以下文章来源于财经三分钟 ，作者杨瑞 财经三分钟 . ---------------------------------- 作者：杨瑞 来源：财经三分钟 1888年塞西尔・罗德斯创立戴比尔斯时，或许未曾想过这个钻石商能靠"控制"二字统治行业近百 年。 其构建的中央销售组织（CSO）绝非简单的采购联盟，而是一张覆盖全球的垄断网络： 通过全资 收购南非金伯利矿、控股纳米比亚近海矿等核心资源，将全球90%的原钻产量纳入掌控 。 随后推行"看货会"（Sight）制度——每年仅举办10次，买家需提前缴纳巨额保证金， 且有 固定 配额与定价 ， 虽然买家有权拒绝购买，但拒绝行为可能影响未来分配权。 这种"要么接受，要么出局"的规则，让毛坯钻从地下矿产变成了戴比尔斯手中的定价筹码，巅峰时 期毛坯钻到成品钻的溢价高达600%，而终端市场的利润被牢牢锁定在其指定的经销商体系中。 比资源垄断更致命的是价值垄断。19 51 年与智威汤逊广告公司合作推出的" 钻石恒久远，一颗永 流传 "（ADiamondisForever）campaign，堪称营销史上的教科书级案例。 通过在好莱坞电影中植入钻石婚戒场景、向皇室贵族赠送定制钻石饰品 ...

因为皇家认证，钻石一度成为了权势和财富的象征词，但如今不光人造钻石价格大跌，天然钻的价格也 迎来崩盘，不仅批发价两年暴跌40%，戴比尔斯哭着降价25%还是卖不动，印度三哥的切割厂里囤货更 是已经挤破了仓库。从全球追捧的爱情图腾到现在公认的韭菜收割机，这颗漂亮的透明石头为啥忽悠不 了年轻人了？ ...

Core Insights - The Chinese diamond market has entered a new phase where natural diamonds and lab-grown diamonds coexist, with natural diamonds maintaining a core position due to their irreplaceable scarcity and high-end attributes [1][3][6] Industry Development - The establishment of the Shanghai Diamond Exchange in 1982 marked a key starting point for the industry, leading to standardized diamond trading and laying the foundation for future growth [3] - By 2003, China became the world's second-largest diamond consumer, with diamond jewelry transitioning from a luxury item to a staple in the wedding market [3] - Despite a slowdown in market growth and increased homogenization since 2013, natural diamonds have shown resilience due to their unique advantages [3] Market Dynamics - The global production of natural diamonds is projected to decline to 115 million carats by 2025, a year-on-year decrease of 2.1%, highlighting the increasing scarcity of resources [3] - Emerging markets like China and India are experiencing a rebound in demand, which is driving a steady increase in natural diamond prices [3] - High-end segments, particularly large fancy-shaped diamonds, are commanding premiums exceeding 30%, reinforcing their status as "hard currency" in the market [3] Consumer Trends - Natural diamonds continue to dominate high-end demand, particularly in wedding, self-purchase, and gifting scenarios, due to their emotional significance [5] - Lab-grown diamonds, while benefiting from technological advancements and cost advantages (70%-80% cheaper than natural diamonds), primarily cater to the light luxury market and industrial applications [5] - The emotional and collectible value of natural diamonds, tied to decades of industry heritage, remains unmatched by lab-grown alternatives [5] Policy Environment - Supportive policies, such as the tax rate adjustment to 5% on retail for natural diamonds, have facilitated market standardization and maturity [5] - While lab-grown diamonds have made inroads in the mid-to-low-end market, they face challenges from homogenization and stricter environmental regulations [5] Future Outlook - The current stratified landscape of the Chinese diamond industry is characterized by high-end natural diamonds, mass-market lab-grown diamonds, and industrial applications [6] - As demand from emerging markets continues to grow and high-end consumer segments expand, natural diamonds are expected to lead the dual-track development of the industry [6]

Core Insights - The diamond market is experiencing a recovery, with significant growth in import volumes and values in the first half of the year, indicating a rebound in consumer confidence and investment interest [2][3]. Industry Overview - Natural diamond prices have increased by 37% since 2007, with an average annual growth rate of about 3% over the past 35 years [1]. - The diamond market faced challenges due to high inventory levels and rising interest rates, leading to a decline in prices and import volumes in 2023 [1][2]. - The decline in diamond production is notable, with annual output decreasing from 160-180 million carats in the early 21st century to an estimated 110 million carats by 2024 [2]. Market Trends - In the first half of 2023, the import value of finished diamonds increased by 43.5% year-on-year, with significant growth observed in June and July [2]. - The increase in imports is attributed to declining inventory levels among domestic retailers and a rebound in market demand [2][3]. - Investment-grade diamonds are seen as highly attractive, with expectations of significant appreciation due to a shortage of rough diamonds [3]. Investment Insights - The rarity of high-quality diamonds (over 2 carats) makes them a valuable investment, with only 1% of diamonds exceeding this size [3]. - The market for investment-grade diamonds is expected to grow, with price indices projected to increase by 3% to 5% annually over the next decade [3].

