Core Insights - The Natural Diamond Council (NDC) has appointed Amber Pepper as the new CEO, effective February 1, 2026, following the retirement of David Kellie [1][3] - Amber Pepper brings extensive experience in luxury brand transformation and digital innovation, having held senior positions at Tapestry, Farfetch, Harrods, and Mytheresa [1][3] - The focus of Pepper's leadership will be on creating compelling brand narratives, enhancing the unique appeal of natural diamonds, and driving tangible business results [3] Group 1 - Amber Pepper is recognized for her ability to connect emotionally with consumers and engage with Gen Z and high-end consumers [3] - Her experience in omnichannel strategy management and team building is expected to support the future development of the NDC [3] - The NDC aims to strengthen consumer demand and expand industry collaboration under Pepper's leadership, emphasizing the uniqueness and long-term value of natural diamonds [3] Group 2 - The NDC's chairman, Sandrine Conseiller, expressed confidence in Pepper's international perspective and deep understanding of luxury consumers as ideal for leading the organization [3] - The appointment follows David Kellie's announcement of retirement, during which he successfully led the rebranding of the organization and navigated multiple challenges, including the pandemic [3][4] - The NDC expresses gratitude for Kellie's outstanding leadership and contributions during his tenure [4]

（原标题：上海钻石交易所总裁林强：天然钻石的整体需求正在稳步、温和回升） 2025年，在国内天然钻石进口量一路高涨的同时，钻石价格正呈现出"大克拉钻石向上、小克拉钻石向 下"的明显分化态势。 上海海关最新数据显示，今年前8个月，通过上海钻石交易所一般贸易进口的天然成品钻货值23.5亿 元，同比增长41.5%。上海钻石交易所的数据则显示，今年上半年，1—2克拉钻石进口量同比增长 127%，其中35%用于投资用途。 过去几年，钻石价格出现较大波动。2021和2022年，天然钻石价格在短期内站上了历史高位，2023年天 然钻石价格相比此前价格高位出现了较大幅度下滑，此后进入相对平稳的阶段。而在今年，Rapaport （业务涵盖钻石价格发布的跨国公司）发布的10月天然钻石裸钻价格报告显示，10月0.30克拉和0.50克 拉的降价尤为突出，而3.00克拉出现了微幅涨价。交易方面，1.20克拉以下的钻石交易迟缓，而2克拉及 以上的钻石价格保持稳定。 2024年底，上海钻石交易所发布的参考概览提出，天然钻石价格指数预计在未来十年内每年将增长3% —5%，2027年后将出现更强势的增长，尤其是5克拉以上的投资级钻石对潜在投资 ...

Core Insights - The natural diamond industry is undergoing a transformation driven by supply chain innovations, making diamonds more accessible and affordable for consumers [1][7] Group 1: Supply Chain Innovations - Traditionally, the journey of natural diamonds from mines to consumers involved multiple intermediaries, increasing costs and creating price opacity [3] - Many businesses are now focusing on supply chain reform, emphasizing transparency and accessibility to reshape the consumer experience [3] - Companies are establishing direct partnerships with reputable diamond mines to ensure that each diamond is sourced legally and sustainably [3] Group 2: Consumer Experience Enhancement - Businesses are leveraging digital technologies to create omnichannel sales platforms, allowing consumers to browse and select diamonds conveniently [5] - A transparent pricing system is being implemented, enabling consumers to understand the value of each diamond clearly [5] - Flexible payment options are introduced, making high-quality natural diamonds more attainable through installment plans [5] Group 3: Market Reception and Future Outlook - The supply chain innovations have significantly increased consumer trust, transforming diamond purchases into worthwhile investments rather than burdensome financial decisions [7] - The market has begun to recognize the benefits of these innovations, with more consumers enjoying the experience of purchasing diamonds [7] - As supply chain reforms continue, natural diamonds are expected to become more popular and integral to everyday life, promoting a new era of accessible diamond consumption [7]

