Sotheby’s
The diamond industry is no longer what it was. Whose fault is it? Diamonds cultivated in laboratory.
Natural diamond giants are falling into sales, which forces them to reduce prices and decrease production. The Great of Beers has already confessed to:: Currently accumulates the largest reserve of diamonds since the 2008 financial crisis.
The company, which has long dominated diamond trade, registered a 20% drop in sales during the first half of 2024, compared to the previous year, and reduced its production by 20%.
The rise of Diamonds cultivated in laboratorycheaper and more friends in the environment, is largely responsible for this change in the market.
These alternatives are chemically identical to natural diamonds. They are produced to a cost fraction and can be manufactured much faster. By 2023, these diamonds represented 14.3% of the global supply of diamonds, and their quota continues to grow, according to data from Morgan Stanley quoted by.
It is an extended tendency to the generality of the luxury sector, hard hit by inflation and the change of consumer habits after pandemic.
However, experts suggest that natural diamonds are not totally out of the scene. Although the affordable price of laboratory diamonds can decrease their luxury attraction, natural stones continue to have value for consumers looking for exclusivity.
Beers has launched a marketing campaign to reaffirm the desirable character of natural diamonds. As the market evolves, traditional diamond companies may have to diversify their offers or focus on communication of the unique value of natural stones to recover their place in the luxury market.
