Do You Follow the Trend or Are You a Trendsetter?

 

Your jewellery should reflect who you are, not simply what is fashionable.

Engagement rings and bespoke jewellery are becoming more personal, with couples looking beyond traditional designs to explore distinctive diamond cuts, coloured gemstones, sculptural settings and meaningful details that tell their own story.

In 2026, the focus is shifting towards individuality, craftsmanship and jewellery designed to be worn and treasured for a lifetime. From the revival of antique-inspired diamonds to contemporary settings and bold, architectural bands, there are more ways than ever to create a piece that reflects your personality.

At DCLA Diamond Exchange, we believe the best jewellery is not necessarily the piece everyone else is wearing. It is the piece that feels right for you.

So, do you follow the trend, or are you a trendsetter?

If you are considering designing a bespoke engagement ring or a special piece of jewellery, the DCLA Diamond Exchange team is here to guide you through the possibilities and help bring your dream design to life.

1. Cushion Cut Diamonds: A Romantic Classic Reimagined

Cushion cut diamonds are enjoying renewed interest thanks to their distinctive combination of soft, rounded corners and beautiful faceting. Available in square and rectangular shapes, they offer a romantic character that works equally well in vintage-inspired and contemporary jewellery.

For those who appreciate something less conventional, antique-style cushion cuts can provide a unique appearance, with individual characteristics that distinguish one diamond from another.

At DCLA Diamond Exchange, we can help you explore cushion cut diamonds and consider how their proportions, faceting and overall appearance will complement your chosen design.

2. Oval Cut Diamonds: A Modern Twist on a Favourite

Oval diamonds remain a popular choice for engagement rings, offering an elegant, elongated shape that can create a graceful appearance on the finger.

The latest designs are exploring new ways to showcase this familiar cut. East-west settings, where the oval diamond sits horizontally across the band rather than vertically, offer a fresh alternative to traditional engagement ring styles.

Whether you prefer a classic oval diamond on a delicate band or a contemporary design with a more distinctive setting, a bespoke approach allows you to make the style your own.

3. Coloured Gemstones: Beauty Beyond the White Diamond

White diamonds remain timeless, but coloured gemstones offer another way to express individuality.

Yellow and pink diamonds, blue sapphires, yellow sapphires, rubies, emeralds and other gemstones can introduce colour, character and personal meaning to a piece of jewellery. Pearls may also appeal to those seeking a softer, more unconventional aesthetic.

Sapphires are particularly attractive for everyday jewellery, with a Mohs hardness of 9, making them highly resistant to scratching.

The right gemstone depends on more than colour alone. Its durability, suitability for the intended setting and the way it interacts with light are all important considerations when designing jewellery to last.

4. Bezel Settings: Contemporary Style with Practical Appeal

A bezel setting surrounds the diamond or gemstone with a rim of metal, creating a clean, sculptural appearance while helping protect the stone’s edges.

This style has become increasingly popular among people who want their engagement ring to feel like an integral part of their everyday wardrobe.

Bezel settings work beautifully with oval, round, cushion and other diamond shapes. They can be designed with a minimal profile for a contemporary look or incorporated into more elaborate designs featuring contrasting metals and decorative details.

For those who value both style and practicality, a bespoke bezel setting offers plenty of creative possibilities.

5. Flush Settings: Understated Elegance

Flush settings, sometimes called gypsy settings, position a diamond within the band so that the stone sits level with the surrounding metal.

The result is a streamlined design that offers subtle sparkle without a prominent raised setting. This approach is particularly appealing to people who prefer understated jewellery or a ring that fits comfortably into an active lifestyle.

Small diamonds can also be incorporated into the band to add detail and brilliance without making the centre stone the only focal point.

At DCLA Diamond Exchange, we believe thoughtful design is about how all the elements work together, from the choice of diamond to the smallest details in the band.

6. Wider Bands: Jewellery with Presence

Delicate bands will always have their place, but wider bands are attracting attention for their bold, architectural appearance.

A substantial band can create a striking foundation for a centre diamond, while textured finishes, pavé-set stones and carefully considered proportions can add depth and individuality.

Wider bands also provide opportunities for personalisation through engraving, contrasting metals and distinctive design features.

The key is achieving the right balance between appearance, comfort and wearability. A well-designed ring should feel as good on the hand as it looks.

