"A diamond is forever," but perhaps not for the increasing number of consumers spurning the gemstone for lab-grown counterparts, gold and even other colored gemstones.
The slogan was coined by diamond giant De Beers in 1948, capturing the impression of security and romance.
"Diamonds don't really fit in anymore despite the strong legacy of De Beers under Anglo," said independent diamond industry analyst Paul Zimnisky.
Diamond prices have fallen 5.7% so far this year, according to Zimnisky's rough diamond index, declining more than 30% from their all-time high in 2022.
Lab-grown diamond sales surged from just 2% of the global diamond jewelry market in 2017 to 18.4% in 2023, according to data provided by Zimnisky.
"The diamond industry is in trouble," Daga told CNBC, adding that he believes natural diamond prices could fall another 15%-20% over the next 12 months.
Similar to a natural diamond, a lab-grown diamond is graded based on the 4Cs — clarity, color, cut and carat weight. »