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NDTV
a day ago
- Business
- NDTV
Is The Lab-Grown Diamond Era Over?
Are diamonds really forever? South African and British diamonds corporation, De Beers Group announced its decision to close its lab-grown diamonds (LGD) brand, Lightbox in May 2025. This has led to a shift of focus back to the OG natural diamonds within the industry and consumers. While a girl's got to know all about her diamonds, but if you are living under a rock, LGDs are chemically produced diamonds that look just like naturally mined diamonds but cost a fraction of the latter. View this post on Instagram A post shared by De Beers (@debeersofficial) According to Statista (Statista is a global data and business intelligence platform that specialises in compiling, gathering and visualising statistics and market research data), this move by De Beers is in sharp contrast to the lab-grown diamonds industry steadily growing over the past decade. However, in a statement released in their official website the company highlighted that Lightbox's LGD's have seen a fall in prices by 90 per cent at wholesale, since the brand's inception back in 2018. Given this stark drop in prices and the resultant decline in market, the company has decided to discontinue the brand. This strategic move by the leading diamonds producer now shifts their attention back to natural diamonds. In an official statement by De Beers, it was made clear that this will lead to streamlining the business and concentrating energies towards high-return operations instead. Given this turn in the industry, NDTV spoke to De Beers Group, industry experts and other brands in the business to understand their take on the fall of lab-grown diamonds and the resultant resurgence of naturally mined diamonds. De Beers's Comment On Rolling Back Its Lab Grown Diamond Line, Lightbox Amit Pratihari, MD, De Beers India, spoke to NDTV, "The proposed closure of the Lightbox business reflects a key executional milestone in De Beers Group's Origins Strategy, as set out in May 2024, to focus on high-return activities and streamline the business. The closure will enable De Beers Group to reallocate investment to initiatives focused on reinvigorating desire for natural diamonds through category marketing." He further said, "As we move towards becoming a standalone company, we continue to optimise our business, reduce costs and build a focused De Beers that is positioned for profitable growth." It was conclusively added by the diamonds giant, "The planned closure of Lightbox reflects our commitment to natural diamonds. We are also excited at the growing commercial potential for synthetic diamonds in the technology and industrial space." De Beers Group's Take On Their Strategic Move Towards Focusing On Natural Diamonds Amit Pratihari highlighted the De Beers Group India's view, "The De Beers Group's strategic move to close its lab-grown diamond ("LGD") jewellery brand, Lightbox, reinforces De Beers Group's commitment to natural diamonds in the jewellery sector." He further told NDTV, "Natural diamonds, in that context, become more than adornment in India. They become symbols of support, of acknowledgment, of love that adapts and evolves. By linking this deeply personal rite of passage to the timelessness of diamonds, we aimed to elevate the moment - and remind people that diamonds can be everyday expressions of meaning, not just occasion-driven luxuries." Did Falling Prices Make De Beers Close Down Their Lab Grown Diamonds Line? Industry Experts Weigh In Mr. Ankur Daga, Founder and CEO, Angara (Angara is a US based fine jewellery with a 300-year gemstone legacy that has entered the Indian market with a digital first direct-to-customer market to reshape the luxury jewellery industry) told NDTV, "De Beers' exit needs to be seen through the right lens." To throw light on the renowned diamonds industry giant he added, "When they launched Lightbox in 2018, which was the same year when the U.S. FTC officially declared lab-grown diamonds as real diamonds in line with which their strategy was to position lab-grown diamonds as fashion or fun jewellery, while keeping natural diamonds for "serious" milestones. But over time, that divide didn't hold." The perspective of the consumers was also brought forth by Ankur Daga, "They didn't see them as separate categories. But they saw two options that looked the same, felt the same, and were chemically identical. Without a pricing or scale advantage in the lab-grown segment, it made sense for them to double down on what drives their core business." Putting a fair point of view across he added, "That said, their exit isn't a reflection of the lab-grown category's health. If anything, lab-grown has never been stronger. It's simply that the market evolved faster than a legacy brand could adapt. This is a space where nimble, consumer-first brands, especially in the D2C space, are leading the way." Richa Singh, MD, India and Middle East, Natural Diamond Council offers a contrasting opinion on