7. Asscher Cut Diamonds: Geometric Beauty

The Asscher cut is admired for its square outline, stepped facets and distinctive hall-of-mirrors effect.

Its architectural appearance makes it an appealing choice for those who appreciate symmetry, precision and understated sophistication. It can work beautifully in traditional platinum or white gold settings, as well as contemporary designs featuring yellow gold or stronger geometric lines.

Asscher cut diamonds also suit a range of personal styles, making them an interesting option for anyone looking beyond the more familiar round and oval shapes.

For a truly distinctive design, the proportions of the stone, the setting and the width of the band can all be tailored to create a harmonious result.

8. Gemstones with Cultural and Personal Meaning

Jewellery often represents far more than its materials. Family heritage, cultural traditions, personal milestones and shared experiences can all influence the choice of a gemstone.

Rubies, emeralds, jade and other coloured stones may carry particular significance for the person wearing them. Incorporating a meaningful gemstone into an engagement ring or bespoke piece can create a lasting connection between the jewellery and its owner.

Some people prefer to follow traditional symbolism, while others choose a stone because of a personal memory or simply because they love its colour.

There is no single correct approach. The most meaningful design is one that reflects the person who will wear it.

9. Men’s Engagement Rings: A Shared Celebration

Engagement rings are no longer confined to traditional expectations. More couples are exploring matching or complementary rings as a way to celebrate their commitment together.

Design options range from understated bands and flush-set diamonds to Asscher cut stones, cognac diamonds and distinctive coloured gemstones.

A men’s engagement ring can be designed to complement a partner’s ring without being identical, allowing both people to express their individual tastes while sharing a common theme.

At DCLA Diamond Exchange, bespoke design means creating jewellery around the people who will wear it, rather than limiting them to conventional styles.

10. Antique Details: The Appeal of Timeless Craftsmanship

Antique-inspired jewellery continues to attract those who appreciate intricate workmanship and designs with a sense of history.

Signet-style forms, milgrain edges, hand engraving, vintage-inspired bezels and decorative motifs can introduce character and individuality to a contemporary piece.

Enamel detailing can also create striking contrasts, adding colour and an element of traditional craftsmanship.

These details can be incorporated into a newly designed ring without sacrificing modern comfort or practicality. The result can combine the charm of an earlier era with the precision and personalisation of contemporary jewellery design.

For many people, the appeal lies in creating something that feels as though it could have been treasured for generations.

Create Your Own Trend with DCLA Diamond Exchange

Trends can provide inspiration, but they should never dictate what you wear. A fashionable design today may change in popularity tomorrow, while a thoughtfully created piece of jewellery can remain meaningful for decades.

At DCLA Diamond Exchange, we understand that choosing a diamond or designing a bespoke ring involves more than selecting a shape or setting. It is about understanding your preferences, exploring the available options and bringing the individual elements together into a piece that feels uniquely yours.

Whether you are drawn to the romance of a cushion cut, the geometry of an Asscher diamond, the practicality of a bezel setting or the character of a coloured gemstone, our team can guide you through the design process.

You do not have to know exactly what you want before you begin. Sometimes the best designs start with an idea, a photograph, a favourite gemstone or simply a conversation about what you love.

Do you follow the trend, or are you a trendsetter?

If you are ready to create something different, speak with the DCLA Diamond Exchange team about designing a bespoke piece of jewellery that reflects your style, your story and your vision.

Your dream jewellery. Your design. Your story.

Visit DCLA Diamond Exchange to explore the possibilities and begin your bespoke jewellery journey.

Rio Tinto Diamond Production Falls 68% After Diavik Mine Closure

 

The closure of Canada’s Diavik diamond mine marks the end of Rio Tinto’s active diamond mining operations, highlighting a wider shift in the natural diamond industry as established sources of rough diamonds reach the end of their productive lives.

Rio Tinto’s rough diamond production fell sharply during the first nine months of 2026, following the closure of its Diavik mine in Canada. According to the mining group’s latest production figures, the company recovered approximately 1.074 million carats during the period, down from 3.317 million carats in the corresponding period of 2025.

The decline of approximately 68% reflects the winding down of operations at Diavik, which produced its final diamonds in March 2026 after 23 years of operation.

The figures underline a significant development for the global diamond industry: Rio Tinto, once one of the world’s most prominent diamond producers, has now ended active diamond mining operations.

Diavik’s closure ends an important chapter

Located in Canada’s Northwest Territories, Diavik was a major source of natural rough diamonds for more than two decades. During its operating life, the mine produced more than 150 million carats.

