Episode summary
The Future of the Diamond Industry | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · 29 min · Hosts: Carol Massar, Tim Stenovec · Guests: Nathalie Morrison, Brett Mufson, Kristy Ellmer
Summary
Lab-grown diamonds were presented as the biggest threat to the traditional diamond business, with the host citing a global market valued at $26 billion to $30 billion and saying synthetic stones now account for more than 50% of engagement rings. The guest argued there is no chemical, optical or structural difference between lab-grown and mined diamonds, and said the category has moved from 1% of the market in 2015 to 70% of U.S. engagement rings today. She also said prices are roughly 70% lower than comparable mined stones, while the main unresolved issue is resale value and the industry’s sustainability claims.
The conversation broadened into how luxury hospitality is being shaped by a K-shaped consumer economy. Brett Mufson said Fontainebleau is benefiting from higher-end demand in Las Vegas and Miami, even as the strip normalizes after two record years. He said conventions still drive about 50% of the business, premium customers are still spending, and the company sees room to expand into markets such as Dubai, Asia and possibly New York.
Kristy Ellmer then focused on organizational change, saying 75% of transformations fail to deliver their stated results. She argued companies need to design change around employees, not just leadership intent, and warned that executives often mistake compliance for real agreement.
Key takeaways
- The guest said lab-grown diamonds are chemically identical to mined diamonds and can cost about 70% less.
- The guest said lab-grown diamonds rose from 1% of the market in 2015 to 70% of U.S. engagement rings today.
- Brett Mufson said Fontainebleau is seeing demand from a premium customer base even as Las Vegas normalizes after two record years.
- Mufson said conventions make up about 50% of his business and that premium cabins and premium travelers remain resilient.
- Kristy Ellmer said 75% of transformations fail, largely because executives misread employee buy-in and underinvest in the system around change.
Notable quotes
“The global lab grown diamond market valued between 26 and $30 billion”
“No, there is zero difference chemically, optically, structurally, it's a seed of carbon”
“the difference of price is approximately 70% between a lab grown diamond and a mine diamond”
“75% are still failing to deliver the stated results both in the short term and in the long term”
How the episode opens
Bloomberg Audio Studios, podcasts, radio, news. — This is Bloomberg Business Week Daily reporting from the magazine that helps global leaders stay ahead with insight on the people, companies, and trends shaping today's complex economy. Plus, global business, finance, and tech news as it happens. The Bloomberg Business Week Daily podcast with Carol Masser and Tim Stenc on Bloomberg Radio.
The global lab grown diamond market valued between 26 and $30 billion. We've reported this across Bloomberg. The synthetic segment now accounts for over 50% of all engagement rings. Surging volume and falling prices have severely disrupted the $80 billion traditional diamond industry. And I got to say, you walk into any jewelry store, I have a jewelry store my mom went to, we grew up with, and it's like mine diamonds, real diamonds, I guess you should say,
Synthetic diamonds right next to it. And then you've got like sees and some other things. But it's just amazing the category when you go into a jewelry store. — I wonder if Natalie Morrison is going to take issue with the word real that you used just now.
That's why I hesitated. I hesitated. — She is the founder of Astria London, the brand, by the way, Count Sarah Jessica Parker, as its global creative director. Natalie, welcome. Uh, make the point for us though, this this this sort of distinction or no distinction between a lab grown diamond and a diamond that's mined in the quote unquote traditional way. Is there a difference?
No, there is zero difference chemically, optically, structurally, it's a seed of carbon who all grows under the ground and take billions of years to get up the surface and a lot of money and differentiation and time to extract versus putting it in microwave.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- lab-grown diamonds
- diamond industry
- consumer perception
- brand and sustainability
- supply chain transparency
Companies and tickers mentioned
- Astrea London
- Fontainebleau Development
- BCG
Watch the episode
Watch “The Future of the Diamond Industry | Bloomberg Businessweek” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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