Diamond has always been the sparkle in India’s eyes— from those social snobbery to the glam nights it has kept us sparkling! And right now, people are splurging on them like crazy! The reason is simple - prices have dropped since last Diwali, making them more affordable. 

Jewellers are hoping for a fantastic festive season. But what's actually the reason behind such price drops? 

Let's find out! 

Why Is The Price Of Diamonds Falling? 

Basically, the price of 1-carat solitaire diamonds has gone down from Rs 4.2 lakh to Rs 3.4-3.5 lakh. That's a big drop! And it's not just people buying 1-carat diamonds - those who were earlier buying 1 carat are now upgrading to 1.5 carats. So, what's happening? 

First off, China - once a huge buyer of flawless mined stones (accounting for around a third of India's cut and polished diamond exports) - has suddenly lost interest. Their purchasing power has plummeted to just 10-15% of what it used to be. That's a massive drop!

Next up, lab-grown diamonds are shaking up the industry! With their affordability (up to 85% cheaper than natural diamonds) and flawless quality, more and more consumers are opting for them over natural diamonds. Even gold and colored gemstones are becoming popular alternatives! Cheaper flawed natural diamonds just can't compete with perfect lab-grown stones.

Now, let's talk about overproduction. India's lab-grown diamond industry is facing challenges due to oversupply from abroad. Add to that the economic slowdown, which has reduced demand for luxury items like diamonds. People are being more cautious with their spending, leading to lower prices.

Then there are the sanctions on Russian mining companies due to the Ukraine war. This has impacted the diamond industry, creating a surplus and driving prices down.

Lastly, technological advancements have improved cutting and polishing techniques, making the process more efficient and cost-effective. This means lower prices for consumers!

So, there you have it - a combination of factors leading to a decline in diamond prices. It's an interesting time for the diamond industry, that's for sure!

Did you know? 

Lab-grown diamonds are now being sold at a whopping 90% cheaper than natural diamonds! Just seven years ago, in 2015, the price difference was only 10%. That's a massive 80% shift in just a few years!

Read more: Diamonds Just Got More Affordable: Why Lab-Grown Prices Are Dropping? And Is It A Good Sign?

The Current Situation 

The speed and severity of the collapse in diamond prices caught many by surprise.

The diamond industry was flying high during the pandemic, with people splurging on luxury goods like solitaire diamond rings. But, as economies reopened, demand suddenly cooled, leaving many in the trade with too much stock they'd bought at inflated prices. 

In South India, the largest market for gold and diamonds, people are seizing this opportunity to upgrade to higher-quality diamonds. For example, those who saved up for 1ct diamond can now easily afford 1.5ct  colorless, flawless, and expertly cut diamonds - the crème de la crème! Yes, even high-end diamonds are becoming more and more affordable!

Be it solitaire stud earrings or the latest on-trend solitaire rings, the price of a diamond depends on the 3Cs: color, clarity, and cut. And right now, prices have fallen by 12-15% in the last six months. That’s led to a 15% increase in sales of higher-carat solitaire diamonds! Indian buyers are splurging, spending way more than the traditional three-month salary benchmark. Gold prices have also dropped, fueling the demand for diamonds— it's like everyone wants a solitaire, and now they can finally afford it!

But that's not all! A De Beers Forevermark survey found that Indians adore diamond jewellery so much that —  13% want it as a gift, 51% wear it daily, and 12% want to self-purchase it. People are buying diamonds to celebrate love, relationships, and personal milestones. And if you're one of them, It's a great time to buy diamonds, and make the most of it!

Where to Buy the Best Diamond Jewellery Online? 

Be it a simple solitaire pendant necklace or a diamond tennis jewellery Angara proudly brings to you the best quality, ethically sourced diamonds and gemstone jewellery in the widest variety of styles. And as if it weren't enough, you have an elaborate customisation feature to create a truly one-of-a-kind jewellery! Each piece is BIS Hallmarked, handcrafted, comes with a 15-day return policy and free shipping. 

So if you're already feeling the FOMO— head to our website right away!