De Beers, the iconic diamond company, is confronting a sharp decline in diamond prices and a challenging market environment. The company's CEO has described the rise of lab-grown diamonds as a "huge con," warning consumers about the risks associated with these alternatives to mined stones. This situation threatens to undermine De Beers's longstanding association of diamonds with love and devotion. Meanwhile, the global diamond sector is facing additional pressures, including economic difficulties in key producing regions such as Zimbabwe, where a currency crisis has led to massive job cuts in the diamond mining industry. In India, the diamond hub of Surat is also experiencing a downturn, impacted by ongoing war and increased tariffs. These combined factors have contributed to a widespread decrease in the perceived luxury and value of diamonds, prompting industry leaders to seek ways to stabilize and revive the market.