the closing down of lab De Beers's lab grown diamonds line, "The closure of Lightbox marks a clear inflection point in the diamonds industry. When De Beers launched the brand, the intent was to create a visible distinction between lab-grown diamonds (LGDs) and natural diamonds, positioning LGDs as a lower-priced option for less significant, everyday moments." However, this saw a change, "As the prices for LGDs have fallen by nearly 90 percent, the category has been challenged not just economically, but in terms of consumer perception. This shift has made it increasingly clear that in a market where consumer trust and clarity matter more than ever, natural diamonds continue to hold their place as heirlooms, memory carriers, and investments with meaning." Is The De Beers Case A Model Of How The Industry Is Functioning? Richa Singh further agreed that this will be a model of how the diamonds industry will function at large, "Yes, the De Beers decision is indicative of broader shifts within the diamonds industry. As consumer expectations evolve, there is a renewed emphasis on transparency, traceability, and intrinsic value. The closure of Lightbox was not simply a financial decision; it underlined the growing divide between short-term alternatives and enduring legacy. This development reinforces what discerning consumers have always known: that natural diamonds, with their rarity, cultural significance, and emotional depth, offer something that cannot be replicated. Their value lies not just in the product, but in what they represent over time." Ankur Daga on the contrary is of another opinion, "Not at all. Across the global jewellery industry, lab-grown diamonds are gaining ground rapidly, not as a 'fashion' offshoot, but as a core category. Today, most mainstream jewellers, especially in the U.S., offer both lab-grown and natural diamonds side by side. The only exceptions are ultra-luxury houses that focus exclusively on natural stones due to their high price points." He further told NDTV, "So while De Beers stepped away, the rest of the industry has embraced lab-grown (diamonds). Not as a niche, but as a growth engine, one that's bringing aspirational fine jewellery to a far wider audience than ever before." Are Natural Diamonds Regaining Their Charm? Richa Singh is all in for natural diamonds regaining their old charm. She tells NDTV, "The association between natural diamonds and emotional milestones is not only growing stronger but also becoming deeply personal. Today, one in every three women is choosing to buy a diamond for herself. This shift reflects a powerful cultural evolution, where women are not waiting to be gifted diamonds, but are claiming them as expressions of self-worth, independence, and celebration. They are not just adornments. They are heirlooms in the making." Ankur gave NDTV an alternative perspective which points towards a no real move back towards the natural diamonds. "There's no real data to suggest that natural diamonds are regaining charm in a way that reflects a broad market shift. In fact, the momentum clearly lies with lab-grown diamonds, which are growing significantly faster in retail sales, both globally and in India. That's not to say natural diamonds don't have their place. They still hold emotional value for many, particularly when heritage or tradition is part of the story. But the idea that women are uniformly returning to natural diamonds for milestone moments doesn't hold up to market reality." The Effect Of Circling Back To Natural Diamonds In The Face Of Easy On The Pocket Lab grown Ones? The move to and fro between natural diamonds and lab grown ones has polarised the industry. According to Ankur Daga, "Honestly, I don't think there is a pendulum swinging back. That narrative keeps coming up, but if you look at the numbers, they tell a very different story." Richa Singh is of the opinion, "The love for natural diamonds stems from something deeper, the emotional and intrinsic value they uniquely hold. Formed over millions of years, they are rare, real, and carry a lasting significance that simply cannot be replicated." Market Trends And Future Outlook. Are Customers Moving Towards Buying Lab Grown Diamonds Or The Natural Ones? Ankur Daga clearly mentions their customer's preference towards lab grown diamonds, "Our customers are clearly moving toward lab-grown diamonds. If you fast-forward five to 10 years, I believe we'll see lab-grown account for 80 percent of centre stones in engagement rings, up from just 2% in 2018 and 55% today. That number will plateau eventually, simply because it's already a majority, but the direction is very clear." Richa Singh gives NDTV a contrasting view. "Natural diamonds and lab-grown diamonds are fundamentally different. One is a billion-year-old legacy, shaped by the earth and time. The other is a mass produced, created in a matter of weeks. While they may appear visually similar, the differences in origin, rarity, and intrinsic value set them apart." She further added, "No two pieces are alike, similar