The global diamond industry is rallying together in an unprecedented show of unity to defend and restore the image, value, and market share of natural diamonds, as lab-grown alternatives continue their rapid rise.
Once a niche segment, lab-grown diamonds have swiftly captured over 20% of global jewellery sales within a decade. In the United States — the world’s largest diamond market — synthetic stones now feature in the majority of new engagement rings. With prices for lab-grown diamonds continuing to plummet and consumers increasingly unable to distinguish between lab-grown and natural stones, industry leaders say the time to act is now.
“This isn’t merely a matter of market share — it’s a cultural shift,” said Yoram Dvash, President of the World Federation of Diamond Bourses (WFDB), in a message addressed to industry stakeholders. “We’re witnessing a loss of the intrinsic worth and emotional symbolism that have long defined natural diamonds.”
At the WFDB Presidents’ Meeting held in June, industry leaders from across the supply chain — from producing countries and mining companies to retailers and exchanges — signalled a renewed commitment to collaborate. According to Dvash, the gathering marked a pivotal moment where consensus was finally reached: a united, global effort is essential to safeguard the future of natural diamonds.
Key Developments Underscoring the Movement:
• The Luanda Accord: Signed shortly after the Presidents’ Meeting by African diamond-producing nations and industry stakeholders, the agreement marks a commitment to fund global marketing for natural diamonds. Participating countries have pledged 1% of their rough diamond revenue to the Natural Diamond Council (NDC), which will manage the promotional fund.
• De Beers’ Renewed Investment: The mining giant has committed to significantly increasing its investment in educational and marketing campaigns aimed at rekindling consumer desire for natural diamonds.
• NDC’s Diamond Learning Center: In a bid to empower retail sales staff, the NDC has launched a new educational portal — diamondlearningcenter.org — to train frontline jewellery professionals in articulating the unique qualities and emotional value of natural diamonds.
• Retail Sector Engagement: Large retailers including Signet and Chow Tai Fook, as well as smaller independents and online platforms, are expected to contribute to awareness and marketing initiatives in the coming months.
• WFDB’s Emotional Storytelling Campaign: The organisation has unveiled a new video series focused on the emotional significance of natural diamonds, tapping into themes of love, legacy, and authenticity.
Dvash concluded his message with a note of optimism: “I am deeply encouraged to see our industry aligning behind this shared vision. The natural diamond is more than just a product — it’s a symbol. And its preservation depends on our collective strength and unity.”
As lab-grown diamonds continue to challenge conventional definitions of luxury, the diamond industry appears ready to fight back — not with resistance to innovation, but with a revitalised belief in the magic, rarity, and story of the natural diamond.