Diamonds Are Not Forever
Technological advances have made it viable to make diamond gems out of common graphite and electricity. Mass production is ending the socially engineered elevated status of diamonds above other gems.
Diamond is the hardest and most scratch-resistant material used widely by humanity.1 Besides a number of uses in industry, diamond gems are also very popular for use in jewellery, reaching nearly $100 billion in estimated global sales in 2024.2 Until very recently, the only sources of gem-quality diamonds were mines. But technological advances in producing diamonds from common graphite using machines have introduced, for the first time in history, a viable and much cheaper alternative source. From 2015 to 2025, the prices of these “lab-grown” diamonds fell by nearly 90%.3 Diamond gemstones in general have seen a rapid collapse in prices since 2022 and the status of diamonds as a rare luxury item has thus become threatened.4 In 2024, for the first time, a majority (52%) of American couples purchased an engagement ring with a “lab-grown” diamond rather than a mined diamond.5 As recently as 2019, the figure was just 12%.6