Market data as of October 2026. Unless stated otherwise, prices are international wholesale figures in US dollars.
For generations, diamonds have been sold as something that "holds its value". If you are thinking of buying a diamond as a way to protect your money, the figures from the past few years tell a different story. Below is what the diamond industry's own data shows, and why we believe the smartest way to buy a gemstone is to buy it for how it looks, not for what you hope to sell it for later.
1. Natural diamond prices have fallen sharply over the past decade
Independent diamond analyst Paul Zimnisky, who runs a widely followed rough diamond price index, said in July 2026 that global rough diamond prices were about 20% lower than a year earlier and around 40% below their level of a decade ago.
Polished diamonds tell a similar story. According to Rapaport, asking prices for round, 1-carat, D to H colour, SI clarity diamonds fell 24.1% during 2025 alone.
To give the full picture: prices recovered slightly in August and September 2026. Rapaport links this mainly to lower supply after miners cut production, while smaller, lower-quality diamonds remain under pressure from lab-grown competition. A market that moves this much on a few producers' decisions is not a predictable place to keep your savings.
2. Even the industry's biggest player is cutting prices
- De Beers' average realised rough diamond price fell 32% year on year, to US$105 per carat, in the first half of 2026.
- In July 2026, De Beers made some of the deepest cuts ever to its official rough diamond prices.
- The same month, it announced a two-year production pause at Venetia, South Africa's largest diamond mine.
- Its parent company, Anglo American, is in the process of selling De Beers, after writing down its value by US$2.9 billion in 2024 and US$2.3 billion in 2025.
3. The biggest loss happens the moment you buy
Even when market prices stand still, a diamond bought at retail rarely sells for anything close to what was paid. A retail price covers the design, the setting, the shop and the seller's margin. A buyer of second-hand diamonds pays a trade price instead.
Paul Zimnisky estimates that someone selling a diamond straight back to the market might expect to get around half of what they paid.
One more thing worth knowing: an insurance appraisal is a replacement value, set high on purpose so you could buy a new piece if yours were lost. It is not what a buyer will pay you.
4. Lab-grown diamonds do not hold their value either
Lab-grown diamonds have become hugely popular: they were the centre stone in 61% of engagement rings bought by US couples who married in 2025. They are a beautiful and affordable choice, but not an asset.
Analyst Edahn Golan's wholesale price index for lab-grown diamonds is down 92% since July 2018. In the third quarter of 2026, a 1-carat, D colour, VVS clarity lab-grown round traded at about US$87 per carat at wholesale. De Beers itself closed its lab-grown jewellery brand Lightbox in 2025, citing a roughly 90% fall in wholesale prices since the brand launched in 2018.
5. So what should you buy?
If no gemstone is a reliable store of value, the sensible question becomes: what will I enjoy wearing, every day, at a price I am comfortable with? That is why we work with lab-created moissanite. Moissanite is a gemstone in its own right (silicon carbide), not a diamond, and we never present it as one.
| Property | Lab-created moissanite | Diamond |
|---|---|---|
| Refractive index | 2.65 to 2.69 | 2.42 |
| Dispersion ("fire") | 0.104 | 0.044 |
| Hardness (Mohs scale) | 9.25 | 10 |
In practice, moissanite's dispersion is about 2.4 times that of diamond, which shows as more rainbow-coloured flashes of light, often called fire. How any stone looks also depends on its cut and the light around it. With a hardness of 9.25, moissanite is durable enough for everyday wear.
To be completely honest with you: moissanite is not an investment either, and it has little resale value. The difference is that we will never ask you to pay extra for a promise of future value. You pay for the piece itself and the sparkle you see.
The bottom line
Diamonds can be beautiful, but for most buyers they are not a way to grow or protect money. Choose jewellery because you love how it looks and feels, and choose a price that makes sense for you today.
References
- Marketplace, What's behind the diamond downturn? (interview with Paul Zimnisky, 30 July 2026)
- Rapaport, Decline in Diamond Prices Eases (February 2026)
- Solitaire, De Beers Cuts Interim Losses Despite 32% Drop in Rough Diamond Prices (31 July 2026)
- Edahn Golan, LGD Wholesale Price List, Q3 2026 (7 October 2026)
- GIA, Synthetic Moissanite: A New Diamond Substitute, Gems & Gemology (Winter 1997)
Disclaimer: This article is general market information only and does not constitute financial or investment advice. Market prices change over time; the figures above reflect publicly available data as of October 2026.
