Debeers is a monopoly for diamonds. They corner the market and limit the supply so that the ones that are in circulation rise in value.

During the early 2000s popular science and a PBS documentary was already bringing up the fact the man made diamond are getting better and closer to the real thing. I for one personally think this is wonderful for many reasons.
https://www.pbs.org/wgbh/nova/tech/artificial-diamonds.html

This will slow down and maybe even stop the blood shed happening in Africa and other parts of the world in regards to mining diamonds.

The ridiculous prices for large diamonds make no sense to me. Who on earth went and paid $60 million for a pink diamond is beyond me? But realistically wedding rings are costing a arm and a leg. If technology can bring down the cost it makes life better for most of us. I have no sympathy for Debeers.
https://money.cnn.com/2017/04/04/luxury/pink-star-diamond-auction-sothebys/index.html

Honestly technology will one day make something more advance than diamond. Why not proceed forward rather than holding back. Sort of like cryptocurrency where banks are trying to hold back the technology where in fact it is superior ;) Thanks.