According to data provided by Barchart, diamond prices They fell to the lowest level this century.

Simon Jerovich, CEO of Metaplanet, believes bitcoin can fix this, citing its scarcity. “This is what happens with unlimited supply,” he said in a social media post.

According to a recent report by the South China Morning Post, declining demand in China may be one of the main reasons behind the decline in diamond prices. Local factories also produce synthetic alternatives that are much cheaper, which is why newlyweds do not necessarily choose expensive diamonds from Tiffany.

The rapid rise of lab-grown diamonds, which are composed of the same material as natural diamonds, has greatly impacted the industry.

Furthermore, consumers are becoming increasingly concerned about the environmental impact of diamond mining. Consumers are now demanding more source traceability.

Last month, McKinsey & Company, a leading management consulting firm, reported that the mining industry was in good shape At an inflection point.

Although diamonds are often viewed as a commodity, they are not traded on exchanges like gold or oil. There is no market due to a lack of standardization within the industry since different gemstones tend to vary when it comes to properties such as carat or clarity. Furthermore, the industry is oligopolistic, with a handful of companies controlling the global supply of these gemstones.