Forever, Discounted

GFN – NEW YORK: Natural diamond prices have fallen more than 50% since 2022 to their lowest level on record, according to Apollo Global Management's chief economist Torsten Slok, underscoring the structural shift in luxury commodity markets as lab-grown alternatives continue to reshape consumer demand.

The decline was cited in a Daily Spark research note published by the asset manager, referencing the Bloomberg Natural Diamond Index, which tracks the wholesale market value of a standardized basket of natural diamonds in U.S. dollars.

The index launched in March 2021 with a base value representing $5,000 worth of diamonds per coin and has since fallen by more than half. The drawdown reflects sustained pressure across the natural diamond market over the past four years, a period during which lab-grown diamonds expanded their share of the global jewelry market and pushed wholesale benchmarks lower across multiple categories.

“The price of natural diamonds has fallen more than 50% since 2022, and is now at its lowest level on record,” the note said.

The trajectory follows a broader recalibration across the diamond industry. De Beers, the largest producer of rough diamonds, has restructured pricing and inventory practices over the past two years as buyer demand for natural stones softened. Anglo American, the parent company of De Beers, indicated in 2024 that it intended to separate the diamond business from its broader portfolio, a process that remains ongoing.

The Bloomberg index methodology notes that values reflect the wholesale market in aggregate and should not be interpreted as spot prices on individual stones. The development reflects broader recalibration across hard-asset categories as consumer preferences shift and underlying supply structures evolve.