Why are diamonds so cheap right now?

I'm curious, why is it that diamonds seem to be priced so much lower these days? Is it due to a surplus in the market? Or has there been a change in consumer preferences that's leading to a decrease in demand? Additionally, could the recent advancements in lab-grown diamonds be playing a role in driving down prices? I'd love to hear your thoughts on the matter and any potential explanations for this shift in the diamond market.