The Prof G Pod with Scott Galloway
Office Hours: The Lab-Grown Diamond Boom, Investment in Women’s Sports, and Deciding Whether to Quit Your Job
Nov 29, 2023
Explore how lab-grown diamonds are reshaping the diamond industry, making luxury more affordable and accessible. Discover why investing in women’s sports is not just a trend but a smart financial move, especially with potential female billionaires entering the arena. Finally, get practical advice for those contemplating a major career shift, emphasizing the importance of networking and self-reflection before taking the plunge into new adventures.
20:05
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Quick takeaways
- Lab-grown diamonds have significantly impacted the diamond industry, leading to a drop in natural diamond prices and an increase in lab-grown diamond sales.
- Investing in women's sports, driven by growing interest and engagement, presents promising opportunities for future growth and asset value.
Deep dives
Lab-grown diamonds gain popularity and impact traditional diamond prices
Lab-grown diamonds have become increasingly popular due to their similarity to natural diamonds but at a fraction of the cost. Global sales of lab-grown diamonds reached $12 billion in 2022, showing a significant 38% increase. Mainstream jewelry retailers, including K jewelers and Pandora, have started selling lab-grown diamonds as well. However, lab-grown diamonds do not appreciate in value and are sold at an 80% discount compared to natural diamonds, up from a 20% discount five years ago. As a result, natural diamond prices have dropped by 18% from their peak, and this trend is expected to continue as lab-grown diamonds become more prevalent.
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