The demand for diamonds has increased in the United States, after years of subdued demand. This uptick comes as the industry has been suffering from the fall of demand in China, says Wealth Professional. De Beers, a diamond company, reported a cut of 10 percent in its diamond prices.
A post-pandemic slump has turned into a long-lasting decline due to inflation and the fall of China’s luxury market. The increased usage of lab-grown diamonds also has had large effects on the market.
However, November and December of 2024 saw an 8 percent increase in demand, year over year. While the Chinese diamond market has stabilized and is beginning to recover, the Indian market is growing quickly.