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De Beers will ditch a controversial experiment to sell lab grown diamond jewelry, ending a six-year program that broke one of its oldest taboos.
As De Beers — which coined the slogan “Diamonds are Forever” — prepares for that split, it will renew its focus on promoting natural stones. Still, while synthetic diamond prices have collapsed, they’ve caused significant collateral damage. Natural stones used in cheaper 1 to 2 carat wedding rings have tumbled under pressure from synthetics and have so far shown little sign of a sustained recovery.
De Beers will turn its focus on so-called category marketing, where it promotes diamond jewelry in general rather than just its own branded gems. It will also expand its retail footprint through its own jewelry stores.
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