger generations are showing less interest in purchasing natural diamonds, preferring alternative forms of jewelry such as lab-grown diamonds or other sustainable options.

Industry experts suggest that shifting consumer preferences, particularly among millennials and Gen Z, are contributing to the decline. These younger buyers are increasingly concerned with the environmental and ethical implications of diamond mining, driving the demand for synthetic or "green" alternatives. Lab-grown diamonds, which are chemically identical to natural diamonds, have seen a surge in popularity, offering a more affordable and eco-friendly option.