Everything has changed, but really nothing has changed. The stories that dominated the news this past year were on the same topics that always get people clicking: diamond prices, lab-grown fraud, De Beers, and large stones.
But nestled in the list were a few items that reflected important developments in 2024. The market endured a second consecutive year of crisis, indicating that its problems were deep-seated. Anglo American put De Beers up for sale, signaling the parent company’s poor outlook for the industry. De Beers went back to basics in a strategic revamp, ceasing production of synthetic diamonds for jewelry and focusing on marketing natural stones.
These realities created almost unprecedented uncertainty in the market. Industry members had many questions: Will diamond prices recover? Will De Beers continue to be the diamond sector’s custodian without Anglo American’s financial power behind it? How can the industry revive consumer demand?
A few important topics were absent. Sanctions on Russia no longer attracted the eyeballs — perhaps surprisingly, given that 2024 saw the ironing out of some key issues, such as the unraveling of Antwerp’s “single node” plan and exemptions for old stock.
Here are the stories that topped the charts in 2024:
1. IGI Discovers 6ct. Lab-Grown Diamond Posing as Natural
January 3
These stories are always popular (just wind back to this list), for reasons that need no explanation. The detection of this synthetic diamond with a fake inscription came just after a string of similar cases in Italy.
Why it’s important: This reflected the increased ease of creating large lab-grown stones, as well as the greater incentive for fraud as the price gap with naturals expanded. You can find out more about this story at 18 minutes here.
2. De Beers to Stop Producing Lab-Grown Diamonds for Jewelry
June 2
This is one of the most significant stories of the year: De Beers rolled back its 2018 decision to produce lab-grown diamonds for its Lightbox jewelry brand, pivoting instead to industrial applications. Lightbox will continue as a brand by selling existing inventory, De Beers CEO Al Cook told Rapaport News.
Why it’s important: Many in the industry saw this is as an acknowledgement that Lightbox was a mistake, at least partly. The brand’s launch had given credibility to lab-grown diamonds and removed any concept that natural-diamond companies should steer clear of them. This was even more so when the brand tested out engagement rings in 2023, to much backlash. It also reflected the belief that the lucrative future of synthetic diamonds is in technology, not jewelry.
3. De Beers Cuts Prices of Rough Diamonds
December 2
This price change surprised the market somewhat, as many had expected De Beers to wait until after the holiday season. The 10% to 15% reduction was sharp by usual standards, reflecting weak demand for most of 2024’s second half.
Why it’s important: De Beers had kept rough prices stable despite the slowdown in demand, aiming to avoid flooding the market with goods and damaging polished prices. This move indicated it was under pressure to bring in revenue after a difficult year. But it also signaled a slight improvement in trading: De Beers tends to wait for crises to ease before going down with prices.
4. Kiran Gems Reopens Mumbai Office
January 30
Kiran Gems was one of the most high-profile supporters of the Surat Diamond Bourse (SDB), so news that it was reopening its Mumbai office after moving its headquarters to the smaller city was of interest to the industry. While there were media reports that Kiran was abandoning the SDB, the company told Rapaport News it was going to operate in both locations.
Why it’s important: The development of the SDB was one of the most important stories of 2024. There was a real possibility that Mumbai would lose its status as India’s diamond marketing center. This reverse move by Kiran indicated that the shift to Surat would be slow, confirming the widely held assumption that diamond buyers prefer to visit Mumbai, a connected and cosmopolitan city.
5. NY Diamond Dealer Indicted for Swapping Synthetics for Natural
July 28
New York diamond dealer Manashe Sezanayev pleaded not guilty to charges of stealing and fraud. “As alleged, Manashe Sezanayev took advantage of diamond merchants by stealing their diamonds and replacing them with fake stones,” said Manhattan District Attorney Alvin Bragg.
Why it’s important: Who doesn’t love alleged fraud? You can find out more on the topic in this session of GemTalks with Dr. Wuyi Wang of the Gemological Institute of America (GIA).
6. Does Anyone Want to Buy De Beers?
May 2
This article explained why De Beers was no longer the strong asset it once was and why Anglo American might have a hard time selling it.
Why it’s important: Anglo American’s announcement that it planned to offload De Beers hit the industry hard, as this indicated the company no longer saw diamonds as a core product. It also provoked speculation about who would buy it. The main candidates were a Middle East fund or a luxury house. (Later in the year, rumors started to emerge of a consortium of diamond manufacturers showing interest in acquiring De Beers.)
7. Martin Rapaport on the De Beers Price Decrease
December 3
De Beers’ rough-price reduction in December will not necessarily lead to lower polished prices, Martin Rapaport argued.
Why it’s important: De Beers’ price cut gave contradictory messages. It reflected recent stabilization in the polished market, but it also risked denting trade and public confidence in diamonds in the middle of the peak shopping season. “De Beers’ lower prices are an opportunity to make money, not drop polished prices,” Rapaport wrote.
8. De Beers Cuts Rough Prices by Average of 10% to 15%
January 15
Yes, this is confusing. De Beers made two large cuts to rough prices in 2024, one at the start and one at the end. Both reflected similar trends. Both led sightholders to complain that the reductions were not deep enough.
Why it’s important: De Beers has consistently priced its rough higher than the rest of the market. At the time, the gap between the miner and open tenders was around 15% before the price cut. This gap grew to some 20% to 25% during the course of 2024, creating the need for a second adjustment in December.
9. Firestone Digs Up Its Largest Diamond Ever
March 6
This was the most surprising item on the list, as there are plenty of big stones around. Sometimes stories just go viral, and we have to sit back and enjoy it.
Why it’s important: For Firestone Diamonds, this was a nice earner after a difficult few years.
10. De Beers Cuts Prices of Smaller Rough Diamonds
May 7
This was yet another De Beers price reduction, this time for only a segment of smaller goods that had remained expensive because they survived the downturn better than others.
Why it’s important: This was De Beers’ last significant price reduction before December, according to sightholders.
Image (clockwise from top): A De Beers sightholder inspecting rough; Firestone’s 215-carat diamond from the Liqhobong mine in Lesotho; the Surat Diamond Bourse. (De Beers, Firestone Diamonds, Edmund Sumner/Surat Diamond Bourse)
