Best of: How the diamond industry lost its sparkle
The Story of Money
Manuela Saragosa
4.4 • 397 Ratings
🗓️ 18 March 2026
⏱️ 24 minutes
🧾️ Download transcript
Summary
This week, we are revisiting a favorite episode. The natural diamond industry is facing an existential threat: lab-grown diamonds. They are chemically and physically identical to natural stones but they are a fraction of the price. Eleanor Olcott, the FT’s China technology correspondent, travelled to the epicentre of lab-grown diamond production in the central Chinese province of Henan to see how they are made. While the FT’s natural resources editor, Leslie Hook, explores what the sale of De Beers, the natural diamond producer, could mean for the future of the sector.
This episode originally aired on September 10 2025.
Clip from Arnold Worldwide
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For further reading (updated):
How the diamond industry lost its sparkle
The sparkle is fading in Africa’s diamond heartland
De Beers likely to be sold to consortium, Anglo chief says
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Follow Leslie Hook on X (@lesliehook) and Eleanor Olcott on X (@EleanorOlcott). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | Earlier this summer, my colleague Eleanor Olcott traveled to a city in the central Chinese province of Hernan. |
| 0:10.0 | We're in one of the jewelry markets in Janzhou. |
| 0:15.0 | This is a building dedicated to jewelry sales. |
| 0:19.0 | This market's name in English translates to more gold, more silver. |
| 0:25.5 | But as Eleanor walks around this eight-story building, diamonds are the main thing catching her eye. |
| 0:32.0 | Stahl after stall glitters with them. |
| 0:34.5 | You can see here there's lots of women trying on the shiny diamond earrings, which to the |
| 0:40.4 | naked eye, they look exactly the same as their natural counterpart. |
| 0:44.6 | These earrings she's talking about here aren't made with natural diamonds, you know, the kind |
| 0:50.3 | dug out from the earth. |
| 0:52.7 | These are created in a lab, and recently their popularity has exploded. |
| 0:58.8 | We spoke into a couple of the shopkeepers who have been here for two to three years |
| 1:05.2 | and say that people are becoming more and more accustomed to the concept of library diamonds. |
| 1:15.6 | The shopkeepers telling Eleanor that there used to be a lot of natural diamond stores in this market. |
| 1:25.3 | But many had to close because of bad sales. |
| 1:28.9 | Or they had to switch to selling these synthetic lab grown stones instead. |
| 1:37.9 | It was so clear that there was just like an abundant supply of diamonds. |
| 1:44.4 | You know, you'd ask the sellers to have a look at the diamonds |
| 1:46.6 | and they just bring out this like tray after tray after tray |
| 1:50.3 | just all jiggling with glistening stones. |
| 1:53.3 | And it's a very different experience to going to these more traditional diamond retailers |
| 1:57.4 | where they're all, you know, each diamond is carefully packaged in a box, and they're |
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