As 2024 drew to a close, the diamond industry saw several dramatic developments that shook the market. The most-read stories revolved around familiar topics: diamond prices, the rise of lab-grown diamonds, and the ongoing influence of De Beers. However, this year also marked a turning point for De Beers, which made bold moves in response to an increasingly challenging market environment.
The year was dominated by discussions about the future of diamonds, especially as the market endured its second consecutive year of crisis. Anglo American’s decision to put De Beers up for sale signaled a bleak outlook for the industry. As a result, De Beers shifted its strategy, ceasing the production of synthetic diamonds for jewelry and refocusing on natural stones.
These moves added to the uncertainty in the market. Key questions remained unanswered: Will diamond prices recover? Can De Beers maintain its dominance without Anglo American’s financial backing? And how can the industry reignite consumer demand?
Here are the top 10 diamond-related stories of 2024:
- IGI Discovers 6ct. Lab-Grown Diamond Posing as Natural
A significant story in the early part of the year, this case highlighted the increasing ease of producing large lab-grown diamonds and the growing incentives for fraud as the price gap between natural and synthetic stones widened. - De Beers to Stop Producing Lab-Grown Diamonds for Jewelry
De Beers made the bold decision to abandon its Lightbox jewelry line, ceasing the production of lab-grown diamonds for jewelry. This move signaled a shift towards industrial applications for synthetic diamonds, marking a significant strategic change for the company. - De Beers Cuts Prices of Rough Diamonds
In December, De Beers surprised the market by cutting rough diamond prices by 10% to 15%. This sharp reduction was a response to weak demand in the second half of 2024 and indicated pressure to generate revenue. - Kiran Gems Reopens Mumbai Office
Kiran Gems made headlines by reopening its Mumbai office, reversing its decision to relocate its headquarters to Surat. This move signaled the importance of Mumbai as a key diamond marketing center in India. - NY Diamond Dealer Indicted for Swapping Synthetics for Natural
A New York diamond dealer faced indictment for allegedly swapping natural diamonds with synthetics, sparking significant interest due to the increasing concerns about fraud in the diamond industry. - Does Anyone Want to Buy De Beers?
Anglo American’s attempt to sell De Beers caused a stir in the industry, raising questions about the company’s future and its place in the market without the backing of its parent company. - Martin Rapaport on the De Beers Price Decrease
Diamond expert Martin Rapaport offered insights on De Beers’ price cut, discussing its potential effects on the market and public confidence during the peak shopping season. - De Beers Cuts Rough Prices by Average of 10% to 15%
De Beers made two significant rough price cuts in 2024, reflecting trends in the market and the company’s efforts to adjust prices in response to shifting demand. - Firestone Digs Up Its Largest Diamond Ever
Firestone Diamonds made headlines with the discovery of its largest diamond, bringing some positive news after a difficult period. - De Beers Cuts Prices of Smaller Rough Diamonds
In a final price reduction before December, De Beers lowered the prices of smaller rough diamonds that had remained high despite the market downturn.
These stories highlight the ongoing challenges and shifts in the diamond industry, with De Beers’ decisions marking pivotal moments in 2024. The year concluded with a mix of uncertainty and optimism as the market sought a path forward.