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De Beers thrown a curveball on synthetics

Friday, March 01, 2024 | 1160 Views |

Real deal: De Beers wants to see a clear distinction in the market between lab grown and natural diamonds PIC: MORERI SEJAKGOMO

Diamond giant De Beers has dropped its traditional stonewall dismissal of lab grown diamonds and in its recent commentary on the 2023 financial performance, admitted that the synthetics pinched the group’s numbers.

Despite being amongst the pioneers of synthetics, through its Element Six firm which was established in 1946, De Beers has consistently been dismissive of any argument that these lab grown stones could pose any kind of threat at retail level. Element Six focussed on synthetics’ industrial use, but the fake stones have since exploded onto the retail market.

Sales of natural rough diamonds traditionally go through a series of ups and downs, periods of strong demand and the lows associated with oversupply and uncertain economic conditions.

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De Beers thrown a curveball on synthetics

Diamond giant De Beers has dropped its traditional stonewall dismissal of lab grown diamonds and in its recent commentary on the 2023 financial performance, admitted that the synthetics pinched the group’s numbers.