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De Beers’ total revenue for 2023 decreases by 35% ; underlying EBITDA plunges by 95%

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De Beers reported a steep drop in revenue and profit for the year 2023, as the global diamond industry faced a severe downturn due to the challenging macro-economic conditions, limited consumer demand growth and a cautious retail scenario. De Beers’ total revenue decreased by 35% to $4.3 billion, compared to $6.6 billion in 2022. The average realised price of its rough diamonds was $147 per carat, a 25% decrease from $197 per carat in 2022.

The company attributed the lower prices to a larger proportion of lower value rough diamonds being sold, as well as a 6% decrease in the average rough price index, which reflects the market conditions and the product mix.

The company’s underlying EBITDA (earnings before interest, taxes, depreciation and amortisation) plunged by 95% to $72 million, from $1,417 million in 2022. The company said the lower sales volumes and prices negatively impacted its margins in the trading business.

De Beers also recognised an impairment of $1.6 billion to the carrying value of its assets, reflecting the near term adverse macro-economic outlook and industry-specific challenges, such as the oversupply of polished diamonds, the reduced availability of credit, and the consumer preference shift to lab-grown diamonds. De Beers also reported a stable sales performance for its retail business, De Beers Jewellers, despite the global macro-economic headwinds and the challenging Chinese sector. The miner said the long-term outlook remains favourable, driven by the ongoing

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Education

Natural and Lab-Grown Diamonds: Two Sparkling Paths Defining the Future of Luxury Jewellery”

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The diamond landscape is evolving faster than ever. As technology meets tradition, Natural and Lab-Grown Diamonds are redefining how consumers, retailers, and brands perceive luxury. Both share identical chemical and optical properties, yet their origins, pricing, sustainability factors, and emotional appeal set them apart.

With the global diamond market at a turning point, understanding these distinctions helps both jewellery buyers and industry professionals make informed decisions in 2025 and beyond.

From the Earth’s Depths to Cutting-Edge Labs

Natural diamonds are formed over billions of years deep within the Earth’s mantle under immense heat and pressure. They emerge through volcanic activity and are then mined, cut, and polished before reaching the consumer.

In contrast, lab-grown diamonds (LGDs) are created inside advanced laboratories using High Pressure High Temperature (HPHT) or Chemical Vapor Deposition (CVD) technology. These processes replicate natural conditions, producing diamonds that are chemically, physically, and optically identical to those mined from the Earth — but grown in a matter of weeks.

Appearance and Durability: Identical in Every Sparkle

Both natural and lab-grown diamonds score a perfect 10 on the Mohs hardness scale, meaning they are equally durable, brilliant, and suitable for everyday wear. Even expert gemologists require specialized instruments to distinguish between the two.

Modern certification authorities such as GIA, IGI, and SGL ensure complete transparency by clearly mentioning whether a diamond is natural or lab-created on its grading report — maintaining consumer trust and industry integrity.

Pricing and Market Accessibility

One of the most defining aspects of lab-grown diamonds is affordability. On average, they cost 50–80% less than natural diamonds of similar size and quality. This has opened the luxury jewellery market to younger, value-conscious consumers, particularly Millennials and Gen Z, who view LGDs as sustainable and budget-friendly choices.

However, natural diamonds continue to command premium value due to their rarity, heritage, and perceived emotional depth — making them a timeless investment for collectors and traditional buyers.

Sustainability and Ethics in Focus

In today’s conscious consumer era, sustainability and ethical sourcing play a critical role in purchase decisions. Lab-grown diamonds have gained popularity for their minimal environmental footprint and traceable production methods.

Meanwhile, leading natural diamond mining companies have advanced significantly in eco-restoration, carbon reduction, and community programs, ensuring responsible mining practices. As both sectors innovate, the diamond industry as a whole is moving toward greater transparency and social responsibility.

India’s Pivotal Role in the Diamond Evolution

India, particularly Surat, has emerged as the global hub for lab-grown diamond production, driving exports and technological innovation. According to trade data, lab-grown diamond exports from India have surged sharply in 2025, solidifying the nation’s role as a world leader in both natural and synthetic diamond expertise.

Retailers across India are now offering dual counters — one for natural diamonds and another for lab-grown — to cater to the evolving preferences of modern consumers.

Changing Consumer Perceptions

The perception of lab-grown diamonds has shifted dramatically. Once viewed as “alternatives,” they are now celebrated as symbols of modern luxury and sustainability. However, natural diamonds continue to represent heritage, emotion, and exclusivity — values deeply rooted in the cultural and emotional fabric of jewellery buying.

The brilliance of a diamond, whether mined from the Earth or grown in a lab, remains eternal. The difference lies not in its sparkle, but in the story it tells — one of timeless beauty versus technological innovation.

As the jewellery industry embraces both, the future of diamonds is not about choosing one over the other — it’s about celebrating diversity, transparency, and conscious luxury.

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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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