Diamonds – Mining, Lab-Grown and Conflict/Blood

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Systemic flaws and the growing competition from synthetics are combining to bring down polished prices. What can the trade do to ensure its long-term survival?

The global diamond industry is experiencing its deepest crisis in history. The sharp decline in demand and polished-diamond prices, which began in late 2022 and intensified throughout 2023 and 2024, reflects a multidimensional dilemma: unprecedented competition from synthetic diamonds, deep structural weaknesses in the industry, and substantial losses throughout the supply chain, particularly among manufacturers who have failed to adapt their business models to the changing reality.

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https://www.miaminewtimes.com/

The trend is growing among younger customers, who see synthetic stones as a cost-effective alternative to natural gems.

Marilyn Monroe once famously sang, “Diamonds are a girl’s best friend,” and that sentiment still appears to hold true — even if the diamonds aren’t real. Lab-grown diamonds, or synthetic diamonds grown in a lab setting, are becoming much more popular among young people in search of an environmentally and economically friendly alternative to organic gems.

Fifth Avenue-based jeweler Liori Diamonds, which has a store in Sunny Isles, sells both the natural and lab-grown variety. “They’re optically the same, and they are chemically exactly the same,” says Jesse de Leon, one of Liori Diamonds’ founders.

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https://archive.vanityfair.com/

On Saturday, April 26, 1947, the temperature in Washington, D.C., crept toward 70 degrees, and the magnolias and azaleas were in bloom. Taking little pleasure in the gorgeous weather, however, were those in a somber parade of the city’s most prominent citizens, which included a senator, a newspaper publisher, and even a Supreme Court justice.

They were paying a last visit to their friend Evalyn Walsh McLean, for almost 50 years one of the most exuberant and eccentric figures of Washington society. A stunning figure even into old age, with her tiny waist and chic dresses from Paris couture houses, Evalyn had also been the city’s most extravagant hostess. Her parties had sometimes featured three orchestras and as many as 2,000 guests, among whom were the president, Cabinet members, and diplomats.

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https://www.nytimes.com/

In the lead-up to Valentine’s Day, people across the world rush to buy diamond engagement rings. By now most will know that in the past, many diamonds were mined in African war zones where rebel groups used the proceeds to fund their violent insurgencies. To assuage any guilt that may taint the romantic gesture, the diamond industry tells us that today, 99 percent of diamonds are now “conflict-free.”

It’s true there has been progress. A generation ago, as much as 15 percent of global diamond production was believed to be linked to conflict. But in 2003, thanks to public pressure and awareness campaigns by organizations like Global Witness, a certificate system known as the Kimberley Process was born.

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New requirements to state “country of mining” leave a lot of unanswered questions.

The diamond industry was in mild shock when news came through of the latest US import requirements. Customs and Border Protection (CBP) said it would be obliging companies to state the “country of mining” when importing diamonds from April 2025. This puts a burden on the trade to step up its traceability efforts.

The new rules emerged quietly in stages. On October 22, 2024, CBP gave 60 days’ notice about the plan and requested comments by December 23. Few in the industry even saw this. Then the federal agency published a Trade User Information Notice, labeled “Last updated: January 14, 2025.” It distributed this in a bulletin on January 23. Shipping company Malca-Amit sent a letter to customers about the update around a week ago. It seems that it was this letter that got the trade’s attention.

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https://www.vogue.com/

Like a thunderclap followed by a jag of lightning—that’s how suddenly the desire to be engaged, and to receive the requisite sparkling diamond, struck me. From that moment, my husband and I became jewelry-obsessed. While he plunged headfirst into the labyrinth of 4Cs and the Diamond District, I agonized over every design detail—right down to the precise curvature of the prongs that would cradle my diamond.

Yet, for all our meticulous deliberations, one possibility never crossed our minds: a lab-grown diamond. We were traditionalists, and tradition dictated a mined stone. (Plus, if I’m really being honest, we were a little snooty about it.)

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The miner faces competing pressures as the focus shifts to negotiations with Botswana.

The news at last week’s De Beers sight was what soccer fans might call “off the pitch.” The sale itself was uneventful. The miner left rough prices unchanged at the first cycle of the year after December’s sharp reductions. It allowed 20% buybacks for all goods — a mechanism that lets sightholders sell the least profitable stones back to the company. Demand was weak, with sales value expected to be low.

But the question on sightholders’ lips was what would happen next. One of the main reasons for the low sales was De Beers’ high prices. The miner’s rough remains significantly more expensive than the tender and auction market.

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Poor results at the US’s largest diamond retailer reflected a fragmented and changing market rather than a crisis in consumer demand.

Signet Jewelers’ disappointing holiday results had a dampening effect on the industry’s mood. Same-store sales at the US’s largest diamond retailer fell 2% for the 10 weeks that ended January 11. The company slashed its guidance for the fiscal fourth quarter. Its share price fell 22% in one day.

What the results indicated, however, was not so much sluggish consumer demand as a complex US jewelry market that has forced retailers to strategize carefully. The key issue for Signet was product range, the jeweler’s new CEO, J.K. Symancyk, said at the ICR Conference 2025 on Tuesday, a few hours after the sales announcement.

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https://www.koreatimes.co.kr/

The global diamond market is undergoing a transformative shift, with lab-grown diamonds emerging as a formidable force. This shift is particularly evident in Korea, where these ethically sourced and cost-effective gems are quickly gaining popularity, carving out a niche in the wedding and anniversary jewelry sectors, according to Iris Arnold, CEO and founder of the U.K.-based jewelry company Novita Diamonds.

“Lab-grown diamonds are undoubtedly a game changer in the jewelry industry. They are revolutionizing the market by making diamonds more accessible and aligning with consumer values around sustainability and ethics,” Arnolds told The Korea Times in a recent written interview.

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