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Diamonds lose their sparkle as prices come crashing down Lab-grown rocks and fewer weddings have put a huge dampener on the market
Lab-grown rocks and fewer weddings have put a huge damper on the market. On the bright side, a big dazzler is now affordable for many
“After Covid, there was a burst in demand for diamonds,” he said – part of the “revenge spending” that led to the post-pandemic boom in luxuries and rescheduled weddings. Lower demand in China, the gloom hanging over the global economy and fewer marriages are big factors, but the biggest change is the emergence of lab-grown diamonds, created in plasma reactors. Customers are still spending big, Willis said, budgeting between £5,000 to £8,000 for a ring, nearly double what they spent 10 years ago, and many continue to choose natural diamonds.
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