to fingerprints making each one as unique and one-of-a-kind just like yours." Industry Experts Take On Luxury Diamonds Market Trends Frankly, different sections of the diamonds industry have different opinions on this matter. Ankur Daga told NDTV, "We're seeing a major shift in how luxury in jewellery is expressed. Thanks to lab-grown, larger diamonds have become much more accessible, and that's giving people the freedom to explore bolder styles. You'll start to see more people wearing two-, three, even four-carat diamonds, not because they've suddenly changed their taste, but because it's now within reach." Richa Singh said on the question the market trends (rephrase this), "India has always been the soul of the diamond world, from being the first home of diamonds to leading the global cutting and polishing trade. Today, it continues to shape the future of fine jewellery." She further added, "The future of luxury lies at the intersection of tradition and individuality and that's where natural diamonds shine." Industry Insider's Take On If 'Diamonds Are Forever'? Ankur Daga who helms Angara is of the opinion, "Yes. Diamonds are forever, but not just natural ones. Lab-grown diamonds are chemically and visually identical, and increasingly, they carry the same emotional significance. And I'd say coloured gemstones are equally forever. They're becoming modern heirlooms; deeply personal, versatile, and in many cases, appreciating in value." Richa Singh agrees that diamonds are certainly forever and are a symbol of love and bonds that make their heirloom worthy, "Natural diamonds carry a history that spans billions of years. Even the youngest among them predates the dinosaurs by over 40 million years. Formed deep within the Earth, each diamond is entirely unique, like a fingerprint of nature. That individuality mirrors every relationship we cherish. Their journey to the surface is one of strength and resilience, making them powerful symbols of enduring love and connection." She further added, "They're not just timeless, they're deeply personal, memory carriers that evolve with us and endure beyond us." Conclusive Take: Is The Era Of Lab Grown Diamonds Over? Just like the rest, the industry opinion is divided on this pivotal question too. But Ankur Daga kept his take short and sweet, "Far from it. It's only just beginning." Richa Singh, on the contrary, said, "For those of us who are passionate advocates of natural diamonds, this moment is not about competing origins but about deeper meaning. Consumers today are choosing fewer, better things; pieces that carry emotional weight, generational value, and a story worth telling." So, who is to say whether the era of lab grown diamonds is over or not? Opinions remain divided and only time will tell.
The Hindu
03-06-2025
- Business
- The Hindu
GIA not to use 4C system to grade lab-grown diamonds
The Gemological Institute of America (GIA), considered the world's foremost authority on gemmology, said later this year, it will start using descriptive terms to characterise the quality of laboratory-grown diamonds and no longer use colour and clarity nomenclature it had developed for natural diamonds and been in use since 1953. It means GIA will drop its traditional 4Cs (Colour, Clarity, Cut & Carat Weight) diamond grading system for lab-grown diamonds to ensure clear demarcation between natural and man-made diamonds. Later this year, lab-grown diamonds handed over to GIA will receive simplified descriptors—categorised broadly as either 'premium' or 'standard'— or no grade at all if the quality is subpar. The institute said it would continue to accept laboratory-grown diamonds for evaluation and identification. 'Similar to other man-made gem materials, we anticipate the continued acceptance and popularity of laboratory-grown diamonds,' said Tom Moses, GIA executive vice-president and chief laboratory and research officer in a statement. Amit Pratihari, Managing Director, De Beers India said, 'GIA's decision is a timely and important move that brings much-needed clarity to consumers. 'It reinforces the fundamental differences between natural diamonds and lab-grown — not just in origin, but in emotional and enduring value. We have always maintained that natural diamonds are rare, billions of years old, and deeply symbolic — a fact that resonates strongly with Indian consumers,' he said. Kirit Bhansali, Chairman, Gem & Jewellery Export Promotion Council (GJEPC) said, 'This change will help eliminate confusion by clearly distinguishing how lab-grown diamonds are assessed, separate from the standards developed for natural diamonds.' 'For consumers, it brings greater transparency and ensures that purchasing decisions are based on a clear understanding of a diamond's origin and characteristics,' he said. 'For India, as a leading hub for both natural and lab-grown diamonds, this change brings much-needed clarity and balance to the marketplace — allowing both categories to grow with greater transparency, integrity, and consumer confidence,' he added.
