Best of: How the diamond industry lost its sparkle

从5万跌到3千!钻石自由真的来了?

Behind the Money

2026-03-18

23 分钟
PDF

单集简介 ...

This week, we are revisiting a favorite episode. The natural diamond industry is facing an existential threat: lab-grown diamonds. They are chemically and physically identical to natural stones but they are a fraction of the price. Eleanor Olcott, the FT’s China technology correspondent, travelled to the epicentre of lab-grown diamond production in the central Chinese province of Henan to see how they are made. While the FT’s natural resources editor, Leslie Hook, explores what the sale of De Beers, the natural diamond producer, could mean for the future of the sector. This episode originally aired on September 10 2025.   Clip from Arnold Worldwide  The FT does not use generative AI to voice its podcasts. - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading (updated): How the diamond industry lost its sparkle  The sparkle is fading in Africa’s diamond heartland De Beers likely to be sold to consortium, Anglo chief says - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Leslie Hook on X (@lesliehook) and Eleanor Olcott on X (@EleanorOlcott). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.  Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.
更多

单集文稿 ...

  • Earlier this summer, my colleague Eleanor Olcott traveled to a city in the central Chinese province of Henan.

  • “We’re in one of the jewelry markets in Zhengzhou.

  • This is a building dedicated to jewelry sales.”

  • This market’s name in English translates to “more gold, more silver”.

  • But as Eleanor walks around this eight-story building, diamonds are the main thing catching her eye.

  • Stall after stall glitters with them.

  • “You can see here there’s a lots of women trying on the shiny diamond earrings

  • which, to the naked eye, they look exactly the same as their natural counterparts.”

  • These earrings she’s talking about here aren’t made with natural diamonds,

  • you know, the kind dug out from the earth.

  • These are created in a lab and recently, their popularity has exploded.

  • “We’ve spoken to a couple of the shopkeepers who have been here for two to three years

  • and say that people are coming more and more accustomed to the concept of lab-grown diamonds.”

  • This shopkeeper’s telling Eleanor that there used to be a lot of natural diamond stores in this market.

  • But many had to close because of bad sales,

  • or they had to switch to selling these synthetic lab-grown stones instead.

  • “It was so clear that there was just like an abundant supply of diamonds.

  • You know, you’d ask the sellers to have a look at the diamonds

  • and they just bring out this like tray after tray after tray just all jiggling with glistening stones.

  • And it’s a very different experience to going to these more traditional diamond retailers