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NEVER MINED

De Beers is closing down its lab-grown diamond operation

Diamonds are forever, but the business behind the natural stones might not be so robust.

5/12/25 10:41AM

In recent years, synthetic diamonds have surged in popularity — so much so that even De Beers, the world’s leading diamond company, got into the lab-grown game with its Lightbox brand range in 2018. Just seven years later, however, the company is shutting its synthetic gem business, announcing its “commitment to natural diamonds” last week.

Wholesale prices for lab-grown alternatives to the symbol of eternal love have slumped in the years since Lightbox was established, though, sending 52% of American couples rushing to incorporate the cheaper stones into their engagement rings.

Diamond in the rough

In the late 1980s, the 137-year-old De Beers company had the diamond world locked down, taking an 80% share of the market, per estimates from industry analyst Paul Zimnisky. However, its grip on the business has slipped since then, with the stone giant’s earnings under pressure in recent years as synthetic alternatives have weighed on diamond prices globally.

Last year, one measure of De Beers’ profit (underlying EBITDA) came in at just $300 million, down 88% from the $2.4 billion it posted only two years ago, as lab-grown stones from cheaper competitors in China and India dented the company’s finances and overall demand.

In recent years, parent company Anglo American has consistently written down the value of De Beers, reflecting the fact that the storied diamond miner hasn’t sparkled for some time.

Max Knoblauch10/16/25

Uber launches “digital tasks” in the US, paying some drivers to train AI

Beginning later this fall, US Uber drivers will be able to earn money by completing short “digital tasks” like uploading restaurant menus or recording audio samples.

CEO Dara Khosrowshahi teased the new gig income stream back in June at the Bloomberg Tech conference.

At that time, Khosrowshahi said drivers and couriers were “labeling maps, translating language, looking at AI answers, and grading AI answers.” According to Thursday’s announcement, the tasks won’t be so focused on Uber’s business, but instead on connecting workers with “companies that need real people to help improve their technology.”

Per Uber, digital tasks can be done when drivers aren’t on a trip, be it at home or when not driving, and will take only “a few minutes” each.

Uber’s having drivers train its AI while partnering with robotaxi companies that could replace them

Per Uber, digital tasks can be done when drivers aren’t on a trip, be it at home or when not driving, and will take only “a few minutes” each.

Max Knoblauch

10/15/25

United Airlines posts stronger-than-expected profit but weaker sales in its third quarter

United’s full-year profit outlook falls somewhere in between the dual forecasts it issued back in April.

United Airlines Airplanes at Newark Liberty International Airport in Newark, New Jersey

Hyunsoo Rim, David Crowther

HEAD OF MACROS

10/15/25

Pop-Tarts, Doritos, and Uncrustables have joined the protein craze taking over America’s snack aisle

Food giants are catching up with the latest diet obsession.

Apple TV dropped the “plus” as streamers keep pulling back on originals

After the spray-and-pray approach led to a wave of cancellations, Hollywood is settling into an era of just making fewer shows.

Hyunsoo Rim10/15/25

Max Knoblauch10/14/25

The average price of a new vehicle in the US passed $50,000 for the first time ever in September

The average price of a new vehicle in the US surpassed $50,000 in September, according to Cox Automotive’s Kelley Blue Book.

At $50,080, that’s the highest industry average ever, reflecting the price hikes faced by new car buyers in recent years amid pandemic supply shortages, tariff-induced increases, and the high cost of EV production. The figure marks a 3.6% jump from the same month last year.

“Tariffs have introduced new cost pressure to the business, but the pricing story in September was mostly driven by the healthy mix of EVs and higher-end vehicles pushing the new-vehicle ATP into uncharted territory,” Cox executive analyst Erin Keating said. Passing the $50,000 mark was inevitable, Keating said, especially considering that the country’s bestseller is a Ford truck that “routinely costs north of $65,000.”

Year over year, new vehicle prices rose nearly 6% for GM, while Ford’s climbed 2.5%. Volkswagen new prices were up 12.5%.

As prices climb, so do delinquencies on loans to borrowers with lower credit scores. Recent data from Fitch Ratings shows the portion of subprime US auto loans 60 days or more overdue reached 6.43% in August.