It was nice while it lasted, but with a new generation that doesn't see the 'value' in gemstones, diamonds may turn out not to be forever. De Beers, who has always controlled diamond prices, has allowed sellers to ignore restrictions set by the diamond empire for the first time.
has lost over $100 billion since mid-April. Richemont also reported a surprise decline due to falling luxury watch spending among high-end consumers. Lab-grown diamonds are gaining popularity in some markets, but it seems Gen Z doesn't value diamonds the same as previous generations. Whether diamonds will still be a girl's best friend as we head deeper into the 21st century is a question De Beers will be asking themselves more and more in the next few years.
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