Lot is going on with the diamond industry.
First, the demand for diamond has decreased, with the younger generation spending the money on fancy gadgets and experiences. This makes sense given that the artificial diamond shortage is created by the De Beers, monopoly. Plus, the “diamonds are forever” campaign is losing its steam after many decades.
Second, traditional diamonds will have to compete with lab grown diamonds, which are cheaper and conflict free (remember the movie, Blood Diamond“). Yes, finally some disruption in the diamond industry. Thank you science and technology and market forces.
Third, the trading of diamond business in Antwerp has shifted from the Jews to Indians. Wow, the Indians must be really competitive to take over the precious stone business given that the Jews have a very long history with precious stone trades.
Finally, a 404-carat diamond worth more than 20 million has been found! Whoa! that is huge. I wonder which lovely lady will have the honor to wear that ring (I am kidding). Anyway, it’ll be interesting to see what happens to this large diamond.
Diamonds are beautiful but wisdom is valuable ^^