Part 1/9:
The Decline of the Diamond Market: A Deep Dive into Changing Consumer Behavior
The diamond market is experiencing a significant downturn, reportedly in a state of crisis. Recent statistics reveal that mined diamonds have dropped 26% in price year-over-year, while lab-grown diamonds have plummeted an astonishing 74% in the last few years. This dramatic decline is surprising considering the traditional view of diamonds as an essential purchase for engagements and weddings—an acquisition often costing tens of thousands of dollars. As the market craters, many are left wondering how we arrived here and what it means for consumers and entrepreneurs alike.