Diamond prices fell during 2023 as many consumers are shying away from luxury goods following the pandemic.
According to the Zimnisky Global Rough Diamond Index, prices are the lowest compared to previous years. Industry analysts attribute this trend to declining sales at jewelry counters.
Prices have fallen because consumers are choosing services over jewelry, a trend that has been accentuated since the pandemic. People eat out, travel and spend money on experiences rather than luxury goods, according to analysts.
Buyer demand for diamond jewelry affects approximate diamond prices and, to some extent, retail prices.