Mining activity concluded in March 2026 after the deposit’s economically recoverable reserves were exhausted. Although production has ceased, Rio Tinto has indicated that it will continue processing and selling its remaining diamond inventory through at least the end of 2026.

Diavik’s closure follows the shutdown of Western Australia’s Argyle diamond mine in November 2020. Argyle was internationally recognised for its extraordinary pink and red diamonds, alongside its substantial production of other natural diamonds.

For further background, read DCLA’s coverage of the Diavik mine expansion and its final years of operation and the closure of the Argyle diamond mine.

Rio Tinto shifts its focus away from diamonds

The end of production at Diavik represents the latest stage in Rio Tinto’s withdrawal from much of the diamond sector.

The company closed Argyle in 2020 and subsequently exited its interest in the Fort à la Corne diamond exploration project in Saskatchewan, Canada. Its broader business strategy has increasingly focused on other commodities, including iron ore, copper and other minerals.

Rio Tinto continues to explore for diamonds in Angola, but it no longer has an operating diamond mine producing rough stones.

The distinction between mining and selling is important. Existing inventories can continue to reach the market after a mine closes, meaning that the end of production does not immediately eliminate all supply from that source.

What does declining mine production mean for natural diamonds?

The reduction in Rio Tinto’s diamond output comes amid wider changes across the natural diamond industry. Producers have been dealing with challenging market conditions, shifting consumer preferences and competition from laboratory-grown diamonds.

However, declining production alone does not guarantee higher diamond prices. Prices also depend on consumer demand, the quality and size of available stones, inventories held throughout the supply chain and broader economic conditions.

DCLA has examined these competing pressures in its coverage of declining rough diamond supply and the changing outlook for natural diamond prices.

The market is not uniform. Commercial-grade natural diamonds can experience very different pricing conditions from exceptional stones with unusual colour, size, clarity or historical significance.

Argyle’s legacy and the rarity of natural pink diamonds

The closure of Argyle is particularly significant for the fancy-coloured diamond market. For decades, the Western Australian mine was the world’s leading source of rare pink diamonds, producing stones that became highly sought after by collectors and luxury jewellers.

Unlike a mine that temporarily suspends production, a permanently closed deposit cannot supply newly mined diamonds once its remaining inventory has been exhausted. Existing stones can, however, continue to circulate through private collections, auctions and the jewellery trade.

DCLA recently reported on Boodles’ acquisition of the remaining Argyle Pink Diamonds inventory, demonstrating how the legacy of a closed mine can continue to influence the market years after mining ends.

The history of Argyle also illustrates why provenance, documented origin and rarity can matter when assessing exceptional natural diamonds.

The importance of independent diamond expertise

As the diamond industry evolves, understanding the differences between natural and laboratory-grown diamonds, assessing quality accurately and verifying relevant documentation remain important for consumers, jewellery businesses and collectors.

A diamond’s value cannot be established from its carat weight alone. Colour, clarity, cut, proportions, treatments, market conditions and, where relevant, provenance all contribute to an assessment.

DCLA provides independent diamond examination and reporting services to help clients understand the characteristics of their diamonds. Its work supports informed decisions in a market where the distinction between different diamond types and qualities is increasingly important.

The bigger picture: Rio Tinto’s exit from active diamond mining is a reminder that natural diamond production depends on finite geological resources. While the effect of declining supply will vary across the market, the closure of major mines is reshaping the industry’s long-term supply landscape.

For further information about diamond examination and reporting, visit DCLA.

Spectacular $70 Million Diamond Fantasy Bra

 

More than 4,400 natural diamonds, including a spectacular 75.54 carat Fancy Vivid Yellow diamond, transformed a Victoria’s Secret runway appearance into an extraordinary display of diamond craftsmanship.

Diamonds took centre stage at the latest Victoria’s Secret fashion show when Kylie Jenner made a surprise appearance wearing a remarkable diamond Fantasy Bra valued at approximately US$50 million, or A$72 million.

Created by renowned jeweller Jacob & Co in collaboration with Victoria’s Secret, the extraordinary piece combined the spectacle of high fashion with the precision and complexity of fine jewellery manufacturing. Jenner, the entrepreneur and cosmetics mogul, wore the creation on the Los Angeles runway, accompanied by the event’s signature angel wings.

