Diamond prices are down 18% from their all-time highs in February 2022, and are lower 6.5% year-to-date, according to one Global Rough Diamond Price Index.
"A slightly better-than-average-quality 1-carat natural diamond was $6,700 a year ago, today this same diamond is selling for $5,300," Paul Zimnisky, the CEO of Paul Zimnisky Diamond Analytics, told CNBC.
And when the economy started opening up again, diamond prices started moderating, and slid into a "steep decline," he added.
said 29-year-old Singaporean Jonathan Lok, who proposed to his fiancée with a 0.76 carat lab-grown diamond ring late last year.
The lab-grown diamond industry, which is energy-intensive, have also been seeing soaring energy costs taper off from its peak.
Persons:
Diamond, Yuriko Nakao, Nakao, they're, Paul Zimnisky, Leon Neal, Daga, Jonathan Lok, Edahn Golan, Monirul Bhuiyan
Organizations:
Getty, Analytics, CNBC, Consumers, Bain & Company, Afp, Bloomberg, Edahn, Edahn Golan Diamond Research &, Labor, Sanctions
Locations:
Antwerp, Belgium, Harrods, London, Paris, France, Jwaneng, Botswana