They can't discern the difference."Last month, De Beers — the company that helped define the diamond industry and monopolised it for decades — suspended production at South Africa's biggest diamond mine.It cited a need to cut costs amid challenging market conditions.It was the latest sign that the once-booming industry is at a crossroads, as collapsing diamond prices force mining giants to shut down sites and projects.The rise of lab-grown diamonds has coincided with several other headwinds.Changing consumer spending, soaring operating costs and declining diamond yields have also made mining less profitable.In order to survive, Zimnisky says the industry needs to figure out how to persuade consumers to spend 10 times as much on the natural product."I think the the natural diamond industry has to kind of collect itself and kind of come up with a strategy to to further differentiate its product from lab-grown diamonds This is not something that existed prior to the clever marketing campaigns."Bowden says the lab-grown diamond market is increasingly appealing to younger consumers, who are often more financially constrained and ethically motivated.But she says decades of marketing have left a lasting impression, even as diamonds become increasingly accessible and affordable."I do think that diamonds do remain a status symbol despite the price point, despite the origin of the diamond