The Diamond Shake-Up: De Beers Writedowns, Falling Prices and the Case for Vintage Stones
The diamond industry is having its most turbulent decade in a century — and 2026 has brought the turmoil to a head. Anglo American posted a $3.7 billion loss on the back of a fresh $2.3 billion writedown of De Beers, the third consecutive cut to the diamond giant's book value as its parent prepares to sell the business. Natural diamond prices sit near their weakest levels this century, while lab-grown stones — the disruptor that started it all — have collapsed in price so far that they've become, in effect, a different product category altogether. So what does all this mean if you simply want a beautiful diamond?
How we got here
Two forces collided. Lab-grown diamonds flooded the market at ever-lower prices, peeling away the volume end of demand — and in doing so, they didn't so much compete with natural stones as reprice themselves out of the luxury conversation, with per-carat prices falling year after year. At the same time, natural rough prices sagged under weak wholesale demand, squeezing miners like De Beers hard enough to force writedown after writedown. The result: a strange market where new natural diamonds are cheaper than they've been in years, new lab-grown stones hold almost no resale value, and buyers are understandably confused.
Where vintage diamonds fit in
Vintage stones sidestep the whole argument. An old European cut or transitional-cut diamond in a mid-century setting is unambiguously natural — lab-grown gem diamonds simply didn't exist commercially before the 2010s — and it carries something no new stone of either kind can offer: hand-cut character and a finite supply. Nobody is cutting more 1930s diamonds. Because preloved pieces are priced on the second-hand market rather than at first-retail margins, they have always traded at a sensible discount to new — which means the current turmoil in new-diamond pricing narrows the gap between new and vintage rather than undermining vintage value. Our guides to jewellery eras and identifying vintage jewellery explain how to read the cuts and settings that date a stone.
Practical advice for 2026 buyers
Buy the piece, not the certificate arms race. A well-cut vintage diamond in solid hallmarked gold, honestly priced in the hundreds rather than the thousands, is about as turbulence-proof as diamond ownership gets: its charm doesn't depend on wholesale rough prices, and its value never rested on the new-retail markup now being questioned across the industry. Browse our current diamond rings and pendants — every stone checked by our team, every setting hallmarked.
From Our Collection
Frequently Asked Questions
Why are diamond prices falling in 2026?
Weak wholesale demand for natural rough and the flood of ever-cheaper lab-grown stones have pushed natural prices to their lowest levels this century, forcing repeated writedowns at De Beers ahead of its sale by Anglo American.
Do lab-grown diamonds hold their value?
No — lab-grown prices have fallen dramatically year after year and resale value is minimal, because supply is effectively unlimited. Natural stones, especially antique hand-cut examples, have finite supply.
Are vintage diamonds a good buy in 2026?
Vintage diamonds are unambiguously natural, no longer produced (old cuts are finite), and priced on the second-hand market rather than at first-retail margins — making them one of the most resilient ways to own a diamond during the current shake-up.