Behind the Money How the diamond industry lost its sparkle
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Sep 10, 2025 
Leslie Hook is the Financial Times’ natural resources editor, diving deep into the evolving diamond industry. She discusses the rise of lab-grown diamonds, which are identical to natural ones but far cheaper, posing a serious threat to traditional retailers. Eleanor Olcott shares insights from her trip to China's production hub for these synthetic gems. The conversation also explores De Beers' potential sale and what it could mean for the future, as well as changing consumer trends influenced by affordability and celebrity culture.
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Zhengzhou Jewelry Market Discovery
- Eleanor visited an eight-story jewelry market in Zhengzhou where stalls glittered with diamonds that looked identical to natural stones to the naked eye.
- Shopkeepers said lab-grown diamonds became common in the past two to three years and customers increasingly try them on like natural gems.
Identical Stones, Much Lower Price
- Leslie Hook says lab-grown diamonds are chemically and physically identical to natural stones and cost a fraction of the price.
- That rapid arrival of cheap, identical stones is causing major disruption to the natural diamond business.
China's Lab-Grown Diamond Roots
- China began growing diamonds in labs when Soviet exports stopped in the 1960s and initially focused on industrial-grade stones.
- Those diamonds served drill bits and abrasives rather than jewelry until technological advances improved quality.