De Beers Ends Lab-Grown Engagement Diamonds Foray as Prices Drop
- Prices of synthetic stones for bridal rings have plunged
- Lab-grown prices expected to fall further on increased supply
Lab-grown diamonds have long been seen as an existential threat to the natural mining industry.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
De Beers decided to call time on offering lab-grown diamonds for engagement rings even as the man-made alternatives continue to cannibalize demand in one of the company’s most important markets.
After vowing for years that it wouldn’t sell stones created in laboratories, in 2018 De Beers reversed that position and only this year started testing sales of the diamonds in the crucial engagement-ring sector. The diamond industry leader said Wednesday that the trial showed that it wasn’t a sustainable market.