Lower priced diamonds from India are having a democratizing effect on the diamond industry, allowing people of all economic levels to purchase diamond jewelry, according to a recent pre-Valentine’s Day article on the front page of the business section the New York Times.
Valentines Day, for example, was a holiday over-run with retailers offering diamond jewelry in the under $100 category.
According to the article, this increasing trend in lower priced diamond jewelry is attributable to India’s thriving diamond business, where the cheap cost of labor and willingness to polish lower-market goods is flooding the market with affordable stones. Goods that were once rejected are now considered “gems” and are used in jewelry.
While high-end diamonds have retained their value, the plethora of lower-priced merchandise is opening the market to a wider customer base and, the Times speculates, keeping prices in check across the board.