Diamond prices fell by 3.12% in July, following declines of 2% in June and 1.02% in May, according to the IDEX Price Index, reported by IDEX Online. This is the sharpest price drop so far in 2024.
According to the report, diamond prices have been on a downward trend since April 2022, with the exception of a sudden increase in December 2023 and a slight rise in January 2024. Annually, diamond prices fell by 13.8% in July, marking the 20th consecutive month of decline. The sharpest decreases, at a rate of 15.1%, were recorded for diamonds weighing 1 carat and 1.5 carats. Diamonds weighing 5 carats also fell by 5.6%, according to the report.
There are various reasons for the decline in diamond prices, including the weakening global economy, weak consumer demand, slow economic recovery in China, sanctions on Russia, the strengthening of lab-grown diamonds, and general market uncertainty. Additionally, the summer vacation period is traditionally considered a weak sales season for traders and retailers, as reported.
