Are Diamonds Even a Luxury Anymore?

This episode of The Journal explores the challenges facing De Beers, the iconic diamond company, due to the rise of lab-grown diamonds. The podcast traces the history of De Beers' dominance in the diamond market, the controversy surrounding blood diamonds, and the emergence of lab-grown diamonds as a cheaper and ethically sound alternative. It discusses how the mass production and affordability of lab-grown diamonds have disrupted the market, leading to a decline in the value of natural diamonds and forcing De Beers to re-evaluate its strategy. The company is now focused on emphasizing the rarity and unique value of natural diamonds, as well as highlighting the positive economic impact of diamond mining in countries like Botswana, in an effort to convince consumers that natural diamonds are still a worthwhile luxury.