The De Beers diamond cartel warned Wednesday that global production will decline from 2020, a trend that could spell pricier bling for consumers.
A dearth of major new diamond finds means that production might not keep up with ever-increasing demand from the United States, China and India, the firm claimed.
"Unless major new discoveries are made in the coming years, supply can be expected to decline gradually from 2020," De Beers said, forecasting rocky times ahead for the $85 billion a year industry.
10 Facts About Diamonds You Should Know
To maintain the high prices of diamonds, De Beers creates an artificial scarcity: they stockpile mined diamonds and sell them in small amounts. Perhaps De Beers chairman Nicky Oppenheimer said it best: "diamonds are intrinsically worthless, except for the deep psychological need they fill."