An ancestral symbol of eternity, commitment, and absolute luxury, the diamond has long reigned supreme in the world of jewelry. However, this reign, based on geological rarity and the collective imagination, is now being challenged.
The rise of lab-grown diamonds (or "synthetic" in technical, legal, and scientific jargon), combined with changing societal expectations and the transformation of luxury brands, opens a new chapter in the history of fine jewelry. A chapter where technology, ethics, transparency, and creativity coexist.
The untouched fascination of natural diamonds
Formed billions of years ago in the Earth's core, natural diamonds remain one of the rarest and most sought-after materials in the world. Their brilliance, incomparable hardness, structural singularity, and historical aura make them a stone charged with emotion and prestige. Major brands such as CARTIER, Van Cleef & Arpels, Harry Winston, Chopard ou Boucheron have built their legacy around exceptional natural diamonds, worn by legendary figures such as Grace Kelly, Elizabeth Taylor, Marilyn Monroe or more recently Rihanna.
A natural diamond is not just a jewel, it is a testament to time. Giving or receiving a natural diamond is like writing a lasting story, passing on a memory, and affirming an (eternal) promise.
But this precious stone is also the product of a complex industrial model. Extracting natural diamonds raises numerous ethical and environmental questions: working conditions in certain African mines, impact on local ecosystems, traceability difficulties, carbon footprint... Criticisms that weaken its image, particularly among younger generations.
The Jeweler's Eye: Between Age-Old Craftsmanship and New Codes
From a jeweler's perspective, natural diamonds retain unparalleled prestige. Their rarity, brilliance, and unique inclusions make them exceptional gemstones, the result of a geological process that dates back to the dawn of time. In the workshops of the great diamond houses, natural diamonds are still cut, set, and polished with an almost spiritual rigor.
But at the same time, younger brands like Oscar Massin, VRAI, and JEM are redefining jewelry design around lab-grown stones. It's no longer the stone itself that defines luxury, but the message it carries: a "clean," sustainable, traceable, and low-impact stone. These brands don't pit tradition against modernity; they reconcile them in a contemporary gesture, suited to today's sensibilities.
The main players in natural diamonds
De Beers Group
De Beers, the long-standing leader in the diamond market, remains one of the most influential players in the industry. With mining operations in South Africa, Botswana, Namibia, and Canada, the company controls a significant portion of the global supply. Through its sales channels such as Sightholders (preferred dealers), De Beers sells lots of rough diamonds at regular intervals. The brand has also developed its own consumer label, De Beers Jewelers and Forevermark, dedicated to traceability and ethics. At the same time, it is investing in blockchain-based traceability tools, with its platform Trace, in order to meet new market expectations.
ALROSA
ALROSA is Russia's leading diamond producer and one of the world's largest by volume. Its operations are concentrated in the remote regions of Yakutia, Siberia, where it operates mines rich in high-quality diamonds. Long discreet on the Western scene, ALROSA has established itself as a key supplier to Asia and the Middle East. Since the conflict in Ukraine, however, its access to Western markets has been restricted. Nevertheless, the company continues to play a leading role in the industry, with a vertically integrated supply chain and regular sales of rough diamonds to licensed dealers.
Rio Tinto Diamonds
Rio Tinto is a major Anglo-Australian mining group known for its expertise in natural resource development. Its subsidiary Rio Tinto Diamonds made its mark on diamond history with the Argyle mine in Australia, famous for its rare pink, red, and purple diamonds. Although this mine closed in 2020, the company remains active through its interests in Canadian mines (including Diavik). Rio Tinto emphasizes responsible sourcing and transparency, with initiatives such as the Chain of Custody program ensuring the traceability of diamonds from the mine to the end customer.
Petra Diamonds
Petra Diamonds is a renowned South African player specializing in exceptional diamonds. It operates the legendary Cullinan mine, famous for producing some of the largest diamonds ever discovered, several of which are now included in the British Crown Jewels. Petra sells its stones through international auctions. Its strategy is based on the development of unique diamonds for collectors and fine jewelry houses, and on commitments to sustainable development in mining communities.
Dominion Diamond Mines
Based in Canada, Dominion Diamond Mines is known for operating the Ekati mine, the first major diamond mine opened in Canada. It has long partnered with Rio Tinto in managing Diavik. Canadian diamonds are distinguished by their quality, but also by their traceability and the strict environmental standards applied during their extraction. Every diamond from their mines can be certified "CanadaMark," guaranteeing ethical and sustainable origin. Dominion plays a growing role in supporting brands seeking ethical and certified diamonds.
HB Antwerp
HB Antwerp is a disruptive player based in Belgium, challenging traditional diamond distribution models. The company has developed a fully integrated value chain, from rough to polished stone, with a strong focus on transparency, traceability (thanks to blockchain), and local value addition. HB collaborates directly with governments, such as Botswana, to repatriate a greater share of processing and revenues locally. Its vision: to evolve the industry towards greater fairness, innovation, and clarity for the end consumer.
Rosy Blue
Based in Antwerp, as well as in India and Dubai, Rosy Blue is one of the world's largest diamond traders. Its business model is based on comprehensive control of the supply chain: sourcing, cutting, polishing, and sales. It supplies many major international jewelry houses. The company is committed to social responsibility and transparency, particularly through the Responsible Jewellery Council (RJC). Its global reach and logistical capacity make it a pillar of the B2B natural diamond market.
Tiffany & Co.
