A favorite pastime of mine, sad as it may be, is imagining “what if” scenarios for the jewelry industry. What if Tiffany sold Lab Grown Diamonds? What if Rolex offered fine jewelry? What if Cartier sold luxury quartz watches? (Oh, wait… that last one’s real.) 

Recently, my favorite “what if” scenario question is: What would have happened if De Beers had taken a different approach, one that embraced all diamonds rather than protecting their luxury position in natural diamonds?

First, a brief history reminder: Natural diamond engagement rings gained popularity in the 1930s and became the norm when De Beers told us "A Diamond Is Forever" in 1947. This drove nearly 100 years of prosperity for our industry. However, things are changing rapidly, and at the moment, not for the better. Investing in repositioning Natural Diamonds is essential, but I predict current messaging will struggle until we tell a more comprehensive story.

Nearly eighty years after the original A Diamond is Forever campaign, we need to work as a unified industry to tell this new generation that no matter what you choose, All Diamonds are Forever. And, unrealistic as it might feel today, no one was better positioned to lead the way than De Beers. 

While there are well-documented challenges, they had the right framework in place to lead the way forward. You had De Beers at the top, leading the way for all diamonds. You had Forevermark, telling a luxury story for natural diamonds. And you had Lightbox, offering fairly priced, high-quality Lab Grown Diamonds. All from the same company that told us a diamond is forever.

Instead, De Beers now aims to be synonymous with the very best Natural Diamonds, and is leading the charge against an alternative that already has more than 50% market share by quantity sold in the United States. This approach has led to failed attempts to “bifurcate” the market, suggesting that lab-grown products are for fashion and natural products are for engagement. This is wishful thinking at best and detrimental to all diamonds at worst (especially when we tell customers their diamonds are worthless). The rhetoric has reached a point where we are now seeing headlines questioning whether anyone should get engaged with a diamond at all.

The jewelry industry is at an impasse. The widespread consumer acceptance of Lab Grown Diamonds is more than a disruption; it’s a fundamental shift that drastically changes the engagement conversation and impacts the underlying economics of nearly every jeweler outside of the top tier of luxury. And much as it is positive to see De Beers and other Natural Diamonds leaders reinvesting in marketing, we do not have the industry alignment, collective marketing savvy, or budgets needed to shape this story to meet our needs. This time, it will be the consumer, not the industry, that leads the way. If you need any proof of this, just look at the lack of impact industry efforts to reinvigorate the use of the phrase “synthetic diamonds” have had on consumer behavior.

We need to redirect the energy and money we are spending fighting for a specific choice and invest it in better aligning Natural Diamonds alongside Lab Grown Diamonds. There’s an opportunity to take an approach that positively positions each option, one that helps the next generation make the right individual choice for them. 

For those with means or a deep care, better quality Natural Diamonds will continue to serve as the premier option for luxury buyers. It’s a choice with cache and a 100-year legacy that maintains much more of its financial value over time. And at their best, these revenues help support those living in underprivileged natural diamond communities.

For the rest, Lab Grown Diamonds offer the broadest array of fine jewelry buyers a near-identical, yet far more affordable, option. One that will give a wide audience access to a higher quality, yet lower-cost diamond. It’s a choice with unconstrained supply at an accessible price that focuses more on emotional connection than long-term financial value.

Regardless of origin, the next generation will now and forever be able to choose lasting quality. Challenging as that is for our industry, it is the best opportunity we have to ensure that diamonds thrive for the next 100 years.

While I hold no hope that this is a possibility, I can’t help but wonder what would have happened if De Beers had led the way and told a broader story (particularly with the guidance of Sally Morrision, who has one of the better track records connecting with the next generation of jewelry buyers). Instead of leading the way forward for diamonds and for our industry for the next century, De Beers has chosen a luxury niche. Now the rest of us need to work together to fill this void and tell a broader story that ensures the future of diamonds is brighter than ever. Regardless of whether customers choose Natural or Lab Grown, All Diamonds Are Forever.