Do diamonds really last forever ?
The famous slogan “A Diamond is Forever”, introduced by diamond conglomerate De Beers, is running out of steam. And with good reason: the diamond mining industry is going through an unprecedented crisis.
Behind this situation lies a major upheaval: the rise of cultured diamonds, particularly in strategic markets such as China and the United States. In North America, almost half the diamonds sold by jewellers now come from laboratories (source: Financial Times). Younger generations, more aware of environmental and social issues, are demanding greater traceability of the materials they consume. Demand for mined diamonds is declining, a trend that is only set to increase in the years and drives down diamond prices.
To better understand this state of affairs, let's take a look back at the origins of this iconic slogan and how it has shaped consumer beliefs since the last century.
A marketing construction
The idea of a diamond as the ultimate symbol of eternal love was born of De Beers' clever marketing hand at the beginning of the 20th century, in response to a major crisis.
At the time, the South African conglomerate controlled nearly 90% of the world's diamond production. However, the discovery of numerous mines, combined with unfavorable geopolitical contexts, had caused demand and prices for the precious stones to plummet (National Geographic). Compelled to preserve the value of their diamonds, De Beers' directors launched one of the most influential marketing campaigns of the 20th century. The message was clear: true love should be demonstrated by the gift of a diamond, a symbol of commitment and eternity. Thus was born the legendary slogan “A Diamond is Forever”.
This strategy not only maintained demand, but also firmly anchored in the collective unconscious the idea that the solitaire diamond was inseparable from engagement and marriage. These campaigns have shaped a cultural idea that fuels relentless demand, often driving profit-seeking practices at the expense of ethics. This pursuit has, at times, led to corruption, exploitation, and a disregard for the social and environmental consequences tied to diamond mining.
Cultured diamonds : an upheaval
Today, cultured diamonds are overturning this heritage by challenging the very notion of rarity that has long fueled the prestige of mined diamonds. These stones, which possess the same physical, chemical and optical properties as their mined counterparts, do not fit into this artificial logic of retention.
Moreover, laboratory diamonds play an essential role in other industries, notably those requiring ultra-resistant materials. Their impact extends far beyond jewelry, broadening the scope of uses for this precious resource.
At the same time, environmental and ethical concerns linked to mining continue to weigh on the industry. Although reforms have been introduced, notably with the Kimberley Process Certification Scheme, these initiatives remain largely insufficient to guarantee a truly responsible supply chain.
The limits of the Kimberley Process
The Kimberley Process (KPCS), set up in 2003, was designed to prevent the sale of so-called conflict diamonds, i.e. stones used by rebel movements to finance civil wars (also known as Blood Diamonds). This process requires that each export of rough diamonds be accompanied by a government certificate attesting to their conflict-free origin.
However, there are major flaws in this system. Firstly, it is strictly limited to rough diamonds, excluding cut diamonds. Furthermore, it does not cover human rights violations or environmental abuses that may occur in supply chains. Furthermore, signatory companies are not obliged to thoroughly verify the provenance of the stones they market (Amnesty).
In addition, corruption and the absence of rigorous controls in some participating countries considerably weaken the effectiveness of the system. These shortcomings leave the door open to illegal activities and undermine the sector's transparency. Blood diamonds still exist today, and are legitimized by the policies of the diamond industry and merchants in the world's major diamond centers such as London, Antwerp and New York. This neglect has left a sadly indelible mark on countries such as Sierra Leone, where they are among the most violent rebel campaigns on the African continent (see the book Blood Diamonds by Greg Campbell).
Mining diamonds face an uncertain future
The trade in mined diamonds also reflects international geopolitical and economic tensions. With the G7 banning the import of Russian diamonds, the historic diamond trading center of Antwerp is losing ground to Dubai, which is establishing itself as an alternative hub. Belgium, for example, saw its imports of the sector fall by 23.3% in one year, while its exports dropped by 17.2% (L’Echo).
Additionally, the processing of rough diamonds is now largely outsourced to India, where labor costs are much lower. This model lengthens supply chains, reducing traceability and increasing the risks of opacity and corruption.
For a truly eternal vision
The Little Ice Skating Girl - Platinum ring set with a central 0.65-carat emerald-cut diamond.
Mined diamonds come at a hidden price : the displacement of communities, exploitation of workers, and destruction of livehoods, alongside the degradation of land and ecosystems. Their extraction leaves both people and the planet scarred.
Opting for lab-grown diamonds offers a responsible alternative – combining beauty with respect for both humanity and the environment.
Founded in 2009, AGUAdeORO is a jewelry store based in Geneva and Zurich, offering its customers the opportunity to purchase ethical jewelry made in Switzerland. Our aim is to offer jewelry that combines sustainable development and elegance.
Photo Credits : Dillon Wanner for Unsplash et Melanie Deziel for Unsplash