Diamond prices fell again on Monday, and it is the second week of a five-day losing streak for the precious metal.
It was down more than 2% to $8,927 per carat on the London Metal Exchange.
The price was also down 0.3% on Friday to $7,828.
The benchmark is currently trading at around $8200 an ounce, or around $30,000 per carah.
The previous weekly losing streak was on June 24, 2017, which saw the benchmark plunge more than 3%, and fell by almost 6% to just over $4,000.
The chart below shows the weekly average price over the past five days, with a weekly average below the $8k mark.
Diamond prices are usually down about 2% or 3% a week, so the weekly averages are not particularly indicative of any particular day’s market trends.
However, the recent slump is not being driven by the continued drop in demand.
It has been driven by a recent surge in demand, which has seen buyers rush to the market in anticipation of a bumper year for the industry.
The rally was fueled by an increase in supply of the gemstones, which led to an overall increase in demand for diamonds.
However the market is likely to see more of a bounce-back in demand next year, as demand for the material will likely be slightly less than in 2018.
In 2018, the supply of diamonds has been cut by nearly 80% in the last decade.
This has led to a dramatic increase in the supply, with demand exceeding supply.
This year, the demand for diamond will likely remain at around 3 million carats per annum, and the supply will probably remain at a steady 5 million carat per annums.
The overall market will continue to experience a significant drop in prices, with the benchmark dropping more than 6% over the last week, and still up by just over 5% in 2018 to $18,800 per carash, or just over 2,200 dollars per carawatt hour.
However this is a relatively short-term trend, and there is still a significant chance that the market could recover over the coming years.