For several years, Tiffany has made the strategic choice to integrate its entire diamond supply chain. The House has its own cutting and polishing centers, and makes a point of ensuring the traceability of each stone, right back to the mine. This transparency has become a strong selling point, especially among younger generations concerned about the origin of their jewelry. As a retailer, Tiffany also plays the role of a major distributor, rigorously selecting its suppliers and promoting natural stone in its iconic creations.
Chow Tai Fook
This Hong Kong-based jewelry giant is one of the largest diamond distributors in Asia. With thousands of points of sale in China, Chow Tai Fook combines mass sourcing, industrialized cutting, and a very large retail offering. The company also leverages digital technologies and blockchain traceability through its T MARK initiative. It has established itself as a key player in the diamond trade in Asia-Pacific, for both natural and cultivated diamonds.
Natural diamond: evolution and prospects
The future of natural diamonds is taking place in a context of dwindling resources. Major mines in Australia, Africa, and Russia are in decline. Exploration of new deposits, particularly underwater or in the Arctic, raises major ecological questions.
Some projections estimate that global production of natural diamonds could decline by 15 to 25% by 2030. This reduction could strengthen their symbolic and heritage value, provided it is accompanied by sustainable development: recycling, circular jewelry, custom-made pieces, cultural storytelling.
However, recent years have revealed several major discoveries that have marked the natural diamond industry:
In August 2024, the Karowe mine in Botswana yielded a colossal 2-carat diamond, the second largest ever discovered, stimulating global interest in this aging resource. In May 492, Alrosa extracted an exceptional 2025-carat diamond from the Mir mine in Yakutia, symbolically named "468 Years of Victory in the Great Patriotic War" in memory of the Soviet victory of 80.
In Canada, the Diavik mine has just revealed a rare 0,45-carat purple stone, a testament to the colorful gems that can still be found, even at the very end of mining. In Australia, the Ellendale diamond field is seeing a revival of activity around the alluvial "L-Channel" deposit, rich in fancy yellow diamonds.
Finally, in Angola, the Luele mine entered production at the end of 2023, with estimated reserves of more than 628 million carats, making it a future global pillar of production.
These discoveries demonstrate that while historical deposits are tending to be exhausted, significant opportunities are still emerging in previously little-explored regions, thanks to technological progress and renewed geological effort.
Synthetic diamonds: ethical revolution or new normal?
Born in a laboratory in a few weeks using HPHT (high pressure, high temperature) or CVD (chemical vapor deposition) processes, synthetic diamonds have the same optical and chemical characteristics as natural diamonds. Only advanced gemological tools can distinguish them.
Among the pioneers of lab-grown diamonds, several industrial players and jewelers are now standing out on the international scene. On the producer side, companies like Diamond foundry, supported by Leonardo DiCaprio, or Element Six, a subsidiary of the De Beers group, dominates the market thanks to advanced technologies (notably CVD).
Free from the controversies of "blood diamonds," more affordable, and often produced with a reduced carbon footprint, it appeals to a young, urban, and conscious audience. Leading the way: the American brand TRUE, endorsed by Leonardo DiCaprio, which claims 100% sustainable, traceable production, powered by renewable energy. JEM, a French pioneer in ethical jewelry, combines responsible gold, minimalist design and synthetic diamonds in a committed approach.
Lab-grown diamonds are disrupting the industry's economics. Their much lower production costs allow brands to offer high-end pieces at more affordable prices. In 2023, according to Bain & Company, sales of synthetic diamonds accounted for nearly 20% of the global market, a figure that is steadily growing.
But this rise does not mean the disappearance of natural diamonds. On the contrary, they are repositioning themselves in an ultra-premium segment: exceptional stones, unique pieces, collector's collections. Natural diamonds are becoming a rare cultural asset, close to the world of art or high-end watchmaking.
The real driver of change comes from the customers themselves. Generation Z (18–35 years old) believes that luxury is no longer measured by rarity, but by sincerity. A piece of jewelry is beautiful if it tells a true story, if it respects the environment, if it is aligned with the beliefs of the person wearing it.
Synthetic diamonds, once seen as a substitute alternative, are becoming a confident, conscious, and empowering choice. Natural diamonds, on the other hand, remain a living myth, but they must now be accompanied by guarantees: certified origin, sustainable mining practices, and full traceability.
Towards a harmonious coexistence of diamonds?
More than opposition, it's an intelligent coexistence that's needed. Lab-grown diamonds don't replace natural diamonds: they open up another path, one that's more accessible, more ethical, and more inclusive. Natural diamonds, on the other hand, remain a stone of deep emotion, memory, and history.
Modern jewelry stands at the intersection of these two approaches. We're already seeing mixed collections emerge, where both types of diamonds coexist. Brands no longer sell just a piece of jewelry, but a choice, a vision of the world, a connection between aesthetics and consciousness.
While lab-grown diamonds are increasingly appealing due to their affordable price, exemplary traceability, and lower environmental impact, making them a credible alternative for an ethically conscious generation, natural diamonds retain an intact aura, fueled by their age-old history, geological rarity, and deep cultural symbolism. Faced with this duality, jewelry brands are reinventing their approach: they are now placing emotion, personalization, and sustainability at the heart of their message.
Tomorrow's consumer will no longer simply choose a stone for its brilliance, but for what it says about them: their commitments, their life choices, their values. An enlightened luxury, more narrative than demonstrative. Thus, it is no longer the stone that makes the jewel, but the intention that accompanies it. Luxury is now no longer measured solely by brilliance, but by consistency. The diamond, whether natural or synthetic, becomes a reflection of oneself, one's commitments, one's relationship with the world. And it will forever remain "a girl's best friend"!
Ema Lynnx
