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https://www.wsj.com/business/retail/de-beers-diamonds-price-lab-grown-468b33ab

An employee uses a loupe to inspect a large, polished natural diamond at a workshop in London’s Diamond District specializing in bespoke jewelry.

Are Diamonds Even a Luxury Anymore? De Beers Reckons With Price Plunge

The brand made mined diamonds synonymous with love and devotion. Now the CEO decries what he calls a ‘huge con’ in lab-grown stones masquerading as precious.

An employee uses a loupe to inspect a large, polished natural diamond at a workshop in London’s Diamond District specializing in bespoke jewelry.

By

Jenny Strasburg

and

Suzanne Kapner

| Photographs by Jack Orton for WSJ

July 16, 2025 9:00 pm ET

De Beers chief executive Al Cook wants to save a generation of lovers and newlyweds from what he calls a “huge con” when it comes to buying diamonds. 

In the process, he hopes to rescue his iconic brand—and perhaps the diamond industry as it has existed for more than a century—from an ominous decline. 

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