While the presentation was designed to capture attention, the real achievement lay in the diamonds themselves, the intricate engineering and the craftsmanship required to create a piece of jewellery that could move with the body.

A masterpiece of natural diamonds

At the heart of the creation sits an exceptional 75.54 carat natural Fancy Vivid Yellow diamond, surrounded by a further 4,409 natural diamonds. According to Jacob & Co, the surrounding diamonds have a combined weight of approximately 1,373 carats, bringing the total diamond count to 4,410.

The design incorporates an assortment of diamond cuts, including Jacob & Co’s distinctive Angel-Cut, bringing together different shapes, proportions and light-reflecting characteristics in a single, elaborate creation.

Unlike conventional lingerie, this Fantasy Bra was conceived as a jewellery structure rather than a fabric garment embellished with gemstones. Its construction required 3,218 individually designed components, more than 1,000 hours of work and the expertise of 15 artisans.

The result demonstrates the extraordinary technical demands involved in creating high jewellery on this scale, where the setting, balance, security of the stones and movement of the finished piece are just as important as its visual impact.

Why the Fancy Vivid Yellow diamond stands out

Fancy Vivid Yellow is one of the highest colour grades for naturally coloured yellow diamonds under the Gemological Institute of America’s coloured diamond grading system.

Natural yellow diamonds owe their colour primarily to nitrogen within the diamond’s crystal structure. The intensity and distribution of that colour, together with the diamond’s cut, clarity, carat weight and overall appearance, contribute to its rarity and desirability.

A diamond weighing 75.54 carats with a Fancy Vivid Yellow colour grade is an exceptional centrepiece. However, carat weight alone does not determine a diamond’s value. Colour saturation, clarity, cut quality, natural origin and the availability of comparable stones all play important roles in assessing a diamond of this calibre.

For a natural diamond of this size and colour, independent professional examination and reliable documentation are particularly important.

The value of expertise in diamond assessment

Extraordinary jewellery creations such as the Fantasy Bra highlight why diamond identification, grading and professional assessment matter.

The value of an individual diamond depends on a combination of characteristics that cannot be determined by appearance alone. Natural and laboratory-grown diamonds may share many visual properties, yet their origin and market characteristics differ. Reliable identification, accurate grading and appropriate documentation help establish what a stone is and provide a sound basis for understanding its qualities.

At the Diamond Certification Laboratory of Australia (DCLA), diamond expertise and independent assessment are central to helping consumers and the jewellery industry understand the characteristics of the diamonds they own or are considering purchasing.

DCLA provides diamond testing and certification services, helping clients obtain professional information about diamond identity and grading. For significant diamonds and important jewellery collections, this knowledge can be especially valuable when considering insurance, estate matters, resale or the purchase of an exceptional stone.

Learn more about DCLA’s diamond certification and laboratory services.

When jewellery becomes a work of art

The Fantasy Bra is an example of what can be achieved when natural diamonds, advanced jewellery engineering and creative design come together. Its reported US$50 million value reflects the extraordinary scale and ambition of the creation, as well as the prestige associated with the brands involved.

Yet its significance extends beyond the runway. It illustrates the enduring fascination with natural diamonds and the specialised knowledge required to identify, assess and work with exceptional gemstones.

From a single remarkable Fancy Vivid Yellow diamond to thousands of individually set natural stones, every component contributes to a creation that sits at the intersection of luxury, fashion and fine jewellery.

At DCLA, we believe that understanding the diamonds behind the spectacle is just as important as appreciating their brilliance.

The Extraordinary Grand Condé Pink Diamond

 

Nearly a century after an audacious theft, one of France’s most remarkable historic diamonds is returning to public view. The nine carat Grand Condé is more than a rare pink gemstone. Its extraordinary history highlights the enduring fascination with natural diamonds, the importance of gemmological identification and the responsibility involved in protecting irreplaceable cultural treasures.

A Royal Diamond with an Unbelievable Past

A rare pink diamond with a history stretching back centuries is once again taking centre stage at the Château de Chantilly, north of Paris. Known as the Grand Condé, the nine carat, pear shaped gemstone is being displayed at the Condé Museum for the first time since its last public appearance almost 100 years ago.

The diamond became the subject of international attention in October 1926, when it was stolen during an overnight raid on the château. What followed was a remarkable episode involving an amateur thief, a concealed gemstone and an unexpected discovery that sounds more like a fictional detective story than a real historical event.

