"Diamonds don't really fit in anymore despite the strong legacy of De Beers under Anglo," said independent diamond industry analyst Paul Zimnisky.
Declining marriage rates as well as growing popularity for gold and lab-grown gems all drove down Chinese demand for diamonds, saidmonopoly on the diamond market "The core issue is the rapid growth of lab-grown diamonds," he said. Daga added that in the U.S., which is the second largest consumer of diamonds, half of engagement ring stones will be lab grown this year, up from just 2% in 2018.than natural diamonds, are made in a controlled environment using extreme pressure and heat. The process recreates how natural diamonds are forged deep in the Earth's mantle.
Similar to a natural diamond, a lab-grown diamond is graded based on the 4Cs — clarity, color, cut and carat weight."The industry has not done large scale category marketing for almost 20 years. And we're seeing the aftermath of that," Aggarwal said, adding that the diamond industry will need to work hard to reignite Chinese consumer demand.