Diamonds are woven through the tapestry of human history. The ancient Greeks were enthralled by their remarkable hardness. The Koh-i-Noor alone has been at the centre of invasions, murder, superstition and larceny. Millions of marriages have been launched using diamonds as the symbol of their everlasting lustre.
So the idea that diamonds might somehow lose their value seems unnatural. And yet prices are falling fast and show no signs of stopping. Natural diamonds cost 26% less in shops than two years ago, a drop during a time of high inflation that would be extraordinary were it not dwarfed by the poor fortune of their identical twins, lab-grown diamonds, which are now 74% cheaper than in 2020.
