Scientists in the UK have produced the world’s first diamond battery.
They say they’re a safe and sustainable alternative to lithium ion – and will last for an incredible 5,000 years.
They look like a conventional watch battery, but are much thinner and destined to power pacemakers, hearing aids and other healthcare devices, as well as satellites, deep space missions and remote sensors.
Nuclear fusion experts at the government’s UK Atomic Energy Authority (UKAEA), working with the University of Bristol, have developed the ever-lasting batteries using lab grown diamonds and an ultra-thin slice of radioactive material, the isotope known as carbon-14.
Neil Fox of the School of Chemistry at the University of Bristol said: “Carbon-14 was chosen as a source material because it emits a short-range radiation, which is quickly absorbed by any solid material.
“This would make it dangerous to ingest or touch with your naked skin, but safely held within diamond, no short-range radiation can escape.”
The semiconductor properties of the diamond convert the radioactivity into electricity, and it’s so hard that it prevents the radioactivity from escaping.
Botswana’s central bank left its main lending rate unchanged on Thursday, saying the economy was expected to operate below capacity and not generate demand-driven inflationary pressures because of a slump in the global diamond market.
The Bank of Botswana held its Monetary Policy Rate at 1.90% for the second policy meeting in a row. The rate is based on a seven-day instrument.
“The economy will contract this year primarily due to the downturn in the global diamond market and moderately recover next year,” central bank Governor Cornelius Dekop told a news conference.
The southern African country’s economy is largely dependent on the export of diamonds, and declining earnings from the precious stone have limited government spending.
The central bank also lowered its primary reserve requirement to 0% from 2.5% due to significantly reduced liquidity in the banking system.
Dekop said inflation was expected to average 2.9% in 2024 and 3.3% in 2025, compared with forecasts of 2.8% and 3.1% given at the bank’s previous monetary policy meeting in November.
The Bank of Botswana prefers inflation between 3% and 6% over the medium term. Annual inflation stood at 1.6% in October.
Angola has announced that Russian shares in two of its major diamond mines have been sold to an Omani-backed fund as a result of international sanctions, a government official said.
Russia’s diamond giant Alrosa was until now a joint owner of Angola’s Catcoa mine, the fourth-largest in the world, and Luele mine, in partnership with the southern African nation’s state-owned company Endiama.
The European Union imposed sanctions on Alrosa, also state-owned, and its CEO in January as part of a ban on diamond imports over the Ukraine war.
This led to “a block on the commercialization” of diamonds from Catcoa and Luele mines, Angola’s Minister of Mineral Resources and Petroleum Diamantino Azevedo said Thursday.
After “negotiations between the Angolan and Russian governments, as well as between Endiama and its partner,” Alrosa has now “officially ceased operating in Angola,” Azevedo said.
The company has been “replaced by Maden International Group, a subsidiary of the Sovereign Fund of the Sultanate of Oman,” the minister added.
He said the transition process was “already underway and should be conducted swiftly.”
The sale comes as the United States President Joe Biden was expected to travel to Angola on Dec. 2.
The visit, his first to Africa, underscores the strategic importance of the oil and mineral-rich country where a massive U.S.-led project is underway to export critical minerals.
Major African diamond producer Botswana will join Antwerp as an origin certifier of rough diamonds for export to the G7 which banned imports of Russian stones from the start of this year, a joint statement said on Wednesday.
The addition of Botswana looks set to salvage implementation of the ban. The initial system would have seen all diamonds go through Europe’s diamond hub in Antwerp for verification, backed by a new tracing system.
African diamond producers Angola, Botswana and Namibia, as well as diamond miner De Beers, had said the mechanism was unfair and would hurt their economies.
“Botswana and the G7 diamond technical team are now crafting a roadmap to address any identified gaps, aiming to have the export certification node fully operational in Botswana as soon as possible next year,” the statement said.
The Group of Seven (G7) nations ban on direct Russian diamond imports took effect on Jan. 1, followed by a ban on Russia-origin diamonds via third countries from early March.
The tracing system was meant to be up and running by Sept. 1, but the EU delayed the implementation to March 2025.
De Beers says it will further reduce the number of sightholders, in a move designed to build partnerships that “create value”.
The emphasis will be on quality rather than quantity, CEO Al Cook told the Facets 2024 conference in Antwerp yesterday (26 November).
De Beers wrote to its 69 current sightholders last month advising them that a new supply agreement, as of January 2026, would be determined by an objective selection and allocation process. It declined to comment at the time.
“There will be some partnerships around the polished side, some partnerships around the rough side, some partnerships around dealing, some partnerships that go all the way into retail, but every partnership must create value, and that’s really important for all of our industry going forward,” Cook told the conference.
