De Beers Slashes Diamond Prices by Over 40% as Lab-Grown Stones Surge
De Beers, one of the world's leading diamond companies, is cutting prices for certain types of rough diamonds by more than 40% due to falling demand caused by the increasing popularity of lab-grown stones, particularly in the US. The decline in demand for natural diamonds in this category raises questions about whether it represents a permanent shift and if lab-grown gems will eventually impact the more expensive diamond market dominated by Asian buyers. Lab-grown diamonds, which offer a cheaper alternative without the environmental or social downsides of mined diamonds, are gaining traction and have seen their share of diamond exports from India rise from 1% to 9% in the past five years. However, the lab-grown diamond industry is also facing challenges as prices have plunged even more steeply than natural stones.