Once a niche segment, lab-grown diamonds have swiftly captured over 20% of global jewellery sales within a decade. In the United States — the world’s largest diamond market — synthetic stones now feature in the majority of new engagement rings. With prices for lab-grown diamonds continuing to plummet and consumers increasingly unable to distinguish between lab-grown and natural stones, industry leaders say the time to act is now.
“This isn’t merely a matter of market share — it’s a cultural shift,” said Yoram Dvash, President of the World Federation of Diamond Bourses (WFDB), in a message addressed to industry stakeholders. “We’re witnessing a loss of the intrinsic worth and emotional symbolism that have long defined natural diamonds.”
At the WFDB Presidents’ Meeting held in June, industry leaders from across the supply chain — from producing countries and mining companies to retailers and exchanges — signalled a renewed commitment to collaborate. According to Dvash, the gathering marked a pivotal moment where consensus was finally reached: a united, global effort is essential to safeguard the future of natural diamonds.
The Luanda Accord: Signed shortly after the Presidents’ Meeting by African diamond-producing nations and industry stakeholders, the agreement marks a commitment to fund global marketing for natural diamonds. Participating countries have pledged 1% of their rough diamond revenue to the Natural Diamond Council (NDC), which will manage the promotional fund.
De Beers’ Renewed Investment: The mining giant has committed to significantly increasing its investment in educational and marketing campaigns aimed at rekindling consumer desire for natural diamonds.
NDC’s Diamond Learning Center: In a bid to empower retail sales staff, the NDC has launched a new educational portal — diamondlearningcenter.org — to train frontline jewellery professionals in articulating the unique qualities and emotional value of natural diamonds.
Retail Sector Engagement: Large retailers including Signet and Chow Tai Fook, as well as smaller independents and online platforms, are expected to contribute to awareness and marketing initiatives in the coming months.
WFDB’s Emotional Storytelling Campaign: The organisation has unveiled a new video series focused on the emotional significance of natural diamonds, tapping into themes of love, legacy, and authenticity.
Dvash concluded his message with a note of optimism: “I am deeply encouraged to see our industry aligning behind this shared vision. The natural diamond is more than just a product — it’s a symbol. And its preservation depends on our collective strength and unity.”
As lab-grown diamonds continue to challenge conventional definitions of luxury, the diamond industry appears ready to fight back — not with resistance to innovation, but with a revitalised belief in the magic, rarity, and story of the natural diamond.
