Diamond giant De Beers is losing diamond market share, but is trying to keep prices high.  They have lobbied courts to have stones like cubic zirconia labeled as “artificial diamonds.”  (Not the most favorable description). However, “cultured” diamonds (like cultured pearls) is the term being used for CZ instead.

This article discusses the divide between the economic realities and those involved in the diamond industry.  Here’s why De Beers is worried:

“Indians believe that a flawed diamond can wreck a person’s life. But it’s a flawless gem that has De Beers, the world’s largest diamond company, worried. De Beers, which at one time controlled more than 96% of the global supply of diamond roughs — stones before they are cut and polished — saw its share slip to 70% last year, according to a KPMG India report.

This was primarily because Australia’s Argyle and Russia began selling rough diamonds independently, instead of routing them through De Beers’ Central Selling Organisation. Another reason was a steady rise in popularity of laboratory-grown cultured diamonds, which are different from CZ (carbonate zirconium) and other varieties of artificial stones commonly referred to as American diamonds.”

Cultured diamonds may overwhelm the real ones – dnaindia.com.