Recycled diamonds have always contributed to the natural polished diamond value chain, albeit at a low level relative to the primary polished supply. Recycling begins when diamond jewelry owners sell or trade in their items for various reasons, such as not wanting inherited pieces, a change in preferences, or financial necessity.
The jewelry can then be directly resold as pre-owned vintage pieces in the second hand sector, bypassing the upstream and midstream natural diamond value chain. Alternatively, the metal in the jewelry can be melted down and the diamonds, sold as new- in freshly crafted jewelry, either in their original state or after being repolished or recut. This augments the natural diamond supply- but represents only a small percentage of total supply.
Non-inheritance-related diamond recycling, typically stemming from changes in preference or life events such as divorce or financial necessity, is estimated to account for approximately 80% of recycled diamond volume. Given that no significant changes in the sale and purchase rates of used diamond jewelry are anticipated, these non-inheritance recycling drivers are likely to persist and continue to fluctuate with the price of diamonds, albeit with a limited incremental impact on the long-term supply development through to 2033.
Inheritance, on the other hand, will grow as the initial generations who owned diamonds age. For instance, in Japan, individuals over age 60 possess more than half of the country’s diamonds; in the US, the first generation of diamond engagement rings (DER) at scale (the generation where >50% brides received DER) could be inherited in the next 20 years, driving an increase in the inheritance-based recycling volume.
Yet, the proportion of diamonds removed from recycled jewelry and sold as new has steadily declined in recent years (compared to recycled pieces being sold as is ), from approximately 60% of the total recycled jewelry PWP value in 2015 to approximately 30% in 2021.
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