RIP ‘real’ diamonds

(ZEROHEDGE) – The downturn in the diamond market is nothing short of breathtaking. It is driven mostly by a surge in low-cost lab-grown diamond supply, which is capturing a larger market share of the gem industry as cash-strapped consumers gravitate to artificial stones.

Amy Wu, who worked for FTX Ventures until the crypto exchange blew up, recently joined Menlo Ventures, one of Silicon Valley’s oldest venture firms, as a partner focused on the consumer sector. In a viral post on X, the Menlo partner and analyst highlighted how 2023 marked a pivotal year in the battle between natural diamonds and lab-grown stones for market share.

According to trend analytics firm Tenoris, which surveyed 1,500 US jewelry stores, lab-grown diamonds emerged victorious so far in 2024, accounting for 56.8% of diamonds sold, while natural diamonds trailed with 43.2%.