Latest news with #diamondIndustry
RNZ News
02-06-2025
- Business
- RNZ News
Diamonds and their pearls moment
Lab-grown diamonds, indistinguishable from mined diamonds, are flooding onto the market, at a tenth of the price of those that came out of the earth. Photo: Alexia Russell Diamonds are having a pearls moment. Once upon a time pearls were the world's most valuable jewellery item - their extreme rarity making them the way to display wealth to the world. But in the early 1900s Japanese pearl famers worked out how to culture them and for the first time, a string of round pearls became affordable and obtainable. Now, lab-grown diamonds, indistinguishable from mined diamonds, are flooding onto the market at a tenth of the price of those that came out of the earth. But before you rush out to buy a ring that will give you more bang for your buck, think again - the price of yellow gold has risen so much that if you want your sparkler set in a gold band, it could well have cancelled out your savings. "We've had big movements in diamond prices, in both mined and lab diamonds, over the past five years," says Newsroom senior business reporter Alice Peacock. "A lot of jewellers, a lot of retailers have been getting into the lab space, and manufacturing of lab diamonds has increased a lot over the last decade. They've been around for a few decades but have really taken off in popularity over the last 10 years. "There's a bit of confused terminology around what lab diamonds are, but they are real diamonds. The chemical and the physical makeup of them is exactly the same. Essentially you can't tell the difference. I think people have different ideas about the ethics of them, but again that's a bit of a murky area." The split between customers who want a lab or a mined diamond varies greatly between outlets, but Peacock says Michael Hill Jeweller told her it's still lower than 50 percent. In its Canadian and Australian stores however, the demand is higher. In the US demand is soaring. Zoë and Morgan is a bespoke jeweller in Auckland. If you look at the company's website you will see side by side two rings, a two-carat lab diamond for $6,000, and a mined diamond of 1.01 carats for $16,700. Zoë Williams is the co-owner of Zoë and Morgan, a bespoke jeweller in Auckland Photo: Alexia Russell Zoë Williams is the co-owner and says at the moment more than half of her customers are opting for a lab-grown diamond - but it's a really changeable situation. She tells The Detail that many customers come in who don't know what lab diamonds are, or who think they're fake. "It's been fun just to be able to chat about the different processes ... obviously the way diamonds have been extracted through history is really horrible." However, the increasing popularity of lab diamonds has forced the "natural" diamond industry to improve its game, with more ethical operations and giving back to the communities they're taken from. Williams explains how jewellers can trace the origins of mined stones using the code each one comes with. "In modern times, all of those mining processes have had to become much more ethically-minded to come up to speed with how we should be treating our humans in the world. "And that's a fantastic thing. That's what I personally quite like about the lab diamonds coming onto the market, is it's .... caused the other side of the industry to really tidy up their act and to really become a lot more responsible. And within all of these things there's pros and cons ... but I do feel like we've made some great advances in the last few years." But lab-grown diamonds aren't spotless when it comes to sustainability - it takes an immense amount of energy to make them and there are nasty chemicals involved. Williams says the diamond market is also no longer just about engagement rings, but people are buying them to mark special moments in their lives - from the 21-year-old who's celebrating getting a job, to someone who's not waiting for someone to give them a diamond, to those who've made it to 40 and are happy with where they are in life. They might not be quite the investment they used to be sold as, but Williams questions if that really matters. "Sometimes I like the idea that it doesn't stand up financially, but it holds an incredible story and it holds a lot of personal value, and I think that's really important as well." Check out how to listen to and follow The Detail here . You can also stay up-to-date by liking us on Facebook or following us on Twitter .