According to contemporary accounts, the stolen diamond was hidden inside a hollowed out apple. The thieves reportedly took refuge in a hotel, where a hungry maid unknowingly helped bring the mystery to an end. When she bit into the apple, the concealed diamond was discovered, allowing the precious stone to be recovered only weeks after the theft.

The story has endured for generations, adding another extraordinary chapter to the history of a diamond that had already survived revolution, royal ownership and the passage of time.

Why Natural Pink Diamonds Are So Exceptional

Pink diamonds occupy a special position in the world of natural gemstones. Unlike colourless diamonds, whose value is influenced by factors such as carat weight, colour, clarity and cut, fancy coloured diamonds are assessed with particular emphasis on the characteristics and intensity of their colour.

Natural pink diamonds are exceptionally rare. Their colour is generally associated with complex changes in the diamond’s crystal structure rather than the presence of a simple colouring element. The precise mechanisms responsible for pink colouration are not fully explained by conventional trace element analysis alone.

This geological rarity, combined with the limited supply of exceptional stones, has helped establish natural pink diamonds as some of the most sought after gemstones in the international market.

The closure of Australia’s Argyle mine in 2020 was particularly significant for the pink diamond trade. The Western Australian mine had become one of the world’s most important sources of pink diamonds, producing stones that ranged from delicate pastel pinks to highly saturated colours. With production having ceased, the availability of newly mined Argyle pink diamonds is limited to existing inventories and previously recovered material.

However, not all pink diamonds originate from Argyle, and the value of an individual stone depends on its own characteristics, provenance and market demand.

Exceptional natural pink diamonds have achieved extraordinary prices at auction. In 2017, the 59.60 carat Pink Star sold for approximately US$71.2 million, establishing a record for a diamond sold at auction. Although that stone was substantially larger than the nine carat Grand Condé, the result demonstrates the remarkable prices that exceptional natural coloured diamonds can command.

Identification: The Science Behind a Unique Diamond

The Grand Condé’s return to public display also highlights an important aspect of modern gemmology: establishing the identity of a valuable gemstone.

According to the museum, extensive academic research has been undertaken to study the diamond’s properties and establish characteristics that can help distinguish it from other stones. The exhibition also includes previously unseen archival material relating to the diamond’s history and theft.

For a historically important gemstone, identification involves more than recording its weight and appearance. Detailed examination may include measurements, proportions, internal characteristics, inclusions and other physical features that contribute to an individual stone’s identifying profile.

Depending on the gemstone and the available evidence, advanced analytical techniques may also help establish whether a diamond is natural or laboratory grown and identify characteristics relevant to its origin or treatment history.

It is important to distinguish between identifying a diamond and establishing its historical provenance. Gemmological testing can provide valuable evidence about the stone itself, while archival records, historical inventories, ownership documents and other independent evidence help establish its journey through history.

Together, these disciplines can provide a more complete picture of an exceptional diamond.

At the Diamond Certification Laboratory of Australia (DCLA), the examination and identification of diamonds are central to understanding what a stone is, what characteristics it possesses and how those characteristics should be documented.

For owners who want to establish the identity and characteristics of a diamond, professional examination can help distinguish natural diamonds from laboratory grown stones and document relevant gemmological features. Learn more about DCLA’s diamond laboratory services and the role independent diamond expertise can play in understanding and documenting valuable gemstones.

For collectors, jewellers and owners of important diamonds, reliable identification can be an essential part of preserving a stone’s identity and supporting informed decisions about its care and ownership.

Protecting Treasures in an Age of High Profile Thefts

The exhibition also comes at a time when security at major cultural institutions has attracted renewed international attention. High profile jewellery thefts, including the reported daylight robbery at the Louvre in Paris, have highlighted the challenges museums face when protecting objects of exceptional financial, historical and cultural importance.

The Grand Condé’s history offers a striking reminder that security risks are not new. Almost 100 years ago, a relatively unsophisticated theft was enough to remove a royal diamond from its display. Its eventual recovery depended not on advanced surveillance technology or sophisticated forensic systems, but on an extraordinary coincidence.

Today, the protection of important gemstones can involve detailed documentation, secure display systems, controlled access, insurance arrangements and scientific examination. A well documented gemstone can be easier to distinguish from a substitute or disputed object, although identification records alone cannot guarantee recovery following a theft.

