🚨 & you don’t think China is coming to dominate AI…
For over a century, De Beers had built one of the greatest marketing machines in history by convincing the world that diamonds were rare and timeless. Then China scaled lab-grown diamond production, creating stones that are chemically and visually identical to mined diamonds at a fraction of the cost. Since 2018, wholesale lab diamond prices have fallen 96%, reshaping the entire industry.
As consumers embraced lower prices, De Beers struggled to adapt. The company has written down 6.8 billion over the past three years and is now up for sale. A reminder that even the strongest brands can be disrupted when technology makes scarcity abundant. 💎
For over a century, De Beers had built one of the greatest marketing machines in history by convincing the world that diamonds were rare and timeless. Then China scaled lab-grown diamond production, creating stones that are chemically and visually identical to mined diamonds at a fraction of the cost. Since 2018, wholesale lab diamond prices have fallen 96%, reshaping the entire industry.
As consumers embraced lower prices, De Beers struggled to adapt. The company has written down 6.8 billion over the past three years and is now up for sale. A reminder that even the strongest brands can be disrupted when technology makes scarcity abundant. 💎
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