THE DIAMOND MARKET IS CRASHING, BUT SECOND-HAND STONES SHINE BRIGHTER THAN EVER

Diamonds will never, truly, lose their value. Prices for new stones are falling fast, but second-hand diamonds remain as coveted and dazzling as ever.

Diamonds are a rich part of human history. Since the dawn of time, humans have been drawn to, and emotionally attached to, diamonds, which have come to represent a spectrum of intense human emotions: joy, love, attachment, sentimentality, pride, fidelity, and strength.

Diamonds were first discovered in 4th century BC India and were believed to be a gift from the gods that would bring health, wealth, and power. The ancient Greeks were enthralled by the stone’s brilliance and remarkable hardness; in the Medieval period, diamonds were thought to have healing properties. In 1477, Archduke Maximilian of Austria proposed with a diamond ring - the first recorded diamond engagement ring. By the 20th century, Hollywood icons like Audrey Hepburn, Elizabeth Taylor, and Marilyn Monroe (who famously sang “Diamonds Are a Girl’s Best Friend”) adorned themselves in glittering jewels, cementing the stone’s place as a cultural symbol of glamour.

Can Diamonds Truly Lose Their Value?

Well, yes. Prices are falling fast and hard.

According to reports from The Guardian, natural diamonds now cost 26% less in shops than two years ago, while lab-grown diamonds are 74% cheaper than in 2020. Why the crash? Following the COVID-19 pandemic, there was a surge in diamond demand - part of the “revenge spending” that fuelled the post-pandemic luxury boom, alongside rescheduled weddings, engagements, and celebrations. Once that wave of demand was met, the decline began… and it hasn’t stopped.

What Does This Mean For Second-Hand Diamonds?

People are now buying second-hand engagement rings, and jewellery in general. In part, this is because of the environmental impact of new diamonds, which the public is now more aware of, but also for aesthetic sensibilities. Vintage and pre-loved is just… better.

Pre-loved rings were previously considered bad luck, but shoppers are overlooking this old superstition. Known as the green diamond, second-hand diamond rings and second-hand engagement rings are more popular than ever. It’s special to give an old ring a new life, a new story, and to be loved again.

And Second-hand Jewellery In General?
Much like with second-hand diamonds and second-hand rings, the second-hand jewellery market is booming.

According to Statista forecasts, the second-hand fine jewellery market will grow to $1.3 billion by 2027. Meanwhile, the growth of interest in branded second-hand fine jewellery - from the likes of Van Cleef & Arpels and Cartier - is expected to outpace the fine jewellery market and reach up to 30% of the total industry by the end of this year.

Shoppers are also diversifying their collections. From second-hand gold jewellery and second-hand gold rings to timeless treasures like Christian Dior earrings, Chanel gold necklaces, and used Cartier watches - the pre-owned jewellery world is where investment meets glamour.
Ready to find your own treasure? Shop second-hand jewellery with Rewind and discover timeless pieces waiting for their next chapter.