Despite the challenges of 2023, Cook predicted that 2024 would mark the start of a recovery for natural diamonds, though the rebound is expected to be gradual.
Cook highlighted a notable shift in the market, with lab-grown diamonds experiencing a sharp decline. This downturn has altered retailer incentives, as margins on natural diamonds now far surpass those of lab-grown counterparts, prompting retailers to refocus on natural stones.
The CEO also addressed the impact of sanctions on Russian diamonds, which have significantly reshaped market dynamics. In response to these changes, De Beers is revamping its marketing strategies to highlight the unique narratives behind natural diamonds, reinforcing their value and allure.
Looking ahead, Cook expressed optimism about the future, citing De Beers' long-term investments in technology and sustainability as key drivers for continued growth.
