Demand crisis for precious stones, the price of diamonds drops
According to the Global Rough Diamond Price Index, prices have fallen 18% from their all-time highs in February 2022 and 6.5% year on year in recent months. Market watchers anticipate that their value will continue to plummet. “A 1-carat natural diamond of slightly above-average quality cost $6,700 a year ago, and today, this same diamond sells for $5,300,” Paul Zimnisky, CEO of Paul Zimnisky Diamond Analytics, told CNBC.
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