Core formation, crystal/melt separation, mingling of immiscible magmas, and diapirism are fundamental geological processes that involve differential motions driven by gravity. Diffusion modifies the composition or/and temperature of the considered phases while they travel. Solid particles, liquid drops and viscous diapirs equilibrate while sinking/rising through their surroundings with a time scale that depends on the physics of the flow and the material properties. In particular, the internal circulation within a liquid drop or a diapir favors the diffusive exchange at the interface. To evaluate time scales of chemical/thermal equilibration between a material falling/rising through a deformable medium, we propose analytical laws that can be used at multiple scales. They depend mostly on the non-dimensional Péclet and Reynolds numbers, and are consistent with numerical simulations. We show that equilibration between a particle, drop or diapir and its host needs to be considered in light of the flow structure complexity. It is of fundamental importance to identify the dynamic regime of the flow and take into account the role of the inner circulation within drops and diapirs, as well as inertia that reduces the thickness of boundary layers and enhances exchange through the interface. The scaling laws are applied to predict nickel equilibration between metals and silicates that occurs within 130 m of fall in about 4 minutes during the metal rain stage of the Earth's core formation. For a mafic blob (10 cm diameter) sinking into a felsic melt, trace element equilibration would occur over 4500 m and in about 3 years.