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How did China get a cut of the global diamond trade? By Luo Yahan and Wang Jingyang A decade ago, synthetic, lab-grown diamonds felt like the future of the jewelry industry. As demand grew, world-leading diamond companies like De Beers quickly launched jewelry lines featuring artificial diamonds, marketing them as a low-cost alternative for younger and more money-conscious consumers. But market booms rarely last forever. This June, De Beers announced it was getting out of the lab-grown diamond jewelry business. The problem wasn’t slowing demand, but a raft of cheap synthetic diamonds that had flooded the market — and eaten into the company’s bottom line. Many of these cheap diamonds are coming from factories in Asia, especially China. In central China, the nexus of the country’s diamond industry, new technologies caused a boom in synthetic diamond production; now, with prices falling through the floor, companies are wondering what’s next. This is how China got a cut of the
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