For museums and private collectors alike, preserving a gemstone’s identifying characteristics and documenting its history are important parts of protecting an asset that may be impossible to replace.

For jewellery owners, understanding exactly what they possess is an important first step. DCLA provides diamond expertise to help establish a stone’s characteristics and support appropriate documentation. Further information is available through the DCLA website.

From Royal Collections to the Modern Diamond Industry

The Grand Condé’s documented history reaches back to the eighteenth century. The Château de Chantilly records its appearance in a 1740 inventory prepared following the death of Louis Henri de Bourbon, Prince of Condé.

The diamond later became part of the collection of Queen Marie Amélie of Bourbon-Sicily, the wife of King Louis Philippe I of France. It subsequently passed to her son, Henri of Orléans, Duke of Aumale, who bequeathed it to the Institut de France.

The Institut de France now owns the Château de Chantilly and its extensive collections of artworks, manuscripts and historic objects, including the Grand Condé.

Its survival across centuries illustrates how diamonds can acquire significance far beyond their original purpose as gemstones. Their importance may come to encompass royal history, family inheritance, artistic appreciation, scientific interest and cultural heritage.

A Diamond Is More Than Its Carat Weight

The Grand Condé is a reminder that the significance of a diamond cannot always be expressed through a price per carat.

Its nine carats are only one part of the story. Its unusual colour, historical associations, documented ownership and remarkable recovery all contribute to its importance. The diamond’s cultural value is inseparable from the events and people connected with it.

For the wider diamond industry, this is an important distinction. Two diamonds of similar weight can differ enormously in rarity, appearance, identification characteristics, provenance and desirability. A reliable assessment requires an understanding of the individual stone rather than a reliance on size alone.

At DCLA, diamond examination and certification help provide a clearer understanding of a stone’s characteristics. For anyone seeking professional information about a diamond they own or are considering purchasing, visit DCLA’s diamond laboratory website to learn more about its services.

As the Grand Condé returns to public view at the Château de Chantilly, visitors have an opportunity to appreciate both its physical beauty and the extraordinary events that have shaped its place in history.

Nearly a century after it disappeared into a hollowed out apple, the diamond’s story continues to capture the imagination. It is a remarkable example of how a natural gemstone can become a lasting historical treasure, valued not only for its rarity, but also for the story it carries through generations.

The Hidden Cost of Falling Diamond Prices, Lab-Grown Competition and Lost Livelihoods

 

The potential sale of De Beers highlights the challenges facing the natural diamond industry. The rise of lab-grown diamonds, weakening consumer demand, deteriorating economic conditions and years of changing consumer perceptions have combined to place unprecedented pressure on an industry that supports millions of livelihoods around the world.

The natural diamond industry is facing a defining moment. De Beers, one of the world’s most recognised diamond producers, is at the centre of a proposed ownership change as its controlling shareholder, Anglo American, seeks to sell its 85% stake in the business.

According to reports, luxury group Richemont, owner of Cartier and Van Cleef & Arpels, is considering joining a consortium led by former De Beers chief executive Gareth Penny. Other potential participants reportedly include Belgian diamond manufacturer Pluczenik and US jewellery retailer Signet.

The involvement of major luxury, manufacturing and retail businesses reflects the strategic importance of natural diamonds to the jewellery trade. However, it also raises a difficult question: are the challenges facing the diamond industry temporary, or are they evidence of a fundamental structural change?

The rise of lab-grown diamonds has changed the market

One of the most significant developments affecting natural diamonds has been the rapid growth of lab-grown diamonds.

Chemically and physically similar to natural diamonds, lab-grown stones can offer consumers comparable visual characteristics at substantially lower prices. Advances in production technology have increased supply and intensified price competition, particularly in the commercial and lower-priced segments of the diamond market.

For consumers primarily interested in appearance and size, lab-grown diamonds can be an attractive alternative. But their growing availability has also changed expectations about what a diamond should cost.

Natural diamonds and lab-grown diamonds are produced through very different processes. Natural diamonds are geological products formed over immense periods of time and recovered through mining. Lab-grown diamonds are manufactured using industrial processes that require equipment, energy and ongoing technological investment.

As manufacturing capacity expands and production becomes more efficient, lab-grown diamond prices can fall sharply. This creates a challenge for natural diamonds, whose supply depends on geological discoveries, mining operations, labour, infrastructure and substantial capital investment.

