The U.S. diamond market, which accounts for more than half of global demand for polished diamonds, is facing a 10% import duty. This tariff uncertainty comes at a time when the luxury industry is already experiencing a slowdown in demand following the post-pandemic boom.
Economic Challenges
The industry’s struggles are compounded by an economic slump in China, another major market. The decline in demand has led to falling prices for mined diamonds. Since March last year, prices have dropped nearly 60%. Analysts attribute this decline to consumers turning away from mined stones due to concerns about sustainability and ethics.
Rise of Lab-Grown Diamonds
Lab-grown diamonds (LGD) have gained popularity as an alternative to natural diamonds. Key points include:
- Chemical Identity: LGDs are chemically identical to natural diamonds and are indistinguishable with the naked eye.
- Cost Advantage: LGDs sell at an 80% discount compared to natural diamonds.
According to The Knot’s 2025 Real Weddings study, over half of couples surveyed in the U.S. last year chose engagement rings featuring LGDs. The study included insights from nearly 17,000 couples.
Industry Shifts
Pandora became one of the first major jewelers globally to stop selling mined diamonds six years ago, deciding that all future diamond purchases would be lab-grown. However, it still sells other types of gemstones like rubies and sapphires alongside LGDs.
Analysts predict that while there may be further declines ahead before stabilizing between LGD and mined stones, they expect prices will eventually stabilize once again between both products.
In related news, Pandora CEO Alexander Popov stated, "We’re proud that we’ve been able to offer our customers lab-grown diamond jewelry without compromising on quality."
I’m Mark W. Lamplugh Jr., a visionary Chief Executive Officer, Board Member, and best-selling Author with over 25 years of experience driving significant revenue growth and optimizing ROI across the healthcare, wellness, and media industries. Throughout my career, I’ve consistently transformed underperforming operations into thriving ventures by building top-tier marketing organizations, implementing data-driven strategies, and leading transformational change. My empathetic, collaborative, and adaptable leadership style has allowed me to cultivate inclusive cultures of innovation, develop and retain top talent, and forge strong partnerships that fuel organizational success.
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