The race for synthetic diamonds continues, but…

He continues to increase the sale of synthetic diamonds, while the sale of natural stones continues to decrease. The most desired gem market indicates that diamond prices fell in June, due to decreased sales and increased inventories. This is also demonstrated by the number of diamonds available on the main online marketplace, RapNet, where the available stones increased by 6% between April and July (1.67 million). Not only. Sales of rough diamonds by a big player in the sector, De Beers, in the first six months of the year decreased by 20% compared to the corresponding period in 2023, to 1.95 billion dollars. And Rapaport, a specialist analytics firm, predicts De Beers’ revenues will continue to decline in 2024 due to competition from synthetics.

In addition to competition from synthetic diamonds, the market also fell due to weak demand. In China, for example, consumers prefer to buy gold as a safe haven asset. Jewelers have stocks of gems to clear and this has contributed to the drop in the price of diamonds. Rapaport’s forecasts, in any case, indicate that in the United States, in 2024, synthetic diamonds will represent over 50% of purchases for engagement rings. This does not mean, however, that the race is destined to last. The continuous decline in the prices of laboratory diamonds could also trigger a downgrading of this type of stone, which would become unsuitable for use in symbolic jewelery such as engagement or wedding rings.