Monday, June 10, 2024

Half of engagement ring stones sold in the US this year will be lab grown

According to this article about diamond prices plummeting this year:

Falling marriage rates as well as growing popularity for gold and lab-grown gems all drove down Chinese demand for diamonds


“There’s no doubt that there are some challenges in the diamond industry, but they’re not challenges that can’t be addressed,” said [the] co-founder of specialist diamond advisory firm Gemdax.

He noted diamonds are discretionary products and it’s a case of “creating the want” for it, as with the case for other luxury segments like high-end watches and bags. 

“The industry has not done large-scale category marketing for almost 20 years. And we’re seeing the aftermath of that”