Consumer Alert: Synthetic Diamond Prices Crashing

[PinkDiamond]

From Rapaport, this is not surprising at all since we've been seeing LGD prices tumbling for quite a while now, but apparently some jewelry store chains haven't gotten the message and you won't believe the price disparity between them and Walmart's price on the same size LGD. If you know anyone buying an LGD be sure to tell them to shop around or they could end up spending over 250% more than they need to spend.

Consumer Alert: Synthetic Diamond Prices Crashing

Rapaport Statement – Nov 21, 2023.
November 21, 2023 | Rapaport



"Consumers Beware. Synthetic diamond prices are crashing yet some retailers are pricing them high by comparing them to prices for natural diamonds. Consumers think they are getting a good deal, but they are not. Synthetics trade as low as 98% below the Rapaport Price List for natural diamonds.

Synthetic prices are all over the place. Walmart sells a 3 ct., Round, F-G, VS1-VS2, synthetic diamond solitaire ring for $2,975, while Signet’s Blue Nile sells a similar 3.00 ct., Round, G, VS1 synthetic diamond solitaire ring for $8,190. That’s a 275% difference for the same ring.

Some jewelers are pushing synthetic diamonds because they can make huge profit margins. This won’t last because synthetic diamond prices are crashing to hundreds and even tens of dollars per carat. This is because they are available in unlimited supply.

Whether or not to buy a cheap diamond as an engagement ring is a consumer preference. However, consumers who spend thousands of dollars on synthetic diamonds may be seriously overpaying. Consumers should be aware that synthetic diamonds are not like natural diamonds which are rare and expensive. Synthetic diamonds are not real diamonds. They do not retain value.

Additional information about synthetics is available at ... "
https://rapaport.com/news/consumer-aler ... -crashing/