Diamond resale collapse: natural stones down 30-60% as lab-grown captures Indian jewellery demand
Natural diamond prices have crashed 30% on sub-1 carat and 40-60% on large solitaires from 2022 peaks. Only 700 of Mumbai's 7,000-8,000 jewellers still deal in diamonds. Lab-grown supply, Russia sanctions, weak China luxury demand, and millennial preference shifts are reshaping the category, with resale illiquidity and certification gaps now flagged by Indian retailers.
What happened
Indian Diamond Jewellery Market · Natural diamond prices have crashed 30-60% from 2022 peaks due to lab-grown competition, Russia sanctions, and weak China
Key facts
- 30% price drop sub-1 carat
- 40-60% decline in large solitaires
- 700 of 7,000-8,000 Mumbai jewellers deal in diamonds
- 10% market
Why this matters
Hunt distressed diamond-heavy jewellers and certification/resale platforms at reset multiples, but ring-fence natural stone inventory risk in any deal structure.