Group 1 - The core viewpoint of the articles highlights a decline in China's diamond imports, with a significant drop in both quantity and value in July 2025 compared to the previous year [1][2] - In July 2025, China imported 101 kilograms of diamonds, representing a year-on-year decrease of 21.8% [1] - The import value for the same period was $29.9 million, reflecting a year-on-year decline of 5.9% [1] Group 2 - The companies mentioned include Power Diamond (301071) and Huifeng Diamond (839725), which are relevant players in the diamond industry [1] - The report referenced is the "2025-2031 China Diamond Industry Market Competition Status and Development Trend Analysis Report" published by Zhiyan Consulting [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services [2]

Core Viewpoint - The United States has approved certain licenses for the import of Russian diamond transactions [1] Group 1 - The approval indicates a shift in U.S. policy regarding Russian diamond imports, which may impact the global diamond market [1] - This decision could lead to increased competition among diamond suppliers, particularly affecting companies that rely on Russian diamonds [1] - The move may also have implications for the pricing and availability of diamonds in the U.S. market [1]

Core Insights - The report by Zhiyan Consulting highlights the current competitive landscape and development trends of the diamond industry in China from 2025 to 2031 [1]. Group 1: Import Data - In June 2025, China's diamond import volume reached 149 kilograms, marking a year-on-year increase of 3.4% [1]. - The import value for the same period was $30.8 million, which represents a year-on-year decrease of 4.6% [1]. Group 2: Industry Analysis - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [2]. - The firm emphasizes its commitment to providing comprehensive industry solutions to empower investment decisions through professional insights and market intelligence [2].

Core Insights - The diamond industry is experiencing a long-term price increase, with natural diamond rough prices rising by 37% since 2007 and an average annual growth rate of approximately 3% for finished diamonds over the past 35 years [1][2] Group 1: Market Trends - Global diamond prices and sales have declined in the past two years, following a significant price increase of 40% between 2021 and 2022 [2] - Factors contributing to the recent price decline include high inventory levels in the Indian cutting industry and increased financing costs [2] - Despite short-term fluctuations, industry experts believe that diamond prices will continue to grow steadily in the long run due to limited natural diamond reserves [2][3] Group 2: Investment Potential - Investment-grade diamonds, particularly those weighing over 5 carats, have been less affected by recent price declines and are considered attractive to potential investors [3] - The diamond price index is projected to grow by 3%-5% annually over the next decade, with stronger growth expected after 2027 [3] - China, as the largest jewelry market, has a relatively low share of diamond jewelry sales at 9%, compared to 60% in the United States, indicating potential for growth in the Chinese market [3] Group 3: Future Outlook - The diamond trading market is expected to recover gradually by 2025, with significant increases in both the volume and value of diamond imports [3] - Data shows that from January to July 2025, the total weight of finished diamond imports through customs is projected to reach 1.1788 million carats, a year-on-year increase of 93.8%, with a total import value of $379 million, up 43.5% [3]

Core Insights - The decline of De Beers, once a dominant force in the diamond industry, is evident as it faces unprecedented challenges, including a record inventory of $2 billion (approximately 14.6 billion RMB) of unsold rough diamonds, the highest since the 2008 financial crisis [1] - De Beers' attempt to shift all rough diamond sales to an auction model was met with resistance from 50 certified dealers, leading to a projected loss of $2.5 million in 2024, a 65% drop in profit compared to the previous year [1] - Major mines are reducing production, with a forecasted one-third cut in output by 2025, indicating that the decline of De Beers is far from over [1] Industry Disruption - The rise of Chinese technology, particularly in the small county of Zhecheng, is disrupting the global diamond industry with lab-grown diamonds that offer superior quality at lower prices, rapidly gaining popularity on e-commerce platforms [3] - Domestic brands like "Zheguang" are emerging, achieving monthly sales of millions, allowing consumers to purchase high-quality lab-grown diamonds at a fraction of the cost of natural diamonds [3] - The technological advantages of lab-grown diamonds are significant, with "Zheguang" achieving 95% of its diamonds at D-F color grades, surpassing the typical H-J grades of natural diamonds [4] Consumer Behavior Shift - Young consumers are increasingly opting for lab-grown diamonds, as evidenced by social media comparisons showcasing the superior appearance of these diamonds at lower prices [6] - De Beers' attempts to market its lab-grown diamond brand, Lightbox, as "affordable jewelry" have failed, with "Zheguang" selling similar products at much lower prices and achieving significantly higher sales [8] - The diamond industry is witnessing a shift in consumer preferences, with 60% of customers now choosing Chinese lab-grown diamonds, further eroding the market share of traditional natural diamonds [9] Market Dynamics - The diamond testing industry is adapting to the changing landscape, with reports now suggesting that natural diamonds should be liquidated quickly due to declining prices [9] - De Beers is facing operational challenges, including layoffs and protests from miners, as well as competition from local brands in various markets [8] - The expansion of lab-grown diamond production facilities in China signifies a robust growth trajectory for this sector, marking the decline of De Beers' long-standing market dominance [9]

Group 1 - The third meeting of the third Supervisory Board of Henan Power Diamond Co., Ltd. was held on July 29, 2025, and the meeting procedures complied with relevant laws and regulations [1] - The Supervisory Board approved the proposal to increase the implementation subjects and locations for certain fundraising investment projects, stating that this decision would not adversely affect the company's operations and does not violate regulations [1][2] - The proposal to postpone fundraising investment projects was also approved, with no changes to the implementation methods, total investment, or project content, ensuring no harm to shareholder interests [2][3] Group 2 - The Supervisory Board agreed to revise the company's articles of association in accordance with relevant laws and regulations, with the proposal requiring approval from the shareholders' meeting to take effect [2][3] - The meeting results showed unanimous support for all proposals, with 3 votes in favor and no opposition or abstentions [2][3]