Yahoo
09-05-2025
- Business
- Yahoo
De Beers Is Closing Its Lab-Grown Diamond Jewelry Business
De Beers is saying goodbye. The company announced that it is officially closing its lab-grown diamond jewelry business, known as Lightbox, in a move that confirms its allegiance to traditional stones; the diamond miner had announced last year that it would no longer sell its own man-made gems. De Beers is considering the sale of some of the business's inventory, as well as other assets, as a result, Bloomberg reported. More from Robb Report Bryan Cranston's Former SoCal Beach House Can Be Yours for $8 Million Mansory's Latest Bonkers Creation Is a Convertible G-Wagen With Suicide Doors Billionaire Don Hankey Is Selling His Oceanfront Florida Mansion for $44 Million Though the diamond miner had the technology to make synthetic stones for decades, De Beers only used those gems for industrial purposes, Reuters reported. The brand changed its tune in September 2018, when it started Lightbox amid an increased demand for man-made diamonds. With the endeavor, De Beers was aiming to make consumers see a strong distinction between traditional and lab-grown diamonds, as well as sell the lab-grown gems at a discount to its fellow producers, according to Bloomberg. Upon its launch, De Beers had its gems priced at $800 a carat, well below the market value. Now, though, prices of synthetic diamonds have plummeted 90 percent at wholesale, according to a statement from the brand, marking a stark divergence from the price of traditional gems. 'The persistently declining value of lab-grown diamonds in jewelry underscores the growing differentiation between these factory-made products and natural diamonds,' Al Cook, the brand's CEO, said the press release. 'The planned closure of Lightbox reflects our commitment to natural diamonds.' The chief executive also noted that the competition for man-made diamonds has increased as of late, thanks to low-cost production in China. In the U.S., meanwhile, supermarkets that sell jewelry with lab-grown gems have driven down prices, according to Cook. Lab-grown diamonds have been around for quite some time. The synthetic gems first came onto the scene back in 1954, when GE used a technique called High Pressure, High Temperature (replicating how diamonds are formed inside the earth) to successfully create them in a laboratory. The latest lab-grown obsession, though, has shaken up the diamond industry, with some people seeing the man-made creation as a threat to diamonds in general. Other consumers, meanwhile, have embraced the trend: Back in 2022, more than a third of engagement rings had a synthetic diamond, according to a survey from the Knot. But as prices continue to drop, we may have more shake-ups in the jewelry industry yet. Best of Robb Report The 25 Greatest Independent Watchmakers in the World The 10 Most Expensive Watches Sold at Auction in the 21st Century (So Far) 11 Stunning Jewelry Moments From the 2020 Oscars Click here to read the full article. Sign in to access your portfolio
News24
08-05-2025
- Business
- News24
De Beers is closing its lab-grown diamond business
For more financial news, go to the News24 Business front page. De Beers is closing down its lab-grown diamond business, cementing an earlier decision to stop selling the stones as jewellery as it commits to traditional gems. The diamond miner announced last year that it would cease selling its own man-made gems, but was unsure what it would do with the Lightbox business that made them. On Thursday, it said it's discussing the sale of some assets — including inventory — with potential buyers. While having the technology to make synthetic gems, the company had long refused to sell them as jewellery, fearing they would undercut the allure of natural stones. Yet as man-made gems gained traction and started competing directly with natural diamonds, De Beers started its own jewellery brand in 2018. Lightbox was introduced to sell synthetic diamonds at a steep discount to rival producers in an attempt to drag prices lower and create a clear divide in consumers' minds between traditional and lab-grown products. Synthetic diamond prices have now collapsed, though how much of that is down to De Beers rather than a flood of new supply from places like China is open to debate. The problem for De Beers is that wholesale prices of lab-grown diamonds have now become much cheaper than those of Lightbox, undermining the reason for continuing with the brand. 'The persistently declining value of lab-grown diamonds in jewellery underscores the growing differentiation between these factory-made products and natural diamonds,' De Beers chief executive officer Al Cook said in a statement. 'The planned closure of Lightbox reflects our commitment to natural diamonds.' De Beers is in the process of trying to cut costs as it navigates a crisis within the diamond industry and prepares to be cast adrift by Anglo American Plc, which is trying to sell the famous gem company.
Associated Press
08-05-2025
- Business
- Associated Press
Burgundy Diamond Mines releases 2024 Socio-Economic Report
CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) -- Burgundy Diamond Mines Limited (ASX:BDM) (Burgundy or the Company) today announced the release of its 2024 Socio-Economic (SEA) Report, highlighting the company's achievements and progress in the areas of safety, operations and social impact, in relation to Ekati Diamond Mine. The annual report articulates Burgundy's commitment to aligning business practices and a mutual objective to provide economic benefits to the North, under the Mineral Resources Act requirements with the Government of the Northwest Territories. 'This report underscores our commitment to responsible mining, the collaborative relationships we maintain with our northern stakeholders and the government, and our contributions to communities through donations, sponsorships and employment opportunities,' said Kim Truter, CEO of Burgundy Diamond Mines. 'As the largest G7 producer of natural diamonds, we will also continue to actively manage the environmental footprint associated with our operations and govern our business in a transparent, ethical and accountable manner, to the benefit of all our stakeholders.' 2024 Socio-Economic Highlights: To view the full report please visit Note: About Burgundy Diamond Mines Limited Burgundy Diamond Mines is a premier independent global scale diamond company focused on capturing the end-to-end value of its unique vertically integrated business model. Burgundy's innovative strategy is focused on capturing margins along the full value chain of the diamond industry, including mining, production, cutting and polishing, and the sale of diamonds. By building a balanced portfolio of diamond projects in favourable jurisdictions, including the globally ranked Canadian mining asset, Ekati, and a diamond cutting and polishing facility in Perth, Burgundy has unlocked access to the full diamond value chain. This end-to-end business model with total chain of custody provides traceability along every step of the process, with Burgundy able to safeguard the ethical production of the diamonds from mining to marketing and discovery to design. Burgundy was founded in Perth, Western Australia. The company is led by a world-class management team and Board. Caution regarding Forward Looking Information This document contains forward looking statements concerning Burgundy Diamond Mines Limited. Forward looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties and other factors. Forward looking statements in this document are based on Burgundy's beliefs, opinions and estimates as of the dates the forward-looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions or estimates should change or to reflect other future developments. A photo accompanying this announcement is available at
