In the second quarter of 2025, wholesale trading prices for lab-grown diamonds continued to decline.
According to researcher Edahn Golan‘s Q2 2025 LGD Wholesale Price List, lab-grown diamond wholesale prices fell 6.7% overall from quarter to quarter.
Year on year, prices declined, with goods in the popular 1–3 carat category falling 42% compared to the second quarter of 2024.
Prices were pulled down by 3-carat rounds, whose wholesale price was cut in half in the past year.
The LGD Wholesale Price List reflects wholesale market trading rather than retail costs.
The average retail cost for a round, 1-carat, IGI-certified LGD was $191 per carat, about double the wholesale market trading price.
In June, US retailers paid their vendors 32% less for their LGD loose than they did in the previous year.
Both wholesalers and retailers have remarkably high gross margins on lab-grown diamond wholesale prices.
US jewellery dealers have high markups on their LGD costs, resulting in an average gross margin of 74% for 1–3 carat rounds, which is up nearly 8% year on year.
The increase in gross margins is not leading to larger gross profits. On the contrary, the decline in the retail price and retailers’ cost is faster than the rise in gross margins.
According to data collected by Tenoris, the top-selling lab-grown diamond item in the second quarter was a 2.23-carat, round, E/VS1, accounting for more than 20% of LGD sales. These items sold on average for $917 per carat, a gross margin of 74%.
