Diamond prices slashed 25% as lab-grown gems rock the industry

Diamond giant De Beers slashed the price of its precious solitaires amid plunging sales as bargain-hunting fiancées increasingly opt for cheaper lab-grown gems.

Among De Beers’ larger stones, one category of mined diamonds had its price slashed by as much as 25%, according to Bloomberg, citing people familiar with the matter.

The category, called “select makeables,” include big rocks between two and four carats that can be cut into smaller polished stones used in high-quality bridal rings, the outlet reported.

The prices within this category were already slashed heavily last year, sources told Bloomberg, as these mined gems took one of the biggest hits when synthetic options gained mainstream popularity.

Across the board, De Beers’ gems were lowered 10% at its first sale of the year, which typically reflects its largest price cuts, the sources told Bloomberg, asking to remain anonymous when discussing private details.