Diamonds that once symbolized eternal love are experiencing the worst price collapse in modern history. De beers, the global diamond giant, once again announced a reduction in the price of some diamonds, which was less than 1 per cent
" ten years ago, the diamond ring, purchased at a cost of $18,000, now sells only $180. "shows like this are happening in many parts of the country. In january 2026, de beers, the world's largest diamond producer, again announced a downward adjustment in the price of diamonds, which was the third consecutive year for the giant。
Since its peak in 2022, the diamond industry is experiencing the worst and longest-lasting crisis in modern history, influenced by, among other things, the cooling down of luxury consumption and the emergence of nurturing diamonds。
01 price collapse, from myth to the cruel reality of jokes
The extent of the collapse of the diamond market is alarming. Anhui, a woman who had spent $18,000 a decade on a diamond ring, now had a recovery price of only $180 and a devaluation of 99 per cent. This is not an isolated case — ms. Chengdu li's $100,000 purchase of a carat diamond ring is now valued at a maximum of $30,000。
At the first auction in january 2026, de beers significantly reduced the price of over 0. 75 carats, with a projected reduction of between 10 and 15 per cent. This was their third consecutive year of decline, following a 40 per cent reduction in mainstream product prices in de beers in september 2023。
Market data are even more alarming: in 2025, the price of 0. 5 carats fell by more than 20 per cent throughout the year, while the price of certified diamonds fell by 35 to 40 per cent in 2023. Once a symbol of eternal diamonds, the halo has now been completely lost in preservation properties。
02 three felons united to destroy the diamond value system
The rise of nurturing diamonds is the primary reason for the collapse of diamond prices. In 2025, the global share of cultivated diamonds was over 40 per cent, an increase of more than eight times that of 2019。
China has become the core global breeding force for diamond production, producing about 22 million carats in 2024, an increase of 144. 44 per cent over the same period and accounting for 63 per cent of global production. The technological maturity has allowed the cultivation of diamonds to be completely comparable to natural diamonds in terms of purity, colour, etc., at a price of only one fifth or even lower。
The shift in consumption perceptions has also hit the diamond market. Young people are extremely receptive to nurturing diamonds, accounting for about 70 per cent. At the same time, the continuing decline in the marriage rate has weakened the consumption of wedding diamonds, whose emotional symbolism is faded。
Macroeconomic pressures cannot be ignored. In 2025, the volume of diamond imports from the united states declined by 48 per cent from year to year, with high gold prices driving consumers to switch to light gold jewellery and further straining diamond demand. De beers has accumulated over $2 billion in stocks and the auction will continue to be low。
03 the recycle market, uncovering diamond preservation
The cruel reality of the diamond-recycling market has completely revealed its "insurrectionable" reality。
"on the contrary, no one would be able to recover the scrap, except at very cheap prices. " a jewellery dealer revealed that only natural diamonds of more than one carat are generally eligible for recovery, usually at a discount of 4 to 6 per cent of the original price。
Even more brutal is the fact that under 30 cents of shredded diamonds are valued at a higher value than their own, and that in the recycling market, the commercial offer is only for the residual value. When consumers buy diamond rings, over 60 per cent of the costs are brand premiums, marketing and door-to-door operating costs, all of which are immediately zero。
The blight of the diamond-recycling market confirms the fact that diamonds are never investments, but consumer goods that pay for emotions and aesthetics. Previously, the "myth of preservation" was essentially an artificially created and scarce marketing trick。
04 gold comparison, the difference between preservation properties
In stark contrast to the blight of diamonds, gold prices continue to climb. Ten years ago, in january 2016, the price of gold was approximately 290 yuan/g, while on 20 january 2026 it reached 1,456 yuan/g, an increase of over 400 per cent。
Consumers have made a check: $18,000 of the diamond ring that was bought 10 years ago could now be worth more than $45,000. This contrast makes a lot of people call "golden when they know."。
The strong performance of gold is due to its "hard currency" properties. Against the backdrop of increased global inflation and geopolitical tensions in 2025, the risk-free value of gold has been highlighted. At the same time, consumers are increasingly focusing on the practicality of gold, that is to say, to be used both as a day-to-day ornament and as a value-added function。
05 industry giant, de beers' rescue and dilemma
Facing the cold winter of the industry, de beers, which controls 60 per cent of the global rough diamond trade, is in serious trouble。
De beers was the "maker" of the diamond world and once accounted for 90 per cent of the world's diamond supply market. In 1947, de beers introduced the popular ad — “during and forever, a diamond” — making diamonds the preferred betrothal ring。
Today, however, the de beers business model is seriously challenged. Many diamond dealers are no longer willing to pay at the price set by de beers. To make matters worse, botswana, angola and namibia have expressed their intention to acquire shares in de beers in order to strengthen control over the diamond industry。
Industry analysts have pointed out that de beers ' price reductions are aimed at boosting market demand by, on the one hand, improving sales performance and, on the other hand, giving more room for profit to middle-stream processors。
06 future prospects, where the diamond industry will go
The diamond industry is undergoing a fundamental restructuring. Natural diamonds maintain their scarce and emotional status through supply regulation and value mining, while nurturing diamonds quickly opens new markets with technological breakthroughs and cost advantages。
In the future, brands and businesses that are able to master supply chain changes, have a deep understanding of consumer emotional demands, and have flexible integration lines up and down, will take the lead in reshaping the industry。
For consumers, diamonds have taken precedence over wedding symbols, become a wider body of emotional expression and pleasure, and rational consumption and experience become new norms. Industry analysts suggest that the hard currency attributes of gold are more advantageous if they add value to investment, and that rational consumption is key if the decoration is not blindly pursued for natural diamonds and brand premiums。
As marketing is diluted, consumers realize that the true value of jewellery lies in meeting individual emotional needs and aesthetic perceptions, rather than in their own brand stories or margin of value added。
The collapse of diamond prices marked the end of an era. The diamond preservation myth, supported by marketing words, has been completely shattered and replaced by a more rational consumer choice。
For those who hold diamonds, emotional value may be more important than the value of investment; it is an opportunity to rethink what is truly valuable for consumers who are prepared to buy jewellery。
The crisis in the diamond industry taught everyone that real value was not advertised, but market tested. In consumer decision-making, rational judgement is more resilient to time than emotional impulses。
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