The diamond industry is experiencing a decline in demand due to various factors. Decreasing marriage rates, alongside a preference for alternatives like gold and lab-grown gems, have contributed to this trend. Additionally, as pandemic restrictions ease, consumers are allocating their spending towards travel experiences rather than diamond products. Consequently, diamond prices have dropped by 5.7% this year, plummeting more than 30% from their peak in 2022. In the U.S., the largest consumer of diamonds, the use of lab-grown stones in engagement rings is increasing rapidly, with half of stones projected to be lab-grown this year compared to just 2% in 2018. Lab-grown diamonds offer a cost-effective alternative, being up to 85% cheaper than natural diamonds.
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