by Julius Zheng, GIA GG
For generations, a natural diamond has meant far more than a beautiful stone. It has sealed proposals, honored anniversaries, and carried feelings that words often struggle to hold. Yet the industry now stands at a turning point. Changing consumer habits, the rise of lab-grown diamonds, and an unpredictable global economy have pushed the trade to rethink how it speaks to buyers and how it earns their confidence. In this exclusive interview, Mr. Mehul Shah, the new President of the World Federation of Diamond Bourses (WFDB), makes a heartfelt case for seeing diamonds once again as objects of emotion, artistry, and story rather than mere commodities. Mr. Shah also explores what it takes to strengthen trust across the “three M’s” of mines, manufacturers, and markets, and why transparency matters so much to today’s buyers. The interview also touches on how natural and lab-grown diamonds can each find their rightful place and what 2027 may hold for an industry built on something meant to last forever.
In your recent remarks, you spoke about moving beyond diamonds as commodities and focusing more on emotion, artistry, and storytelling. What do you think people most need to feel again when they buy a natural diamond?
Diamonds are forever. For generations, they have been an integral part of human emotions, symbolising love, commitment, luxury, and timeless elegance. However, it is equally important to help consumers understand the extraordinary journey behind every natural diamond. Formed deep within the Earth, under immense pressure and intense temperatures, natural diamonds take billions of years to evolve. This remarkable geological journey makes each diamond a unique gift of nature. No two natural diamonds are exactly alike in their individual characteristics, making every stone truly distinctive. While human life is finite, diamonds endure as timeless symbols of relationships, memories, and legacies passed down through generations. Their value extends far beyond their brilliance and beauty; they carry stories of nature, time, human craftsmanship, and emotional connection. It is therefore essential for the diamond industry to communicate these stories more effectively to help consumers appreciate not only the rarity and uniqueness of natural diamonds, but also their enduring significance to humankind. Equally important is highlighting the positive impact that every diamond purchase can create, from supporting livelihoods and communities to contributing to economic development across the world. Ultimately, the true power of a diamond lies not merely in its sparkle, but in the story it tells, the emotions it represents, and the lasting difference it can make.
You painted a picture of the diamond industry as one connected journey, from mine to market. When you look at that full chain today, where do you see the greatest opportunity to build more trust and connection?
The diamond industry is built around the three M’s: Mines, Manufacturers, and Markets, which together form the backbone of the entire diamond pipeline. But this pipeline is much more than a chain of business transactions; it is a connected ecosystem of people, relationships, and shared aspirations. From miners and artisans to manufacturers, graders, traders, jewellers, and ultimately consumers, every stakeholder plays a vital role in the diamond’s journey. Each link in this chain is interconnected, and the well-being of one influences the success of others. A truly successful diamond pipeline must also be a happy pipeline. Happiness, fairness, trust, and prosperity must extend across every stage of the journey. When the people who mine, craft, grade, trade, and sell diamonds feel valued and benefit from the industry, they become partners in its growth rather than merely participants in its business. Only when happiness is nurtured throughout the entire pipeline can the diamond industry genuinely extend that happiness to consumers and society at large.
You’ve called for the industry to reclaim its narrative in a much more intentional way. What’s story about natural diamonds that you feel hasn’t been told powerfully enough to modern consumers?
At the heart of the diamond industry lies one fundamental value; TRUST. We deal in a product that carries deep emotional significance, and that trust must be upheld at every level, from within the trade to the end consumer. Building and preserving this trust is not just a business responsibility; protecting consumers and ensuring their confidence in natural diamonds is our collective duty. It is equally important to reconnect consumers with the deeper meaning and extraordinary story behind every natural diamond. Formed deep within the Earth over billions of years, each natural diamond represents an incredible journey through time. Its distinctive natural characteristics reflect the uniqueness, beauty, and individuality of nature itself.
Your comments on natural and laboratory-grown diamonds were notably balanced. How do you hope the conversation around the two categories evolves in a way that is clearer, more honest, and ultimately more helpful for consumers?
I believe natural diamonds and lab-grown diamonds serve different purposes and appeal to different consumer aspirations. One represents the timeless sentiment of “Diamonds Are Forever,” while the other embraces the idea that “Diamonds Are for Everyone.” Both segments have their own identity, value proposition, and place in the jewellery market. Rather than viewing them purely as competitors, I feel they cater to different needs, preferences, and purchasing power. For some consumers, a lab-grown diamond may be the preferred choice today. As their financial circumstances and aspirations evolve, some they may choose to purchase a natural diamond in the future, drawn by its geological origin, rarity, heritage, and emotional significance. Of course, each consumer will make that choice according to their own preferences and priorities. I feel Synthetic diamonds are an entry point for consumers to buy Natural diamonds.
Consumer protection and transparency were central to your message. For you personally, what does a truly confident and well-informed diamond buyer look like?
A universal diamond grading system is essential to building trust, transparency, and consumer confidence in the diamond industry. Today, differences in grading standards and practices among laboratories can lead to inconsistencies, create confusion among consumers, and ultimately undermine confidence in diamond grading and certification. To address this challenge, the industry must work collectively towards establishing a universally accepted, transparent, and consistent grading framework. Trade bodies, gemmological laboratories, and other industry stakeholders should come together to develop common grading standards, supported by clear guidelines and robust quality-control mechanisms.
What is your outlook of the diamond business in 2027?
My outlook for the future of the natural diamond industry is very positive. I believe natural diamond prices have the potential to strengthen further, and I see a particularly bright future for luxury diamonds, where rarity, exclusivity, heritage, and emotional value continue to play a significant role. While the industry is currently navigating challenges such as geopolitical conflicts, economic volatility, tariffs, and shifting consumer sentiment, I believe these are challenges that the market can gradually overcome with time and resilience. There are signs that consumers who had shifted towards lab-grown or synthetic diamonds are returning to natural diamonds. This is a positive development and reinforces the importance of communicating the unique origin, rarity, and enduring value of natural diamonds.
Publisher’s note: Special thanks to China Phoenix International (Hong Kong) Limited for the sponsorship.
Appendix:
Articles on WFDB:
https://gem-spectrum.com/tag/wfdb
Articles on Mehul Shah:
https://gem-spectrum.com/tag/mehul-shah
Articles on World Diamond Congress:
https://gem-spectrum.com/tag/world-diamond-congress
