The diamond industry wants you to buy "natural"

@bloombergbusiness

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SoundTikTok sound · original sound - bloombergbusiness

Why it worked

The video effectively contrasts the perceived value and origin of natural diamonds with the affordability and accessibility of lab-grown diamonds, tapping into consumer interest in luxury goods and ethical/economic considerations.

Summary

Lab-grown diamonds have surged in popularity, offering a more affordable alternative to natural diamonds. This has prompted traditional diamond producers like De Beers to launch marketing campaigns emphasizing the unique value and origin of natural diamonds to combat the rise of synthetic gems.

Structure

1Introduction to lab-grown diamonds as a threat to the natural diamond industry.
2The rise in popularity of lab-grown diamonds, especially during the pandemic.
3The increasing variety of lab-grown diamond products and their impact on engagement rings.
4The significant drop in prices for lab-grown diamonds.
5De Beers' counter-marketing strategy to promote natural diamonds.
6A concluding question to the audience about their preference.

Product placement

Walmart (appears, removing it would not change the video), Paris Jewelry (appears, removing it would not change the video), Diamond Foundry (appears, removing it would not change the video), De Beers (appears, removing it would not change the video), Bloomberg Business (appears, removing it would not change the video)

Original caption

Over the past five years, lab-grown diamonds have shaken this industry to the core. Now, companies like De Beers are battling the avalanche of cheaper, near-identical synthetic gems. @Stacey Vanek Smith reports. #Diamonds #luxury #jewelry #fashion #business

More from @bloombergbusiness

On-screen text

SOURCE: WALMART SOURCE: DIAMOND FOUNDRY SOURCE: DIAMOND FOUNDRY ABOUT HALF OF ALL ENGAGEMENT RINGS ARE NOW LAB GROWN SOURCE: DIAMOND FOUNDRY FROM ABOUT $3,400 TO AROUND $1,200 SOURCE: DE BEERS SOURCE: DE BEERS ANCIENT REVERED LUXURIOUS PRECIOUS SOURCE: DIAMOND FOUNDRY SOURCE: DE BEERS

Transcript

The diamond industry wants you to buy "natural". This is the diamond industry's biggest nightmare: real diamonds, grown in a lab over the course of a few days, instead of inside the Earth for billions of years. Lab grown diamonds got super popular during the pandemic, when nobody could go to stores and glitzy online ads lured in buyers who wanted something sparkly for their zoom calls. Since then, lab grown diamonds have taken off. There are diamond dog collars, diamond manicures, diamond phone cases, even diamond toilets. About half of all engagement rings are now lab grown. A lot of couples are opting for bigger, clearer synthetic stones over smaller, natural stones that cost a lot more. Between 2020 and 2023 the average retail price of a one-carat lab-grown stone plummeted from about $3,400 to around $1,200. Now, diamond producers like De Beers are fighting back with ad campaigns, products and branding all meant to convince customers that natural diamonds are different from the ones grown in a lab, emphasizing their connection to nature, to local communities and their history as some of the most ancient, revered, luxurious, precious items on Earth. What do you think? Would you pay more for a natural stone even if you couldn't see the difference?