These young adults are believed to be behind the rise of affordable lab-grown diamonds (LGDs), particularly in the North American market.
While companies dealing in man-made stones, like Pandora, are thriving — Pandora even boosted its annual forecast after first-quarter sales of LGDs soared 87% — the world of diamonds has seen a sharp decline. Prices have dropped nearly 20% in the past year after a 2022 spike.
Anglo American’s De Beers, the largest diamond producer by value, has consistently cut output in the past two years due to sluggish demand.
Sanctions-ridden Russian miner Alrosa, the world’s largest producer of rough diamonds by volume, stopped publishing sales data in early 2022 and cut its output by 2.8% to 34.6 million carats last year.
The campaign comes as De beers seeks to reposition itself in the market as a top jewellery group. It is also the first major play from the recently announced partnership…
