Comment by mulderc
10 hours ago
I knew someone who was an economist for a major jewelry company and he said ~15 years ago that the writing was on the wall that lab grown diamonds were going to decimate their sales. He wanted them to start promoting them and be the more ethical and green alternative. He did not last long there.
It's almost like he's undermining the one single thing the diamond sales industry had used to thrive for nearly a century before him.
Since the company itself didn’t mine diamonds and basically just took the market rate, his estimate was that they could achieve even better profit margins with lab-grown diamonds and would be positioned well even with eventual market competition. Given some other stories he had about the company, it sounds like they were more interested in not rocking the boat than long-term profits.
You definitely don't want to rock the boat and undermine the diamond industry, that much is crystal clear.