Diamond Market Slump
Diamond industry shifts from growth to survival amid market slump
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Mining.comAccording to a report by Mining.com, the diamond industry is experiencing a significant downturn, with the global diamond business sinking deeper in 2025 due to weak demand, cheap lab-grown alternatives, and geopolitical tensions. De Beers, the world's largest diamond miner, posted a dramatic revenue drop and announced plans to cut over 1,000 jobs. Other producers, such as Russia's Alrosa, also struggled with profits plunging nearly 80%. The rise of synthetic stones has forced strategic shifts, with De Beers abandoning its Lightbox lab-grown jewellery brand and refocusing marketing efforts on mined diamonds. Governments and industry bodies have responded with collective efforts to shore up the natural diamond sector, including the Luanda Accord, which aims to revive demand for natural stones.