News18
28-04-2025
- Business
- News18
Akshaya Tritiya 2025: How Gen Z, Gemstones, and New Traditions Are Shaping Jewellery Choices
Last Updated: This Akshaya Tritiya, jewellery isn't just an investment in value. It's an investment in stories, in memories, and in identity. Akshaya Tritiya, one of India's most auspicious festivals, has always been deeply associated with prosperity, new beginnings, and timeless traditions. For generations, buying gold on this day has been considered a sacred way to invite abundance into one's life. But today's consumers—especially Gen Z and millennials—are evolving how they celebrate, choosing jewellery that's not just traditional, but also personal, versatile, and deeply meaningful. 'Akshaya Tritiya is a celebration of prosperity, new beginnings, and the values we hold close, making deep, meaningful time for Indian families," says Amit Pratihari, Managing Director, De Beers India. 'At Forevermark India, we see a growing emotional connection with natural diamond jewellery during this occasion. Formed over billions of years, these rare treasures of the Earth carry a sense of permanence, authenticity, and beauty that transcends generations." While gold remains a cherished part of the Akshaya Tritiya tradition, discerning buyers are expanding their horizons. Pratihari notes that many are moving beyond conventional choices, seeking pieces that reflect their individuality and deeper emotional connections. 'Natural diamonds and other gemstones are becoming powerful alternatives — vibrant in expression, rich in meaning, and symbolic of modern aspirations," he adds. 'More than adornment, they represent love, legacy, and the desire to celebrate life's milestones with something truly lasting." Indeed, gemstones are finding a new place in festive jewellery boxes. Aditi Daga, co-founder, Angara, highlights this evolution, explaining, 'While gold remains a deeply rooted part of the tradition, today's consumers are blending legacy with lifestyle, choosing pieces that resonate personally and can move seamlessly from rituals to everyday elegance. They want pieces they can live in, celebrate with, and pass down." Interestingly, Angara's very first Akshaya Tritiya season has already witnessed a surge in interest around coloured gemstones, particularly among Gen Z and millennials—a trend partly influenced by skyrocketing gold prices. 'These young buyers are gravitating towards meaningful gemstone jewellery that offers versatility, emotional connection, and lasting value," she says. 'It's not a question of tradition vs. trend but about how tradition evolves with intention." The numbers tell their own story: gemstones like rubies have appreciated over 1000% in value over the last two decades, making them not just beautiful, but also a smart investment. This spirit of evolution is especially evident among younger consumers. MP Ahammed, Chairman, Malabar Group, shares, 'Gen Z's flair for fashion finds a perfect avenue for exploration in jewellery, as they embrace bold, expressive styles and merge timeless elegance with a modern twist. Whether it's statement chokers or heavy gold necklaces—once reserved for bridal trousseaus—today's youth pair them effortlessly with intricately crafted earrings and bangles." Gold remains beloved, but its form is more playful and experimental. From evergreen chandbalis and jhumkas to sleek diamond studs and lightweight bracelets, Gen Z is curating collections that mirror their individuality and vibe. Ahammed notes that the vibrant charm of coloured gemstones is adding an exciting new dimension to layered looks, perfectly complementing this eclectic spirit. A New Era of Jewellery Tradition As Akshaya Tritiya continues to be a day steeped in heritage, it's also becoming a reflection of how traditions adapt with time. Whether it's a timeless gold necklace, a fiery ruby ring, or a pair of sleek diamond studs, today's buyers are making choices that honor the past while embracing the present. In doing so, they are redefining prosperity — not just as material wealth, but as personal meaning, connection, and self-expression. This Akshaya Tritiya, jewellery isn't just an investment in value. It's an investment in stories, in memories, and in identity.
Reuters
29-01-2025
- Business
- Reuters
De Beers sees India as a bright spot, notes early recovery signs in US
NEW DELHI, Jan 29 (Reuters) - India has been emerging as a bright spot for the cut and polished diamonds amidst a slowdown in key markets such as the U.S. and China, Amit Pratihari, managing director, De Beers India told Reuters on Wednesday. India is the world's largest centre for cutting and polishing diamonds, accounting for nine out of 10 diamonds polished globally, according to Indian government data. However, the country's cut and polished diamond exports fell this year because of weak demand from China and the U.S., forcing the industry to focus on the growing domestic market that surpassed China last year to become the world's second-largest. "China has completely slowed down in the luxury segment ... We see India growing very strongly," Pratihari said in an interview. De Beers, a unit of Anglo American (AAL.L), opens new tab, is the world's top diamond producer by value and India's number one supplier of rough diamonds. However, there were some early signs of recovery in the U.S. and "big growth" in the Middle East, Pratihari said. "In next couple of months, we expect recovery," he said. Weak exports demand for polished diamonds forced Indian processors to trim imports of rough diamonds by 22% to $7.9 billion during April to December, according to India's Gem and Jewellery Export Promotion Council (GJEPC). De Beers is adjusting prices of rough diamonds to support the midstream industry - companies that buy rough diamonds from miners and sell them after cutting and polishing to retailers - in the face of polished diamond prices falling more than those of rough diamonds, he said. "Miners are controlling the supply so more rough does not come into the market that would put additional pressure on the polished prices. But the pressure on polished prices is in midstream as in retail there is no change," he said. India's cut and polished diamond exports fell by 8.3% to $9.76 billion in April-December compared with the 2023 period, according to GJEPC.
