The diamond market is undergoing a transformation as lab-grown diamonds capture over 50% of the market and see price drops of 85% in a decade. Natural diamond prices have also declined significantly, forcing retailers to redefine their marketing strategies. Consumers increasingly view high-priced natural diamonds as outdated, while the romance of diamonds wanes in the face of accessible lab-grown options. Retailers, particularly De Beers, acknowledge the need to connect with a new generation, emphasizing uniqueness while contending with the perception of lab-grown diamonds as mere commodities.
"If we're going to speak to this new generation of consumers ... it can't be a fairy tale they don't relate to," said Sally Morrison, the natural diamonds market lead at De Beers.
Lab-grown diamond sellers may have disrupted the category, and while consumers are certainly more open to buying them, they haven't managed to completely replicate the prestige of mined stones.
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