Diamond Prices Dip 3-4% in 2024, Industry Sees Slower Decline
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In 2024, diamond prices dipped by approximately 3-4%, as the industry contended with oversupply and evolving consumer preferences. The reduction in demand for both rough and polished diamonds, compounded by high inflation and economic fears, led to downward price pressure, despite an otherwise optimistic growth trajectory for the global market, projected to reach $41.49 billion by the close of 2024. The rise of lab-grown diamonds and a shift towards personalized jewelry reflective of individual style are notable trends influencing this decline. Emerging innovations and the strategic adaptation of market players…
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