Diamonds aren't exactly cheap, but they're much more affordable than they once were.

Prices have plunged in recent years as lab-grown diamonds have flooded the market. Produced in factories rather than mined from the earth, these stones are virtually indistinguishable from natural diamonds but far cheaper to make.

The impact has been dramatic. Lab-grown diamonds, which barely registered a decade ago, now account for a significant share of the market and can cost up to 90% less than mined stones. As supply has surged, prices for natural diamonds have also fallen sharply, dropping by as much as 80% since 2020, according to the deVere Group.

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