Diamond Prices Sink 70% From 2011 Peak to Lowest This Century

Diamonds just hit their cheapest levels of the century. The Bloomberg Diamond Standard Index tracked by Barchart sits at 2,500, roughly 70% below its 2011 peak of about 8,450. Along the way it smashed through a floor near 4,700 that had held from 2005 to 2020, leaving miners, cutters and owners of natural stones with barely any support underneath them.

The IDEX polished diamond index has nearly halved since March 2022, sliding from about 158 to around 80. A short-lived bounce in spring 2026 fizzled out, and the gauge has kept printing lower lows since. US trade figures agree: the Bureau of Labor Statistics import price index for diamonds read 97.6 in September, per FRED, dipping under its 2000 baseline of 100.

The pain isn't spread evenly. IDEX's sub-index for 1-carat round stones sits near 61, while 5-carat emerald cuts hold around 149. De Beers says big, high-quality stones are still wanted — but the 1-carat rock at the center of the engagement market now fights factory output on price alone. That kills the trade's oldest pitch, that a diamond keeps its value.

De Beers' own ownership is in play. Anglo American paid nearly $13 billion in 2011 for the Oppenheimer family's stake in the company — the same year prices topped out. It is now reportedly offloading that holding for around $1 billion. On November 9, Botswana's president threw his weight behind a consortium led by Gareth Penny, a former De Beers CEO.