On 21 July 2025, in Geneva, members of the World Federation of Diamond Bourses (WFDB) convened to address the alarming surge of laboratory-grown diamonds in the global market. WFDB President Yoram Dvash opened the meeting by warning of the “meteoric” rise of synthetic gems, which now threaten the value and future of natural diamonds.

Dvash noted that what began as a marginal phenomenon has rapidly escalated: in under a decade, lab-grown diamonds have captured 20 percent of worldwide jewellery sales. He highlighted the United States as the most critical battleground, where falling prices and the difficulty of distinguishing synthetic stones from natural ones have led to the majority of new engagement rings featuring lab-grown diamonds.

However, Dvash stressed that the issue extends beyond lost revenues. “We are losing the sense of intrinsic worth, wonder and uniqueness that natural diamonds have symbolized for generations,” he said, emphasizing the deep emotional and cultural significance of diamonds formed over millions of years.

In response, Dvash urged all industry stakeholders—mining companies, international organizations, retailers and exchanges—to unite in restoring the prominence of natural diamonds. He pointed to several key initiatives agreed at the meeting:

• Luanda Accord: African diamond–producing countries and industry partners pledged to contribute 1 percent of their rough diamond sales revenue to a fund managed by the Natural Diamond Council (NDC), dedicated to global marketing campaigns for natural diamonds.

• De Beers Commitment: The mining giant announced increased investment in educational programs and marketing efforts that highlight the unique qualities of natural diamonds.

• Natural Diamond Council Portal: NDC is developing an online resource for jewellery retailers, providing comprehensive information to better communicate the distinct value of natural diamonds to consumers.

• WFDB Video Campaign: The federation launched a series of original videos showcasing the emotional stories and symbolism behind natural diamonds.

Dvash closed the meeting by expressing gratitude for the industry’s willingness to collaborate at such a pivotal moment. “The future of natural diamonds depends on our unity,” he concluded.