Built the first mass-market desire for diamonds through brilliant media manipulation. Controlled supply like a true cartel while flooding newspapers, movies, and schools with messaging. Hit Baby Boomers at the perfect time — 96% married, many twice.
Social media flipped the script. Younger Millennials and Gen Z learned about mining conditions and rejected gaudy displays of wealth for authenticity and experiences. Marriage rates collapsed by over 50%. Then Alibaba democratized production — you can buy diamond-making equipment for $200K and flood the market.
Total price collapse. Lab diamonds down 74% in one year, mined diamonds down 26%. The cartel lost control of supply, demand evaporated, and the illusion shattered. Jewelers are bleeding.