Core Insights - The U.S. diamond jewelry industry is experiencing significant market shifts due to two major events: Taylor Swift's 10-carat engagement ring sparking a surge in demand for natural diamonds, and the U.S. imposing a 50% tariff on diamonds from India, leading to increased global diamond processing costs [1][2]. Market Trends - The tariff on Indian diamonds has resulted in a 30%-50% increase in the cost of natural diamonds in the U.S., as India handles 90% of the global diamond cutting and polishing [2]. - The global production of natural diamonds is expected to decline by 40% from its peak in 2013, with estimates for 2025 ranging between 20-23 million carats [2]. - The engagement ring worn by Taylor Swift, valued at approximately $1 million, has significantly influenced consumer interest, with a 45% year-on-year increase in inquiries for natural diamonds over 5 carats in high-end jewelry stores [2][4]. Pricing Dynamics - The natural diamond price index rose by 2.8% in Q3 2025, with a 5.3% increase for round diamonds over 1 carat, while the average price of lab-grown diamonds has dropped by 25% to $1,500 [4]. - The market is witnessing a revaluation of "scarcity," with the Gemological Institute of America (GIA) changing its grading system for lab-grown diamonds, further diminishing their comparability to natural diamonds [4]. Purchasing Strategies - Rule 1: Prioritize diamonds over 2 carats with a clarity of VS2 or higher, which have shown an annualized return of 8.7% over the past decade, outperforming gold and the S&P 500 [5]. - Rule 2: Ensure diamonds come with authoritative certification and blockchain traceability to avoid market pitfalls [5]. - Rule 3: Consider brand premium and cultural value, as branded natural diamonds typically command a 30%-50% higher price at auctions compared to non-branded ones [5]. Conclusion - The natural diamond market is evolving from a consumer product to a hard asset, driven by scarcity and brand value, with strategic purchasing becoming essential for long-term investment [5].

Core Insights - The diamond market is experiencing a significant downturn, with declining sales and imports indicating a broader trend of reduced consumer demand for diamonds [2][20][27]. Group 1: Company Performance - De Beers reported a 21% year-on-year decline in revenue for the first half of 2024, amounting to $2.2 billion (approximately 159.7 billion RMB), with natural rough diamond sales dropping by 22% to 11.9 million carats [4][5]. - The company has revised its 2024 natural diamond production forecast downwards from 26-29 million carats to 23-26 million carats due to market conditions [6][7]. - De Beers' revenue and sales have been on a downward trend since before 2023, with projections indicating that 2024 figures could be half of those in 2022 [12][8]. Group 2: Market Trends - Global natural diamond production is expected to reach 118 million carats in 2023, a 20% decrease from 148 million carats in 2018, reflecting a shrinking demand [15][16]. - China's diamond import value fell to $5.972 billion in 2023, a 29.55% decrease year-on-year and a 39.6% drop compared to 2021, indicating a significant decline in consumption [17][20]. - The Shanghai Diamond Exchange reported a total transaction value of $3.109 billion in 2023, down 29.7% year-on-year and less than half of the 2021 figures, further illustrating the market's downturn [22][23]. Group 3: Competitive Landscape - The rise of lab-grown diamonds is significantly impacting the natural diamond market, with lab-grown diamond sales in China projected to reach 4 million carats by 2025, increasing market penetration from 6.7% in 2021 to 13.8% [34][29]. - The price of lab-grown diamonds has decreased from 80% of natural diamond prices in 2016 to 35% in 2020, indicating a growing price advantage for lab-grown options [46][29]. - De Beers has attempted to enter the lab-grown diamond market with its Lightbox brand but has faced challenges due to its lack of competitive production capacity compared to Chinese firms [47][48].

