This content was first published on IGR – Italian Gemological Review no. 22 in 2026. The information provided here is therefore current as of the original publication date.
For some time now, this column has been discussing the redefinition of the diamond market. We are not simply going through a cyclical downturn. The signals point to a structural shift affecting the product itself, its positioning, and the way it is perceived by the end consumer.
This implies a reconsideration of the meanings the diamond has historically carried in the marketplace. The future of the industry will favor those who are willing to move beyond a purely quantitative logic and protect the symbolic value of the product, turning trust and credibility into the true strategic assets of the sector.
In recent years, the industry has strongly pushed for higher volumes, particularly in mid-to-lower qualities and smaller sizes. This strategy has expanded accessibility, but it has also exposed diamonds to what in the United States is defined as “commoditization”, namely a gradual loss of distinctiveness of the product.
A process further accelerated by the rise of e-commerce, full price comparability, and the abundance of standardized inventory. Dynamics that have reduced the emotional distance between diamonds and other replicable luxury goods.
In a saturated market filled with hard-to-distinguish products, price inevitably becomes the primary competitive factor. Within this dynamic, the diamond ceases to be an object of desire and becomes a comparable good, losing part of its symbolic function.
This situation was effectively summarized by Martin Rapaport at Vicenzaoro, where he distilled his view into a concept as simple as it is radical: “less is more”. According to Rapaport, excess supply has progressively weakened the historical meaning of the diamond. When everything is available, rarity loses value and desire flattens.
The question, at this point, is clear: should the industry continue chasing volume, or accept a more selective approach to supply? The answer does not concern retail alone, but the entire pipeline, from production to distribution.
Article by Sergio Sorrentino, published on IGR – Italian Gemological Review #22 – Spring 2026.
