A diamond is forever. Even lab-grown diamonds?
DeBeers completely revolutionized the Diamond industry through arguably one of the best marketing campaigns of all time….A Diamond is Forever. The famous line, coined by a young copywriter, Miss Frances Gerety in 1947, hit home at a subliminal level, creating a desire that enraptures with its magic and its promise.
By creating a parallel between a diamond and love, the words diamonds are forever made diamonds a symbol of love. Indestructible love to be symbolized through an indestructible stone.
A love as rare and precious as the stone, that takes millions and often billions of years, at depths of over 120 kms, through intense heat of between 900 -1300 C, pressures of over 45 k bar for the incredible miracle to happen — carbon to crystallize to form diamonds.
By romanticizing the diamond with a narrative of its eternal emotional value, what was considered a luxury reserved only for the super wealthy and royalty until then, the DeBeers campaign changed by convincing young men promising a woman everlasting love to seal the deal with a sparkling diamond.
And where its estimated only 10% of brides in the US were receiving diamond rings prior to the campaign the number skyrocketed to 80% in the next decade, laying the foundation for an estimated ~95 billion dollar annual industry, which DeBeers has dominated for more than 80 years.
Diamond prices, soaring highs to plummeting lows Today, the diamond industry is going through its biggest crisis with prices experiencing quite a roller coaster, infact more of a nose dive at 40 % lower from their previous high.
The speed and severity of this plunge has caught everyone by surprise.
Source: Bloomberg, Diamond Standard Ltd. | Currency: USD | Unit: USD/Coins
Why are diamonds
