Two origins, one stone. We trace diamonds across earth extraction and laboratory growth.
Part I
Mined Diamonds
Land and water mining
Diamonds form miles underground under extreme heat and pressure, ultimately reaching the surface through volcanic pipes called kimberlites.
Production by country
Diamond mining is concentrated in a small number of countries. Russia, Angola, and Botswana currently account for the majority of global output by value. The industry's geographic footprint has shifted as older mines in Australia and Canada have closed, with Russia now producing more than one-third of global supply.
Source: Kimberley Process Certification Scheme annual data. Market share calculated by production value (USD). Russia's 2024 share is under review following G7 trade restrictions; actual flows through third-party countries may be higher.
Conflict and the Kimberley Process
In the 1990s, diamond revenues funded devastating civil wars in Sierra Leone, Angola, and the DRC. Blood diamonds entered the public conversation, after which the Kimberley Process Certification Scheme (KPCS) was established in 2003.
The KPCS requires member countries to certify conflict-free rough diamond exports. Participating nations must meet minimum standards for internal controls and cannot trade with nonmembers.
The KPCS defines conflict diamonds narrowly: stones used to fund rebel movements against recognized governments. This definition excludes diamonds mined in state-sanctioned operations that nonetheless involve forced labor, human rights abuses, or environmental damage. Following the invasion of Ukraine in 2022, Russia has remained a member of the KPCS and is now the largest producer of mined diamonds.
Provenance and the trading chain
As a diamond journeys from mine to ring, it typically passes through multiple intermediaries, each adding handling and margin. Traceability weakens at every step.
Rough diamonds are sorted by producing companies (primarily De Beers and Russia's ALROSA) and sold to select buyers called sightholders in fixed allocation events. Rough stones then travel to cutting centers, mainly Surat, India, where they are polished and graded. Polished stones enter trading hubs in Antwerp, Dubai, New York, and Tel Aviv, before reaching designers and retailers. At each stage, stones may be mixed, resorted, and resold, breaking the chain of origin.
Some producers and retailers are beginning to offer provenance tracking through blockchain-based programs (Tracr, Everledger) and direct mine-to-market sourcing (Botswanamark, Canadamark). These programs are voluntary and cover a small fraction of total mined diamond supply, estimated at <10%.
Mined diamond price benchmarking
While once perceived as a stable store of value, mined diamonds have collapsed in price, challenging traditional views.
~2×
Price run-up
2021–2022 peak
Pandemic demand surge
>50%
Decline from
2022 peak
Record low as of April 2026
~25%
Lab-grown price
vs. mined today
Approximate retail equivalent
Bloomberg DIAMINDX — Wholesale Mined Diamond Price Index
Indexed to 100 at launch (March 2021).
The DIAMINDX represents the aggregate wholesale value of a standardized basket of natural diamonds in USD; it should not be interpreted as the spot price of individual stones. Source: Bloomberg, Apollo (April 2026).
Part II
Lab-Grown Diamonds
Lab-grown diamonds are chemically, physically, and optically identical to mined diamonds. They are not simulants like cubic zirconia or moissanite. They are carbon, arranged in the same crystal lattice, grown under controlled conditions rather than geological ones.
Growth technologies
Energy and sustainability efforts
Lab-grown diamond production can be energy intensive. The environmental advantage relative to mining is improving as the industry moves toward renewable sourcing.
Sustainability transition
CVD production requires substantial energy, though older reactors use significantly more power than purpose-built modern facilities. Several growers operate entirely on renewable energy. Others purchase carbon credits or locate facilities in low-carbon grids.
Mining footprint
Mined diamond production disturbs an estimated 1,000–1,600 square feet of earth per carat and generates significant water and tailings waste. Open-pit mines require decades of land remediation after closure.
Carbon footprint comparisons between mined and lab-grown diamonds are contested. Studies vary widely based on assumptions about energy source, mine type, and methodology.
Lab-grown market evolution
Lab-grown diamonds have moved from negligible to dominant within the last decade, driven by technological breakthroughs and evolving consumer knowledge and values. Their share of the US engagement ring market tells the story.
<1%
US engagement ring share
2015
Effectively premarket
17%
US engagement ring share
2022
Rapid consumer uptake
60%
US engagement ring share
2025
Widespread adoption
Lab-Grown Share of US Engagement Ring Market
Estimated percentage of engagement ring diamond sales that are lab-grown, by year.
Sources: CNBC, trade press. Market share data varies by source and methodology.
This guide is intended for general consumer education. Pricing data references Bloomberg indices and public reporting. Market share figures draw on KPCS publications and industry trade sources. Data is approximate and subject to revision. Pas de Deux exclusively uses lab-grown diamonds in all pieces.