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De Beers thrown a curveball on synthetics

Friday, March 01, 2024 | 1090 Views |
Real deal: De Beers wants to see a clear distinction in the market between lab grown and natural diamonds PIC: MORERI SEJAKGOMO
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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The Ministry of Agriculture, local producers, retailers, and industry associations must work together to overcome the obstacles hindering vegetable production and distribution.This collaborative approach is essential to improve the availability, quality, and affordability of vegetables in the market.Firstly, the Ministry of Agriculture should provide support and guidance to local farmers to enhance their productivity and efficiency. This could...

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