The "scam of the century", which spanned a century around the world, has been completely exposed.
According to Brokerage China, WD, the second largest diamond dealer in the United States, is currently close to 2 billion yuan in debt and has been officially confirmed bankrupt. At the first auction in 2024, the leader Del Bess also announced a 10% reduction in the price of some rough diamonds, including a 25% reduction in some types of diamonds.
For a long time, the myth of "diamonds are eternal, a forever legacy" has put De Beers diamonds on the altar in one fell swoop, and hundreds of millions of high-quality diamonds have repeatedly caused a sensation at the auction site.
However, the current international diamond giants do not seem to be having a good time.
According to relevant media reports, the key factor behind this trend actually originated in a small town in China's Henan Province.
01 Crazy monopoly, marketing myth to make money around the world for 130 years
The laws of the market show that rarity often determines the value of a commodity, and De Beers has concocted a "scam" that has lasted for 130 years.
In 1870, several diamond mines were discovered in South Africa, which produced diamonds that were both bright in color and crystal pure. Sensing this opportunity, giants such as Deer Bess began to acquire a large number of mines and implemented 24-hour security measures. In these vast open-pit mines, even birds are inaccessible, even though diamonds are scattered everywhere.
During this period, about 99% of the world's diamond resources were monopolized by these major Western companies, making the number of diamonds that could circulate on the market extremely limited. To further increase the value of diamonds, these companies began to combine diamonds with the concept of love, promoting the idea that "diamonds last forever" and inviting celebrities such as British royalty and Marilyn Monroe to promote them, thereby driving up the value of diamonds.
So far, diamonds have finally become a symbol of "scarcity" and "preciousness", and in one fell swoop have achieved the most legendary marketing case of the last century, and the diamond giants have made a lot of money behind it.
02 The diamond giant lost Henan, and the Chinese manufacturing changed the diamond pattern
However, the truth will eventually be revealed, and man-made publicity stunts will never be able to cover up the truth for long.
It is understood that diamond is essentially a crystalline form of carbon, the same composition as the graphite in the pencil lead, and the proven diamond reserves worldwide are as high as 2.5 billion carats, which is actually not rare at all.
Since the 90s of the last century, the Chinese Academy of Sciences has embarked on a research project on "laboratory-grown diamonds" and selected Zhecheng County, Henan Province as the implementation site of the project. After 30 years of unremitting efforts, researchers have successfully overcome this technical problem. According to the authoritative organization, the diamonds produced in Zhecheng County are completely consistent with or even surpass natural diamonds in terms of attributes.
At present, the annual diamond production of Henan Province has reached 4 million carats, accounting for 44.4% of the world's total production, with this strength, Zhecheng County is known as the "global diamond capital". This achievement broke the myth of the scarcity of diamonds in the West, and also created new opportunities for the development of domestic brands, giving birth to excellent domestic real diamond brands such as "Zheguang ZG DIOMAND".
Hong Kong's English-language media South China Morning Post said in a recent article that "the changes taking place in China are rapidly reshaping the global market." "
Mr. Wu, a consumer from Guangzhou, shared his shopping experience at the Zheguang JD flagship store. He bought a 5-carat lab-grown diamond ring to make up for his past financial constraints when he was unable to buy a natural diamond ring for his wife.
Mr. Wu pointed out that although the ring cost was nearly six figures, he obtained a D-colored, VVS clarity diamond at this price compared to natural diamonds, which is difficult to achieve in the natural diamond market.
"During the communication with Zheguang's exclusive consultants, they can always give professional and reasonable modification suggestions on the basis of the requirements I provided, and there is no pressure to communicate, and I will repurchase if I have the opportunity." Mr. Wu added.
The general manager of Zheguang said that with the change of the current consumption concept, it is difficult to continue to attract consumers by relying on a single marketing element.
At present, the "DNA commemorative diamond" (that is, exclusive elements such as hair, which contain DNA imprints, such as hair, are integrated into the diamond cultivation process) and "large carat" customized services provided by Zheguang have become popular needs of consumers. In just a few months, Zheguang received more than 6,000 related inquiries, of which more than 60% of the customized orders for diamonds over 5 carats have been scheduled for the end of the year, but consumers are still actively booking and willing to wait.
At the same time, according to official data, as of the end of September 2024, the total number of appointments and consultations received through Zheguang's official website, Taobao and JD.com's official flagship stores has exceeded 200,000. More than 90% of these consultants are from high-net-worth consumers in core cities at home and abroad.
Thankfully, the breakthrough in lab-grown diamond technology has enabled China to achieve self-sufficiency in diamond supply, and the West's dream of relying on sky-high imports and crazy control of China's yellow sorghum has been shattered!
03 The road to stability of domestic real diamonds can be expected in the future
When Chinese technology ripped off the century-old fig leaf of Western diamonds, lab-grown diamonds quickly seized market share.
According to Tenoris, an authoritative jewelry analysis agency, as of July this year, the share of lab-grown diamonds in the global market was close to 50%. The global market for man-made diamonds is expected to reach $21.4 billion by 2030, showing great potential for growth.
At this time, the Western giants who have been carved up the cake can only shout: China has broken the rules.
However, it is a fact that cannot be ignored that the influence of sky-high marketing strategies and brand premiums is gradually waning. With the improvement of consumers' awareness of the true value of diamonds, the sky-high price bubble is being punctured, and the quality and value of diamonds themselves have become the core elements of the sustainable development of the brand.
At present, the diamond market is gradually returning to rationality, and China's diamond industry is expected to occupy an important position in the global market in the future.