De Beers last reduced the number of sightholders in January 2021, when it introduced new contracts dividing buyers into three categories – dealers, manufacturers and integrated retailers.
The number of De Beers sightholders peaked at around 350 in the 1970s. It had halved by 2001 and was further reduced in subsequent changes to the client structure.
The diamond industry, once a symbol of timeless stability, finds itself in a state of flux as prices for natural diamonds hit multiyear lows, driven by a mix of evolving consumer preferences, geopolitical upheaval, and the meteoric rise of lab-grown diamonds (LGDs), a new study shows.
The reversal of fortunes that followed a surge during the covid-19 pandemic has left industry stakeholders grappling with how to adapt to ensure long-term sustainability, consultancy McKinsey & Company says in its latest report.
During the pandemic, diamond prices rose unexpectedly. Supply chain disruptions and the delay of weddings initially dampened sales, but many consumers stuck at home turned to diamonds as a form of self-care. This led to an unanticipated spike in demand and a sharp rise in prices.
The post-pandemic market has painted a very different picture. As traditional engagement and marriage cycles return and supply chains normalize, prices have tumbled amid changing market dynamics, McKinsey & Co. says.
Ten years ago, young customers were an important segment of the overall demand for precious stones. Today, they seek more affordable and ethical alternatives.
With prices up to 80% lower than mined diamonds, LGDs have swiftly carved out a substantial share of the market, challenging traditional producers, the report shows.
Shifting customer values
Increased awareness of environmental, social, and governance (ESG) issues has also driven consumers to demand greater transparency and sustainability in diamond sourcing. Many buyers now insist on proof that their diamonds were mined under fair conditions with minimal environmental impact. This shift is particularly pronounced among younger generations, who are reshaping the jewelry market with their purchasing power and values.
Generation Z is leading a wave of change, favouring ethical and customizable products over traditional offerings. Younger buyers are more likely to seek out jewelry that aligns with their values, including fair labor practices and sustainability.
Many are turning to digital platforms for their purchases, with online fine jewelry sales growing significantly. In 2021, the average online purchase of diamond jewellery in the US was $2,204, compared to $2,994 in physical stores, signalling a growing comfort with digital transactions for high-value items.
The trend of self-purchasing is another key shift. Rather than waiting for significant life events like engagements or weddings, many consumers are now buying fine jewelry for themselves.
Industry actors Beers Group and Signet Jewelers launched in October their “Worth the Wait” campaign, aimed at reigniting demand for mined diamonds from youngsters, particularly amid “zillennials”, the microgeneration born between 1993 and 1998.
Geopolitical and gov’t factors
Adding to the industry’s challenges are geopolitical tensions. Sanctions targeting Russian diamonds have disrupted the global supply chain, particularly for larger stones. Russia’s Alrosa, once the world’s top diamond producer by output, has been heavily sanctioned by the US and the European Union, creating regional dislocations.
McKinsey & Company warns that, by March 2025, these restrictions will tighten further, targeting stones of 0.5 carats and above, exacerbating supply chain issues.
The upheaval comes at a time when natural-diamond production is already constrained. Growth in supply is expected to remain sluggish, with an annual increase of just 1–2% through 2027, far below historical trends. Major mining companies are grappling with depleting resources, forcing them to shift from open-pit mining to more expensive underground operations. Companies like De Beers have invested billions to extend the life of their mines, but these efforts are costly and time-consuming.
Government intervention is also reshaping the industry. In diamond-rich regions, including Botswana, public authorities are taking larger stakes in mining operations, emphasizing the need for transparent and sustainable practices.
Despite the challenges, there are opportunities for companies willing to adapt, the consultancy says. Producers can diversify their offerings by incorporating LGDs or recycled diamonds into their portfolios. They can also emphasize the unique, intrinsic value of natural diamonds, appealing to consumers who value rarity and tradition. Investments in sustainability and digital commerce are likely to pay dividends, as consumers increasingly demand ethical and seamless shopping experiences.
The consultants conclude that by embracing innovation and aligning with shifting consumer values, the industry may find a way to shine brightly once more.
Key players have taken “a very important step in the right direction” to raising $100m for the long-term promotion of natural diamonds, according to Yoram Dvash, president of the World Federation of Diamond Bourses (WFDB).
He also said he was cautiously optimistic for the holiday season as prices had started to stabilize globally, inventories were reducing and De Beers and the World Diamond Council (WDC) had embarked on multimillion-dollar advertising campaigns.
Dvash (pictured) said trade bodies had reacted very positively o his call for a $100m marketing campaign after what he described as a “brainstorming session” at the Dubai Diamond Conference earlier this month.
