Key facts
- Natural diamond prices have fallen more than 50% since 2022.
- Prices are now at their lowest level on record.
- The Bloomberg Natural Diamond Index tracks wholesale market value.
- Lab-grown diamonds are increasing their share of the jewelry market.
- De Beers has restructured pricing and inventory practices.
Natural diamond prices have experienced a significant decline, falling by more than 50% since 2022 and reaching their lowest level on record. This trend is highlighted by Apollo Global Management's chief economist, Torsten Slok, and is detailed in a research note referencing the Bloomberg Natural Diamond Index. The index, which began in March 2021 with a base value representing $5,000 worth of diamonds per coin, has seen its value more than halve. This sustained pressure on the natural diamond market over the past four years is attributed to the expanding market share of lab-grown diamonds, which has pushed down wholesale benchmarks. In response, De Beers, a major rough diamond producer, has adjusted its pricing and inventory strategies. Anglo American, De Beers' parent company, has also indicated plans to separate the diamond business. The Bloomberg index methodology clarifies that its values represent the aggregate wholesale market and not individual stone prices. This recalibration in the diamond market mirrors broader shifts occurring in hard-asset categories due to evolving consumer preferences and supply structures.