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Diamond industry 'in trouble' as lab-grown gemstones tank prices further
"A diamond is forever," but perhaps not for the increasing number of consumers that are spurning the gemstone for its lab-grown counterparts and gold.
Anglo American CEO Duncan Wanblad told the Financial Times that selling De Beers will be "the hardest part" of the company's radical restructuring. "Anglo is ultimately going to do what its shareholders want, and it seems they want to focus on a longer-term strategy of commodities that support the green infrastructure buildout, for example copper," he told CNBC. Declining marriage rates as well as growing popularity for gold and lab-grown gems all drove down Chinese demand for diamonds, said market research firm Daxue Consulting.
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