The Antwerp World Diamond Council (AWDC) and India’s Gem & Jewellery Export Promotion Council (GJEPC), had agreed to start looking into funding campaigns by the Natural Diamond Council, he said, in collaboration with the WFDB, IDMA (International Diamond Manufacturers Association) and CIBJO (World Jewellery Confederation). More trade bodies are expected to follow suit.
Dvash said he’d called for the industry to unite behind a major and sustained marketing campaign over the next five years to create demand for natural diamonds some weeks ago, and had been pleased by their response.
“It seems that we have found the golden formula that would enable the industry to raise $100m for generic advertising of natural diamonds,” he said.
Earlier this month he said there hadn’t been a major generic marketing campaign for natural diamonds for almost 20 years, when De Beers halted its “A Diamond is Forever” promotion.
“An entire generation of consumers has come of age without having been exposed to promotional campaigns with positive messages about natural diamonds,” he said in a letter to all the WFDB’s 29 member bourses.
Russia will continue to buy diamonds through a state fund in 2025 in order to support the diamond industry and market, Deputy Finance Minister Alexei Moiseev said on Thursday.
The Russian budget for 2025-2027 has set aside $1.55 billion for the purchase of precious metals and gems, Moiseev said in a statement.
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Russia will continue to ensure “stable global rough diamond prices in the wake of oversupply in the current market,” the same statement said.
State-owned precious metals and gems repository Gokhran resumed buying diamonds from Alrosa in March 2024. Alrosa, under US and EU sanctions, is the world’s largest producer of rough diamonds by volume with 30% of the market.
Austrian jewelry brand Swarovski’s entry into the lab-grown diamond sector has seen a positive reception in the China market, signaling growing consumer acceptance and confidence in the product category, said a senior executive.
Since the launch of Swarovski Created Diamonds Swarovski’s lab-grown diamond product line in April, the company has found that Chinese consumers are gradually accepting the concept of laboratory-grown diamonds, which gives the brand huge confidence in the market, said Yvonne Chan, president of Swarovski Crystal Business Greater China.
Chan added that as the market has responded accordingly, the brand has seen a steady growth in sales figures. “In some of the better-performing stores, sales of Swarovski Created Diamonds jewelry can account for as much as one-fourth of the store’s jewelry sales,” she said.
The consumption of diamonds is diversifying and is no longer limited to bridal occasions, with an increasing number of female consumers showing interest in “self-rewarding “diamond purchases and usually more for daily wear occasions, Chan said.
“We believe lab-grown diamonds are ‘the diamonds of the future’, and that’s why they represent a strategic growth category for Swarovski,” she said.
According to data from consulting firm Bain & Company, China’s rough cultured diamond sales reached 1.4 million carats in 2021, with a market penetration rate of 6.7 percent. The figure is expected to reach 4 million carats by 2025, with a market penetration rate of 13.8 percent.
“We are delighted to be one of the first global brands to launch lab-grown diamonds in China in April, which marks a significant milestone in the company’s global rollout of fine jewelry collections,” Chan said. “China is undoubtedly one of Swarovski’s most important markets globally. Swarovski has long-standing ties of business and friendship with China that were forged three decades ago.”
Lab-grown diamonds, created by simulating the natural growth environment of diamonds, are high-quality synthetic gems with jewelry application value, said Sun Zhaoda, secretary-general of the superhard materials branch of the China Machine Tool and Tool Builders’ Association, adding that the emerging jewelry category is growing rapidly due to its eco-friendly and sustainable characteristics.
According to a recent white paper published by the association, the global cultured diamond supply chain is now largely concentrated in China, India and the United States. China leads in the production of rough cultivated diamonds, with over 22 million carats produced in 2023, accounting for more than 70 percent of global output. India dominates diamond processing, controlling 80 percent of the market, while the US remains the largest consumer market for cultivated diamonds.
“While China’s share in diamond processing is still relatively low, the country is exploring new green development models,” said Sun. “With increasing consumer acceptance of cultivated diamonds in China, the market for lab-grown gems is expected to grow significantly.”
Kim Kardashian has debuted an iconic piece of jewelry – the amethyst and diamond pendant famously worn by the late Princess Diana.
She paid $197,000 at Sotheby’s London for the for the Attallah Cross in January.
It belonged to the late prominent Palestinian-British businessman Naim Ibrahim Attallah, who bought it in the 1980s and often loaned it to the late princess.
Kardashian, 44, and wore it in public for the first time at the LACMA Art+Film Gala in Los Angeles earlier this month.
It was the first time the necklace had been worn in public since Diana’s death in 1997.
The fleuree cross, circa 1920, is set with a square-cut amethyst, accented by approximately 5.25 carats of circular-cut diamonds.
Kardashian has, over the years, bought and worn jewelry that belonged to Marilyn Monroe, Janet Jackson, Jackie Kennedy and Elizabeth Taylor.