The consequences extend beyond competition at the retail counter. When consumers begin comparing natural diamonds with substantially cheaper laboratory-grown alternatives, natural diamond producers, manufacturers, wholesalers and retailers must reconsider pricing, marketing and inventory strategies.

The result has been significant pressure on diamond prices, although the impact varies according to size, quality, rarity and market segment. Higher-quality and genuinely rare natural diamonds may behave differently from more readily available commercial goods.

Economic uncertainty is adding to the pressure

Lab-grown diamonds are not the only factor affecting the natural diamond market.

Diamonds are discretionary purchases. When household budgets are under pressure, interest rates remain elevated, employment prospects become uncertain or consumers worry about the economic outlook, expensive jewellery can be postponed or removed from the shopping list altogether.

Weakening consumer confidence in major markets, economic uncertainty and changing spending priorities can therefore reduce demand for natural diamonds at the same time that lab-grown supply is expanding.

This combination is particularly difficult for an industry that relies on consumer confidence, luxury spending and the willingness of buyers to pay premiums for natural stones.

When demand weakens, retailers reduce orders, manufacturers become more cautious, wholesalers hold inventory for longer and miners may be forced to reduce production or sell rough diamonds at lower prices.

These pressures can reinforce one another. Lower prices affect profitability, weaker profitability reduces investment, and uncertainty throughout the supply chain makes it harder for businesses to plan for the future.

De Beers illustrates the scale of the challenge

De Beers has been loss-making since 2023, according to the figures reported in the source material. For 2024, it recorded an underlying earnings loss before interest and tax of approximately US$787 million, on revenue of nearly US$3.5 billion.

The proposed sale of Anglo American’s controlling stake has consequently attracted considerable attention.

For Richemont and other potential investors, ownership could provide greater influence over an important part of the natural diamond supply chain. For the industry as a whole, however, the central issue is whether consumer demand can recover sufficiently to support a sustainable business.

If the downturn is cyclical, an improvement in economic conditions and luxury spending could provide relief. If the market is undergoing a more permanent structural change because of lab-grown competition and evolving consumer preferences, a recovery may be considerably more difficult.

The distinction matters. A temporary decline can be managed by reducing costs and adjusting production. A structural decline requires businesses to reconsider their long-term strategies, their target markets and the reasons consumers should continue choosing natural diamonds.

The unintended consequences of the ‘blood diamond’ narrative

Another important chapter in the industry’s difficulties concerns the public campaigns against so-called blood diamonds.

The term emerged from genuine and serious concerns about diamonds being used to finance armed conflict and human rights abuses. These issues deserved attention, and initiatives such as the Kimberley Process were developed to help prevent conflict diamonds from entering legitimate international trade.

However, there is a difference between exposing documented wrongdoing and allowing a broad public narrative to create the impression that the entire natural diamond industry is associated with conflict or exploitation.

In the public debate, the distinction between diamonds from conflict areas and diamonds responsibly mined in other parts of the world has not always received the attention it deserves.

Botswana, Namibia, South Africa and other diamond-producing regions have developed legitimate mining industries that provide employment, government revenue, infrastructure and opportunities for local communities. In some countries, diamond revenues have played a significant role in funding public services and supporting economic development.

When consumers are encouraged to view natural diamonds as inherently unethical, without understanding where individual stones originate or how they were produced, the consequences can extend well beyond the intended target of the campaign.

The uncomfortable question is whether well-intentioned campaigns can sometimes cause harm to the very people they are meant to protect.

A campaign designed to discourage the purchase of diamonds associated with conflict may also discourage purchases of responsibly sourced diamonds from communities whose livelihoods depend on mining.

When demand falls, the consequences can reach miners, independent diggers, cutters, polishers, traders and local businesses. Workers who have spent years developing specialised skills cannot necessarily transfer those skills to another industry overnight.

Small-scale miners and independent diggers are particularly vulnerable. Unlike large corporations, they may have limited financial reserves and few alternative sources of income. If their stones become harder to sell or their prices fall below the cost of extraction, their livelihoods can disappear.

This does not mean that concerns about human rights, environmental damage or conflict financing should be dismissed. They remain important. It means that campaigns should be evidence-based, specific and attentive to the economic consequences of their demands.

The problem with being an armchair warrior

Public advocacy can play an important role in exposing misconduct and encouraging responsible business practices. But there is a danger when people who have little direct experience of an industry campaign for sweeping changes without fully considering the consequences.

