For over a hundred years, DeBeers has dominated and controlled the global diamond trade.

But today, Chinese factories are mass-producing lab-grown diamonds, which are chemically identical to natural stones, and prices are collapsing worldwide for both man-made and natural diamonds.

DeBeers sources most of their rough diamonds from mines in Botswana, and the new government there is determined to move DeBeers' value chains to Botswana itself, thereby retaining billions of dollars in industry revenues in-country.

Anglo-American is DeBeers' parent company, and they are trying to divest their holdings. But even after writing off $4.5 billion in book value in two years, no buyers can be found.

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[–] Etterra@discuss.online 28 points 3 days ago (3 children)

Good, fuck em. Diamonds are shiny carbon rocks with no more intrinsic value, except maybe for industrial use, if they're cheaper than synthetic.

[–] KingGimpicus@sh.itjust.works 10 points 2 days ago (2 children)

Natural diamonds are quite shit for industrial use. Industry likes uniformity, and natural diamonds have irregularities and flaws that do not benefit them in comparison to synthetic diamonds.

[–] KitKatKitCat@piefed.social 7 points 2 days ago* (last edited 2 days ago) (1 children)

I think even making a distinction by calling them "synthetic" is doing them a disservice. By all accounts, they're as real as naturally formed diamonds. The quality is higher too. They are better in every way.

[–] Evotech@lemmy.world 3 points 2 days ago* (last edited 2 days ago)

Yeah, they are artisinal