Chinese consumers

De Beers has halted production at South Africa’s Venetia mine, its largest diamond mine, due to declining gemstone prices caused by slowing demand and competition from lab-grown stones. The mine produces 40% of South Africa’s diamonds, and real diamond prices have fallen 50% since 2022, prompting De Beers’ parent company, Anglo American, to consider selling the business.

Prada's Miu Miu brand is experiencing slowed growth due to a trade war between China and the U.S., which is dampening demand from affluent Chinese consumers. Analysts predict the luxury-goods industry's performance will be closely tied to Chinese economic conditions.