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Why diamond prices are going to increase this year, and what you can do about it
The latest reports say mined diamond prices are only going to go up this year. Here's why it's happening and what you can do to make sure it doesn't affect your engagement ring buying!
2022 seems to be a year of never ending price increases, and from recent reports diamonds aren’t going to be an exception.
When the world started to reopen last year we saw demand for diamond jewellery go through the roof (29% higher than last year by some reports).
The trouble is, supply can’t keep up because many of the big, older mines are coming to the end of their life and there aren’t enough new ones coming online to replace them.
And diamond mining isn’t really a sector that can adapt quickly to changes in demand and supply, opening up brand new mines takes time after all.
So if you’re looking for a diamond engagement ring, you’re probably going to be paying a premium for mined diamonds over the next few years at least. Even the ethically mined diamonds we supply from Canada and Botswana are likely to get hit by price increases.
What you can do about it
But worry not! Not everything is doom and gloom on your bank balance. We’ve got some tips to completely avoid (or at least minimise) the rising costs of mined diamonds. It’s just a shame we can’t say the same about your food and energy bills…
Buy lab grown diamonds
So this is a simple one, and no prizes for guessing we’d be advocating for lab diamonds once again!
But let's ignore the obvious ethical benefits for the moment and talk purely on price. Lab diamonds currently cost 40% less than mined for an equal quality gemstone.
And with mined diamonds getting more expensive, whilst lab diamond production becomes more efficient and adaptable, you’ll probably see this price difference increase over the coming years.
Given that lab diamonds are every bit as real as their mined counterparts, they’re the obvious choice for ethical engagement rings.
Save money by avoiding carat price bubbles
When you buy a custom engagement ring from Nightingale you have the option of picking your own diamond size which can save you some money if you know what to look out for.
You’ll tend to find that prices tend to bubble whenever the carat size crosses a quarter interval.
For example, a 0.8 carat and a 0.97 carat diamond would have a less dramatic price jump then the difference between a 0.97 and a 1.02 carat diamond. Even though the difference in sizes are much wider, the latter exceeded the 1 carat price bubble so it costs much more.
Weird, we know.
But if you’re armed with this knowledge, and you have a jeweller who will hunt one down, you can buy a diamond slightly smaller than these price bubbles for much less and the size difference will be unnoticeable.
Use a different gemstone
Diamonds are great. You won’t find us disagreeing with that, but they’re not the only show in town for engagement rings.
Sapphires, emeralds, rubies and more are all great alternatives and demand v supply for these gemstones operates differently than diamonds.
All of our ring designs can be fit with other gemstones, so if you’re interested all you need to do is ask one of our designers for more information.
What to do next...
If you want more information on carat size pricing, lab diamonds or alternative engagement ring gemstones then give us a ring on 01904 211087 or get in touch.
If you're not quite ready to do that then our engagement ring guides are also a great place to read more!
