12:01 - 18.07.2025

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July 18, Fineko/abc.az. The world's largest diamond miner, De Beers, is in crisis due to the growing popularity of artificial diamonds, ABC.AZ informs, referring to The Wall Street Journal.

This company has been shaping the image of diamonds as a symbol of love and luxury for decades.

If laboratory stones were rare 10 years ago, today they occupy more than 20% of the global diamond jewelry market, compared with less than 1% in 2016. In the U.S., they have already decorated more than half of wedding rings, which is 40% more than in 2019.

The new CEO of De Beers, Alu Cook, who took over the company in 2023, is taking radical steps to protect the business. He stopped producing artificial diamonds under Lightbox brand and increased the marketing budget by more than 25%, to maximum in 10 years.