Lab-grown diamond (LGD) wholesale pricing began to show signs of reversal in 2025, marking what may prove to be a pivotal year for the category. Year on year, wholesale prices fell by an average of 26%, according to Edahn Golan’s Lab Diamond Wholesale Price List. (See the latest price list here.)
Key Developments
While the longer-term downward trend persisted, the pace of decline slowed notably. Quarter on quarter, prices declined just 4.7%, the smallest quarterly decrease since lab-grown diamonds were introduced to the market.
Price performance diverged sharply by size. Three-carat round diamonds recorded the steepest declines, down 32% year on year. In contrast, 1.50-carat goods declined only 8% year on year and rose 11% compared with the third quarter of 2025.
Rising costs for HPHT lab-grown rough reshaped pricing dynamics for part of the market. Wholesale prices for smaller LGD increased by 10–20% after Chinese HPHT producers collectively halted price reductions once rough prices reached $10–15 per carat.
The move initially stabilized polished LGD wholesale prices and was subsequently followed by price increases. Currently, HPHT production dominates polished LGD of one carat and below and is becoming increasingly prevalent in the 1.50-carat category.
As HPHT rough production gradually increases in size, it is expected to influence pricing for larger polished lab-grown diamonds over time.
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Outlook
After nearly ten years of sharp and often relentless price declines, the lab-grown diamond market appears to be catching its breath. The shift isn’t just showing up in prices, but also in demand, which is growing more slowly as the category moves out of its early, volatile phase.
For smaller stones, prices are likely to keep edging higher. Rising HPHT production costs and firmer pricing discipline among producers are starting to show through, even if gains remain modest. That alone marks a change from the steady downward pressure the market has grown used to.
Larger stones tell a different story. Prices there are expected to level off rather than rebound, as manufacturers continue to push supply in the two- to three-carat range and growers focus on improving color and clarity. Competition in larger sizes isn’t going away, but the pace of change does appear to be easing as the market settles into something more stable.
About the LGD Wholesale Price List: The LGD Wholesale Price List launched in 2018 to meet industry demand for transparency, this list tracks the evolution of lab-grown diamond (LGD) transaction prices. While it originally focused on low-cost uncertified goods, it now benchmarks larger, certified diamonds. Current data reflects a market where stones two-carat and above are primarily CVD-grown, while smaller HPHT-grown diamonds typically trade at a discount.
