The jewelry world’s shifting today. Lab-grown diamond prices have plunged 20% in the past month, hitting $300 per carat for a one-carat stone—down from $1,500 five years ago.

Natural diamond titan De Beers is cutting prices to compete, while retailers like Pandora lean hard into synthetics. Shoppers love the savings—ethical and affordable bling is winning fans.

Miners, though, are reeling. Botswana, reliant on natural gems, faces economic tremors as the market tilts. Synthetics’ rise is unstoppable, but not without fallout.

It’s a clash of old and new—sustainability versus tradition, with prices driving the wedge deeper.