Given the rising prices of diamonds due to increasing demand from industrial and other industries, it may be a smart move to place your money on solid diamond retail stocks such as Brilliant Earth and Signet Jewelers (NYSE). These stocks are rated ‘Buy’ or ‘Strong Buy’ in our proprietary rating system. Let’s discuss.Diamond prices have been soaring over the past few months amid rising inflation and supply chain constraints. An IndexBox report shows that diamond prices rose 0.9% in September 2021, owing to high demand and low supply. A De Beers report says that sustainability will be a major factor in the future development of the diamond industry, as more consumers become concerned about environmental issues.

In the short term, there will be an increase in diamond jewelry demand as well as its growing industrial uses such cutting, drilling and grinding. Reports and Data predicts that by 2027, the market for diamonds will be worth $113.63 trillion.

We believe it would be wise to buy shares in quality retail diamond stocks given this background Signet Jewelers Limited (SIG), and Brilliant Earth Group Inc. (BRLT).

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