Core Insights - The Chinese diamond industry has evolved through five stages, with natural diamonds maintaining a high-value position due to their scarcity, stable high-end demand, and unique cultural attributes [1][3][4] - The market is increasingly stratified, with natural diamonds becoming a core choice for high-end consumption, gifting, and collection, while cultivated diamonds are positioned for mass-market appeal [1][6] Industry Development Stages - The diamond industry in China began to emerge as a luxury good before 1982, gaining visibility alongside the jewelry sector [3] - The establishment of the Shanghai Diamond Exchange from 1982 to 1993 helped standardize natural diamond trade and created a regulated platform for circulation [3] - From 1993 to 2003, international brands introduced natural diamond products, enhancing consumer awareness of their scarcity and value [3] - The rapid growth phase from 2003 to 2013 saw natural diamonds transition from luxury items to essential wedding products, making China the world's second-largest diamond consumer by 2003 [3] Supply and Demand Dynamics - Despite advancements in cultivated diamond technology since 2013, the core value of natural diamonds remains intact due to their inherent scarcity and controlled supply [4] - Natural diamonds require billions of years of geological processes to form, and their supply is concentrated among leading companies, such as De Beers, which has reduced production by 20 million carats to stabilize market prices [4] - In contrast, cultivated diamonds can be mass-produced through industrial processes, lacking the non-renewable scarcity that underpins the long-term value of natural diamonds [4] Market Positioning - Natural diamonds are focused on the high-end market, while cultivated diamonds target the mass market [6] - Consumer demand in China is diversifying, with a decline in wedding market share but an increase in self-purchase and gifting scenarios for high-end products [6] - High-net-worth individuals prefer large, high-clarity natural diamonds for collection and wealth transfer, valuing their natural scarcity and historical significance [6] Policy and Market Environment - Policies such as the bonded warehouse system at the Shanghai Diamond Exchange have reduced transaction costs and promoted the maturation of the high-end natural diamond market [7] - Trade barriers and environmental regulations pose challenges to the supply chain, but they also highlight the technical barriers and resource value of natural diamond mining [7] - While cultivated diamonds are sometimes marketed for their "environmental" benefits, their industrial production processes do not demonstrate a clear environmental advantage over natural diamonds [7] - The stratified market structure of "high-end natural diamonds, mass-market cultivated diamonds, and industrial applications" positions natural diamonds as a value anchor in the high-end consumption market [7]

Group 1 - The price of natural diamonds remains strong, while the price of lab-grown diamonds has significantly decreased, making them popular among young consumers for self-consumption [1] - The price of a 1.5-carat natural diamond ring is approximately 110,000 yuan, while the wholesale price for a 1.5-carat lab-grown diamond ring is as low as 1,850 yuan, about one-sixtieth of the natural diamond price [1] - Lab-grown diamond prices have dropped over 90% since early 2022, with current prices being around half of natural diamond prices at that time [1] - China is the largest producer of lab-grown diamonds globally, accounting for nearly 50% of the world's production capacity [1] - The penetration rate of lab-grown diamonds is 57% in the U.S. and 10% in China, indicating significant growth potential in the Chinese market [1] Group 2 - Major lab-grown diamond concept stocks include Zhongbing Hongjian, Huanghe Xuanfeng, Liliang Diamond, Sifangda, and World, with World stock rising 104.47% year-to-date [2] - The overall price decline of lab-grown diamonds has led to a decrease in gross margins for many companies, with Liliang Diamond reporting a net profit of 25.91 million yuan, down 82.52% year-on-year [2] - Huanghe Xuanfeng reported a net loss of 299 million yuan, highlighting the financial challenges faced by companies in the sector [2] - Lab-grown diamonds are attractive to young consumers due to their environmental and cost advantages, and the market is expected to grow significantly, potentially exceeding 100 billion yuan by 2030 [2]

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 natural diamond market demonstrates strong resilience amid global economic adjustments, with significant growth in imports and value reassessment due to supply constraints and recovering demand [1][6] - The scarcity of natural diamonds is a key factor supporting their value, with global production declining to the lowest level since 1995, highlighting the increasing rarity of these assets [1][6] - The long-term price stability of natural diamonds is evident, with a historical average annual growth rate of approximately 3% over the past 35 years, and future projections indicate a continued increase in value [1][6] Market Dynamics - In the first half of 2025, China's imports of finished diamonds surged by 93.8% year-on-year, reflecting a robust demand recovery [1] - The consumer market is diversifying, with younger consumers seeking personalized designs and high-net-worth individuals showing strong demand for investment-grade diamonds [3][6] - The investment appeal of natural diamonds is becoming more pronounced, especially during economic fluctuations, positioning them as a viable asset class [3][6] Competitive Landscape - The introduction of a grading system by GIA for lab-grown diamonds marks a significant shift, reinforcing the unique value of natural diamonds and promoting rational market development [6] - The production of lab-grown diamonds has rapidly expanded, leading to a significant price decline, which contrasts with the stable value of natural diamonds [4][6] - The long-term growth potential for natural diamonds remains high, driven by supply constraints and diversified demand, solidifying their status in the luxury goods market [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].