WFDB Urges Global Diamond Industry to Defend Natural Diamonds as Lab-Grown Sales Surge
The World Federation of Diamond Bourses (WFDB) President Yoram Dvash has voiced serious concern over the rapid rise of synthetic diamonds, warning that their growing market share poses a significant threat to the value, perception, and future of natural diamonds.
Dvash described the rise of lab-grown diamonds as a “meteoric” shift. What began as a marginal trend has turned into an overwhelming wave. In under a decade, synthetic diamonds have grown to represent 20% of global jewellery sales.
In the United States, the world’s most influential jewellery market, most new engagement rings now include synthetic diamonds, driven by sharply falling prices and the increasing difficulty in distinguishing them from natural stones.
But for Dvash, this is more than a commercial shift—it’s a cultural one.
“This is about more than just declining sales. It’s about the erosion of the intrinsic worth, wonder, and uniqueness that have defined natural diamonds for generations,” he said.
Dvash is urging key players across the global diamond industry to unite in restoring the prestige and desirability of natural diamonds.
He expressed optimism following the recent WFDB President’s Meeting in June, where stakeholders—including mining companies, retailers, exchanges, and international organisations—voiced their commitment to elevating the profile of natural diamonds.
Among the notable developments:
The Luanda Accord was signed by African diamond-producing nations and industry stakeholders, pledging collaborative global marketing efforts to promote natural diamonds.
All signatories agreed to contribute 1% of rough diamond revenue to a fund managed by the Natural Diamond Council (NDC).
De Beers committed to increased investment in marketing and education campaigns to bolster natural diamond desirability.
The NDC launched a new educational website to help jewellery sales professionals better communicate the distinct value of natural diamonds.
The WFDB debuted an original video campaign highlighting the emotional significance of natural diamonds.
“The unity demonstrated at this critical moment gives me hope,” Dvash concluded. “Natural diamonds are not just a product—they are a symbol. Their future depends on our collective action.”