It is relatively easy to demand that consumers stop buying a product. It is much harder to understand what happens to the workers, families and communities whose incomes depend on producing it.

An armchair warrior can advocate for a seemingly simple solution from a comfortable distance, without having to live with the consequences if the solution fails.

In the diamond industry, a blanket rejection of natural diamonds can affect people far removed from the controversies that prompted the original campaign. A responsible miner in southern Africa, an independent digger, a diamond polisher in India or a small jewellery business may have no connection to the conduct being condemned, yet still suffer from the resulting decline in demand.

The same principle applies to many industries. Campaigns that focus exclusively on one perceived problem can overlook the broader economic system in which millions of people work.

Good intentions do not automatically produce good outcomes. Effective advocacy requires an understanding of both the problem being addressed and the people who may bear the cost of the proposed solution.

Natural diamonds have a story lab-grown diamonds cannot replicate

Despite the challenges, natural diamonds retain characteristics that distinguish them from their laboratory-grown counterparts.

Their geological origins, natural rarity and individual histories form part of their appeal. For many buyers, a natural diamond represents more than its appearance. It can symbolise a milestone, a family connection, a relationship or an object intended to be passed from one generation to the next.

Lab-grown diamonds offer a different proposition. They can provide size and visual appeal at a lower purchase price, but their economics are closely connected to manufacturing capacity, production costs and technological development.

Neither distinction means every natural diamond will retain its value or that every lab-grown diamond is a poor purchase. Diamond prices depend on many variables, and consumers should not assume that either category guarantees future appreciation.

The important point is that the two products have different supply dynamics and different market propositions. Treating them as interchangeable simply because they may look similar overlooks the factors that influence their long-term supply and commercial value.

For the natural diamond industry, the challenge is to explain these differences honestly and convincingly, without relying on outdated assumptions or promising consumers that natural diamonds will always rise in price.

What happens next?

The proposed sale of De Beers is more than a corporate transaction. It is a test of confidence in the future of the natural diamond business.

Potential investors must weigh the company’s renowned position in the industry against its recent financial performance, the cost of mining, changing consumer preferences and the uncertainty surrounding future demand.

The outcome will depend on several interconnected factors:

• Consumer confidence: Whether improving economic conditions encourage households to resume spending on discretionary luxury goods.
• Lab-grown competition: Whether natural diamond producers can establish a clear and compelling distinction between mined and manufactured diamonds.
• Responsible sourcing: Whether the industry can demonstrate credible standards while ensuring that legitimate producing communities are not unfairly stigmatised.
• Supply discipline: Whether production can be aligned with genuine demand without undermining the long-term viability of mining operations.
• Consumer education: Whether buyers receive balanced information about origin, rarity, manufacturing, environmental considerations and the differences between natural and laboratory-grown stones.

The industry may emerge smaller and more focused, with greater emphasis on quality, provenance and genuinely rare natural diamonds. However, a sustained recovery cannot simply be assumed. If consumer preferences have permanently shifted in some market segments, businesses will need to adapt accordingly.

A final thought: good intentions need real-world understanding

The diamond industry is experiencing the combined effects of technological change, economic uncertainty, shifting consumer preferences and decades of debate about ethical sourcing.

Lab-grown diamonds have introduced a powerful new source of competition. Deteriorating economic conditions can weaken discretionary spending. Meanwhile, campaigns against conflict diamonds, although rooted in legitimate concerns, demonstrate why broad public messaging must distinguish between documented abuses and responsible producers.

Behind every price chart and corporate announcement are real people: miners, independent diggers, cutters, polishers, jewellers and families whose livelihoods depend on the trade.

Holding businesses accountable for genuine wrongdoing is necessary. But damaging an entire industry through inaccurate generalisations or poorly considered campaigns can create consequences that extend far beyond their original objectives.

Before demanding that an industry disappear, it is worth asking who will pay the price, what alternatives will replace the lost livelihoods, and whether the intended beneficiaries will ultimately be better off.

The future of natural diamonds will depend not only on corporate ownership and market prices, but also on whether the industry can rebuild consumer confidence, communicate its value and demonstrate that responsible diamond production can support both economic opportunity and ethical standards.

DCLA is the Diamond Certification Laboratory of Australia. Understanding the differences between natural and laboratory-grown diamonds, including their origins and identification, is increasingly important for consumers navigating today’s changing diamond market.