Natural diamonds have lost more than half of their value over the past five years. On average, a 1-carat stone now goes for $3,898, or 51% less than its average price of $8,007 in 2021, data from diamond trading platform Rapaport Group shows. The Diamond Standard Index, which tracks prices of so-called investment-grade diamonds, hit 2,490 in early August — its lowest level ever. This week, it was hovering just north of 2,500. Several drivers are conspiring against diamonds, including a glut of mined stones that has hit the market over the past few years. And while attempts to clear out that oversupply are underway, another trend is compounding the issue: a rise in lab-grown diamonds.
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