, Columnist
Diamonds Need Some New Best Friends
The industry needs to find a way to appeal to post-pandemic consumers.
Marilyn Monroe no longer cuts it for post-pandemic millennials.
Photographer: Frederick M. Brown/Getty Images
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It’s looking decidedly somber out there for the world’s favorite sparkly stone.
Diamonds were ailing even before the coronavirus came along. Now, weeks into lockdowns in the U.S. and elsewhere, all but the largest diggers, polishers and retailers are struggling for cash. Unable to sell its stones, Dominion Diamond Mines, the miner that sold luxury brand Harry Winston to Swatch Group AG in 2013, filed for insolvency protection late Wednesday. Anglo American Plc’s De Beers cut 2020 production guidance by a fifth Thursday, in line with demand.