Synthetics, Diamond Desire and the Market Recovery
The diamond industry may have found greater stability, but it has yet to solve the central challenge of generating enough consumer demand to sustain a recovery. That was the consensus at a live recording of The Diamond Dudes podcast at the CIBJO Congress on September 6. Speakers cautioned that the recent improvement in the polished market has been driven largely by lower rough supply rather than stronger retail demand.
The panel, led by Avi Krawitz, Rob Bates and Edahn Golan, noted that reduced mining and manufacturing activity has lowered inventory levels and tightened availability in certain categories. Sales of higher-value diamond jewelry are performing well, particularly among luxury consumers, while lower-priced goods remain under pressure. However, panelists warned that price increases driven by shortages could prove short-lived without stronger demand from retailers and consumers.
Attention therefore turned to marketing, consumer confidence and the need to make diamonds more culturally relevant. The panelists called for greater focus on consumers’ emotional connection with jewelry, while highlighting initiatives designed to emphasize diamond rarity and provenance. They also debated CIBJO’s adoption of “synthetic” as the preferred descriptor for lab-made diamonds but agreed that the natural-diamond sector’s longer-term task is to communicate its own value more effectively.
The discussion included a live recording of The Diamond Dudes podcast, followed by a broader discussion with panelists:
Mahiar Borhanjoo, chief commercial officer, De Beers
Mehul Shah, president, World Federation of Diamond Bourses
Raj Mehta, CEO, Spectrum V.V.
Raluca Anghel, head of external affairs and international relations, Natural Diamond Council
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