Group 1 - The article discusses the rise and fall of Li Houlin's diamond empire, which was once compared to the "Liu Luanxiong of Mainland China" but has now faced bankruptcy and significant debt [1][3] - Li Houlin opened the first "I Do" diamond store in Beijing in 1999, capitalizing on the booming jewelry retail market in China, which was nearing 500 billion yuan in the early 2000s [3] - The "I Do" brand gained popularity through celebrity endorsements and extensive advertising, becoming a leading choice for wedding rings [3] Group 2 - The decline of "I Do" reflects broader changes in the diamond industry, particularly due to the rapid development of synthetic diamond technology in China [5] - Major players in the natural diamond market, such as De Beers, have also faced significant revenue declines, with De Beers reporting a 21% drop in revenue in the first half of the year [5] - The concept of "scarcity" in natural diamonds, heavily marketed by companies like De Beers, is being challenged by the reality that global diamond reserves exceed one trillion carats [5] Group 3 - The emergence of cultivated diamonds, particularly from Henan, offers a competitive price advantage, with prices being one-tenth of natural diamonds, and a production time of just seven days for one carat [8] - Western diamond giants are concerned about the impact of Chinese-manufactured diamonds on the market, attempting to undermine their credibility by claiming they cannot compete in the high-end market [8] - New brands like "Zheguang" have quickly gained traction in online marketplaces, achieving sales of several million yuan within three months [8] Group 4 - The U.S. Federal Trade Commission's 2018 revision of diamond definitions has leveled the playing field between natural and cultivated diamonds, further legitimizing the latter [10] - Consumer sentiment is shifting, with buyers like Ms. Zhang expressing regret over past purchases of natural diamonds, now favoring larger and more affordable cultivated options [10] - The rise of cultivated diamond technology is expected to bring new vitality and transformation to the diamond industry, creating more commercial value and development opportunities [12]