Diamond prices have fallen 5.7% so far this year, according to Zimnisky's rough diamond index, declining more than 30% from their all-time high in 2022.
Lab-grown diamonds, which can be up to 85% cheaper than natural diamonds, are made in a controlled environment using extreme pressure and heat.
Lab-grown diamond sales have surged from just 2% of the global diamond jewelry market in 2017 to 18.4% in 2023, according to data provided by Zimnisky.
An industry 'in trouble'"The diamond industry is in trouble," Daga told CNBC, adding that he believes natural diamond prices could fall another 15%-20% over the next 12 months.
Similar to a natural diamond, a lab-grown diamond is graded based on the 4Cs — clarity, color, cut and carat weight.
Persons:
Leon Neal, Duncan Wanblad, De, Paul Zimnisky, De Beers, Marcelo Esquivel, Ankur Daga, Daga, Anish Aggarwal, Lionel Bonaventure
Organizations:
Afp, Getty, De, BHP, Financial Times, De Beers, CNBC, Daxue Consulting, Bloomberg, Zimnisky
Locations:
Harrods, London, De Beers, American, China, U.S