Reported about 1 year ago
According to a CNBC report, the appeal of natural diamonds has diminished in the major market of mainland China, with demand significantly falling as consumers now prefer relatively cheaper lab-grown diamonds. The price of natural diamonds is expected to further decline, potentially leading the entire industry into a crisis. Factors such as declining marriage rates in China, a preference for gold and lab-grown diamonds, and increased spending on travel experiences post-COVID-19 pandemic contribute to this trend. Global diamond giant De Beers has already adjusted diamond prices by 10% at the beginning of this year due to decreasing market share, indicating a challenging time for the diamond industry ahead.
Source: YAHOO