De Beers has built its largest diamond stockpile since the 2008 financial crisis, reaching approximately $2 billion, as the company faces tough market conditions. Weak post-pandemic demand, particularly in China where marriage rates have fallen, alongside intensified competition from lab-grown diamonds, has led to an unsold inventory backlog. Despite De Beers’ confidence in future demand growth, this year’s outlook remains bleak. Lab-grown diamonds, which are cheaper and nearly identical to natural diamonds, have gained market share, putting further pressure on pricing.