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The diamond industry has long had to deal with predictions of doom. In the early 2000s, prices started to fluctuate as De Beers Group gave up its monopoly. Then scandals over conflict diamonds tarnished the gem’s sparkle among young, ethically minded consumers. At the same time, lab-grown diamonds began making strides in fine jewellery. This pessimism deepened as the pandemic led to the closure of mines and the cancellation of auctions for preapproved buyers. In July 2020, De Beers revealed interim revenues to June 30 had plummeted 54 per cent year on year: from $2.6bn to $1.2bn. But the industry is adapting to the new climate and is betting on a marketing push to revive its fortunes. Last autumn, the Natural Diamond Council, which comprises seven of the largest diamond producers, launched its first advertising campaign targeting the Asian and US markets.

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