Editor’s Note
This article discusses the potential impact of a celebrity engagement on the diamond market, noting the rising prominence of lab-grown alternatives.
【London】The recent news of American pop star Taylor Swift’s engagement to professional American football player Travis Kelce has taken the internet by storm. Her diamond engagement ring, estimated by some experts to be worth around $1 million, is likely to provide a much-needed boost to the troubled global diamond industry.
Shortly after Swift posted a photo of the dazzling ring on social media, fans quickly noted the size and uniqueness of the diamond—an antique stone weighing between 8 and 10 carats, set in a gold band.
De Beers and other major players in the global gemstone industry are about to launch a large-scale marketing campaign aimed at boosting sales of natural diamonds.
This is a joint effort to counter the growing popularity of lab-grown diamonds, which have flooded the market in recent years, driving down prices for natural stones.
Lab-grown diamonds can be produced quickly—in some cases in just months or even weeks—and are virtually identical to natural diamonds in terms of cut, color, clarity, and carat weight.
Edahn Golan, a veteran independent diamond analyst based in Israel, stated that as early as 2018, lab-grown diamonds accounted for only 2% of the US’s $40 billion diamond jewelry market. That share has now risen to 16%.
Furthermore, according to jewelry insurer BriteCo, lab-grown diamonds accounted for nearly half of all engagement ring purchases globally in 2024, compared to about 5% in 2019.
Analyst Golan noted that the average price of lab-grown diamonds has plummeted 74% since its peak five years ago, to about $850 per carat.
In contrast, the average retail price of natural mined diamonds, while down 30%, remains significantly higher at $4,700 per carat.
Golan added that the price of natural D-flawless diamonds, the highest quality natural gemstones, has fallen from $56,500 per carat in 2018 to $43,750 today. In comparison, a lab-grown D-flawless diamond of the same size and clarity sells for just $2,500.
De Beers’ ownership structure could undergo a significant change in the coming months. British mining giant Anglo American wants to divest its 85% stake in De Beers.
The government of Botswana holds the remaining 15% stake and is reportedly looking to increase its share by acquiring part or all of the stake being sold by Anglo American.
Experts and analysts in the global diamond trade hope that once De Beers eventually becomes independent, it will be freer to pursue more innovative advertising and branding campaigns.
Company executives have indicated that promotional activities are already underway for India’s Diwali festival in October, followed by the busy Christmas period and the Lunar New Year celebrations in early 2026.
To combat the decline in demand for natural mined gemstones, De Beers recently joined an alliance of diamond-producing countries and industry leaders that signed an agreement to allocate 1% of their annual diamond revenue to marketing.
In De Beers’ case, with expected sales revenue of about $3.5 billion this year, its marketing allocation would be $35 million. Analysts say total marketing spending is expected to exceed $80 million if other signatories fulfill their commitments.
In addition to helping retailers advertise diamonds, De Beers will also introduce gemstone detection technology that retailers can use to show customers whether a diamond is natural or man-made.