180. Diamonds have been Reimagined: the latest trends and alternatives if you're thinking about buying

Welcome to Progressive Pockets! I go by GG, that’s short for Genet Gimja. This is a show about our money. But maybe not in the way that you usually hear money being talked about on other podcasts. This podcast is all about how we can, little by little, one small decision at a time, reconsider how much power our money actually has. You and me, nonbillionaires. Our money has power too.

Today’s episode is about diamonds.

What do you think about when you think about diamonds? Maybe you think about the beauty, the sparkle, the shine, you start thinking about all of the different jewelry that you can make with diamonds, I like the look of diamonds in earrings. Diamond engagement rings have become a huge part of our culture. For a long time I think that’s all most of us really thought about diamonds. Beauty, luxury, love.

And then a movie called Blood Diamonds came out in 2006 and wow! The movie was filmed in Mozambique but the story is set in Sierra Leone during the civil war of 1991 to 2002 and this is what popularized the term blood diamonds. Blood diamonds are diamonds that are mined in war zones to pay for more conflicts, more war. There are human rights violations galore, environmental damage galore. And this movie is really what brought this issue to the public consciousness. It definitely brought it to my consciousness.

Since the movie, the term blood diamond is part of everyday speech when we talk about diamonds. I think it was the first time that we, in a very concrete way, linked jewelry to the suffering of others. Many miners work in dangerous conditions, with little or no pay, and no safety protections. Some are even forced to work and some are children.

The very end of the movie is a meeting between world leaders who are committing to cracking down on blood diamonds, this agreement between leaders is now called The Kimberley Process. 

The Kimberley Process is a system that tries to make sure diamonds sold around the world are “conflict-free.” It works by certifying diamonds that don’t come from war zones.

And it did help to reduce the worst cases of blood diamonds, but it’s not perfect. Even today, diamonds linked to violence and exploitation still come from places like the Central African Republic and Brazil.

And there’s still drama between world leaders as they try to agree on how to regulate this industry. Some countries, like Russia, try to avoid being labeled as sources of blood diamonds which they are doing to fund their conflict in Ukraine and so these types of political tensions make it harder to cooperate internationally to control the trade. And then problems like weak enforcement, corruption, and smuggling mean that blood diamonds can still enter the market. Diamonds change hands 8 to 10 times before they reach the consumer, so there are lots of checks that have to be done to know for sure if a diamond has been ethically produced.

Meanwhile the diamond industry is going through big changes. The amount of natural diamonds being mined has dropped from the time of the movie to today. This is because some mines are closing and diamond resources are running out which is so ironic given that the whole thing about diamonds is that they weren’t actually rare, that was just a marketing strategy created by Debeers back in the day. So it’s funny to think that some day diamonds could actually become rare, mainly because they pretended to be rare and that is what made people buy them lol. But that is a change that is going on in the diamond industry and more interestingly and more relevant to this podcast, I want to talk about what the people want.

Lab-grown diamonds are becoming very popular, making up almost half of the diamonds used in engagement rings in 2023. Buyers nowadays, younger buyers, especially like lab-grown diamonds because they are cheaper and more ethical.I’m going to link sources for all of this including a really interesting McKinsey report. The data shows that many people now care about how jewelry is made, including its impact on the environment and society. By 2025, about one-third of jewelry buyers will think about these issues when they shop. The diamond industry is trying to keep up by using new technology, like blockchain, to track where diamonds come from, and by dealing with problems like price changes and political issues. McKinsey expects that jewelry brands that focus on being honest and sustainable will grow a lot in the next few years. This shows that more people want to buy diamonds that are good for people and the planet.

Because that’s really the good news in all of this, we have options!

I mentioned lab-grown diamonds. They look and feel just like natural diamonds but are created without mining, so no war or exploitation is involved. They’re often less expensive too. As time goes on, I think the technology used to create them will become energy efficient and then they will be an even better alternative.

Maybe for you, it’s important that your diamond isn’t lab grown, you want a natural diamond, from the earth. Ok there are still two options that are definitely better than what we had before.

You can look for fair trade or ethically sourced diamonds come from mines that follow rules to protect workers and communities. These diamonds are certified by organizations that check mining conditions. So you can research the brands you buy from.

Or you can look for vintage or recycled diamonds. There are some really talented jewelers that are taking old diamonds and creating modern looking pieces with those diamonds. It’s way more sustainable, and I think it’s a good option if you don’t want a lab created diamond but you are concerned about the ethical issues with the diamond industry and you’re still not too confident about the fair trade certifications, because they aren’t quite perfect.

So those are some great options for how to buy diamonds that feel a little less blood diamondy. And wherever you buy your diamonds, ask questions. Where do these diamonds come from? Are they certified? Do you have any options that are lab-grown or recycled? Don’t underestimate the power of supporting jewelers who are transparent and committed to ethical sourcing. And people love to talk about their diamonds, when people ask you about yours you can share some of what your thought process was when you bought it. This is very powerful.

The diamond industry is less blood diamondy than it was 20 years ago. It’s still not perfect, but it is better. And people are thinking about our purchases differently than we did 20 years ago. It used to be just about the cost and the clarity and the carats and now we are asking where the diamond is from and how it was mined. 

So to recap, here’s what we covered today:
We talked about blood diamonds, these are diamonds that are mined in war zones to fund more war, exploiting people and the planet along the way.
We talked about some trends in diamonds these days. Regulations have improved and consumers have started to be more discerning.
Popular alternatives are lab grown diamonds, or if you want to stick with traditional diamonds you can opt for fair trade certified diamonds or you can go for a recycled or vintage diamond. 

The point is, we have options! And they are getting better every year!

If you have more time today, here’s another episode to check out, that’s episode 136 which is a fun deep dive into where Dolly Parton donates her money. When I think about diamonds and bling I think of a few celebrities and Dolly Parton is one of them, so that’s what made me think back to this episode. I had heard that her community engagement was pretty cool and I really enjoyed getting to learn and share about that in episode 136.

I do want to end on a quote today but before I do that please share this episode with someone else that you know also saw Blood Diamond back in the day. They might be curious to know whatever came out of all that public outcry.

Let’s end with a quote…
This one comes from John Lennon when he was performing with his band the Beatles at the Royal Variety Show in 1963. He said,

“For this last number, I’d like to ask your help. Will the people in the cheaper seats clap their hands? The rest of you, just rattle your jewelry.”

Let’s talk again soon!