Diamonds are in the rough

No wonder these rings are being discounted: sales fell 22% in the last quarter for Tiffany & Co; Bulgari has posted its first quarterly loss in 10 years; and De Beers has just announced a 99% drop in net profits Photograph: Spencer Platt/Getty Images

A dealer checks the quality of a diamond. Many budget-conscious buyers are snapping up 0.8- and 0.9-carot diamonds, saving at least £400 on the cost of a full carot Photograph: Francois Lenoir/Reuters

Sales of diamond necklaces have been hit particularly hard during the recession ... Photograph: Nils Jorgensen/Rex Features

... as have sales of diamond earrings. David Beckham can probably still afford them, though Photograph: Rex Features

Demand for rings has remained quite stable, with customers still valuing colour and clarity - though this rare £6m blue diamond may be a step too far for most Photograph: Oli Scarff/Getty Images

The brilliant-cut stone is still the most popular, but slightly cheaper cuts, such as this emerald diamond, have become more popular. Emerald and princess cuts also lose less in resale value Photograph: Bonham's/PA

Blingtastic buyers seems unperturbed by the recession - two carats and above are still selling steadily. Looks like Michelle Obama won't be returning this whopper any time soon, then Photograph: Rex Features