This content was first published on IGR – Italian Gemological Review no. 21 in 2025. The information provided here is therefore current as of the original publication date.
Today, the diamond industry is moving within a landscape that increasingly resembles a wartime economy. Long built on delicate balances, its foundations are now being tested by an unstable geopolitical climate — where every decision carries strategic weight. Key players must navigate a constantly shifting board, where adaptability has replaced control.
International tensions and economic sanctions have deeply impacted the supply chain. The embargo on Russian diamonds has redrawn trade routes and disrupted long-standing dynamics. Asian and Middle Eastern markets are gaining ground, while in Europe, demand is becoming more selective — shaped by Eastern instability and increasingly focused on high-end segments.
The industry’s traditional centers are undergoing transformation: Antwerp is leaning into exclusivity and ethical compliance; Mumbai is focused on efficiency and tech adoption to keep costs down. Meanwhile, Dubai and Amsterdam are rising as new global hubs, attracting both capital and trade flows.
Traceability and artificial intelligence have become essential. While more vulnerable than ever, the supply chain also offers an opportunity to rethink models and processes. Industry giants can no longer rely on market dominance alone — they must adapt. De Beers is no longer central to Anglo American’s strategy, while Alrosa is dealing with the isolation of its main shareholder: Russia.
The shrinking number of sightholders resembles a form of natural selection — only the strongest partners remain. Rough diamond management now follows defensive, almost military logic, designed to safeguard alliances and hard-won positions.
Consumer demand is also shifting. Younger buyers, more sensitive to sustainability and price, are turning to lab-grown diamonds, drawn by ethical marketing and greater affordability. The natural diamond industry is responding by repositioning itself as a symbol of enduring value — a safe haven in uncertain times.
In this environment, resilience becomes a strategy in itself. Investing in digitalization, transparency, and skills that integrate technology with expertise is essential to stay relevant.
Diamonds have endured wars, crises, and revolutions — yet have always retained their symbolic power. Today, they continue to represent strength and clarity — but to do so, they must reflect not only on their past, but also on the uncertainty of the present.
Article by Sergio Sorrentino, published on IGR – Italian Gemological Review #21 – Autumn 2025.
