South African diamond mines are closing as lab-grown stones and weak sales bite
South African diamond mines are closing due to weak sales and lab-grown stones
South Africa's diamond mining industry is facing a crisis as sales slump and lab-grown diamonds gain market share, leading to mine closures and job losses. The country, once a global diamond powerhouse, now struggles to compete with cheaper synthetic stones and shifting consumer preferences. This WSJ article explores the economic and social impact on communities that depend on the industry, highlighting the challenges of transitioning to a post-mining economy.
The diamond industry is facing an existential crisis as lab-grown stones and changing consumer tastes undermine the traditional market.
- hn_submit
The market for natural diamonds will cease to exist when you can buy lab-grown versions for a couple bucks.
They wanted to differentiate between natural and lab-grown versions with the former being much more expensive. But that train has left the station since there's little to no difference in quality between the two. In fact, I once predicted there'd be huge scams where lab-grown ones would be repackaged and sold as natural ones and that would ruin customers' trust in natural diamonds.
But it now seems that isn't going to happen because customers are voting with their feet and leaving natural diamonds behind.
- tedchs
> Demand for engagement rings gave thousands of South Africans steady work at De Beers. Now, weak sales and lab-grown stones are taking it away.
So wait, on this Labor Day weekend, it sounds like the WSJ is pro-worker, but only if they're in South Africa?
- MobileVet
This took way longer than I hoped & expected... the DeBeers cartel in full damage control has really squeezed everything they could from it.
- thijson
I wonder if diamonds become cheap enough, and we are growing the crystal anyway, if we can introduce dopants and get interesting electrical properties.
- davidhyde
Oh shame. The poor devils.
- mlmonkey
I heard once that even if DeBeers stopped all diamond mining activity, their existing stockpile would last for a 100 years or more.
- bookofjoe
https://www.wsj.com/business/diamond-mines-are-closing-and-s...
- wewewedxfgdf
Shorter:
"South African diamond mines are closing due to lab-grown stones"