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The world’s two most powerful diamond companies are making quiet but decisive moves to counter what some insiders are calling an existential threat to the industry — the growing popularity of lab-grown diamonds.

In May, Signet Jewelers — the world’s biggest diamond retailer, with chains that include Jared, Zales, Kay and Blue Nile — began printing a “buyer beware” disclaimer of sorts on the receipts of all of its lab grown diamond sales, warning customers that the bauble they bought could plummet in value.

Lab-grown diamonds’ “relative abundance may not ensure that their value will hold over time,” Signet’s receipts now state.

The retailer is also training its 20,000 sales associates to educate shoppers about natural diamonds’ unique attributes, including their enduring emotional and financial value, Signet spokesperson Katie Spencer told The Post.

Meanwhile, De Beers — the world’s largest diamond producer — late last month unveiled a new diamond ‘verification’ machine that it’s selling to retailers as a tool to give buyers confidence that they are purchasing a natural diamond.

LGDs and mined rocks are nearly indistinguishable to the naked eye — even to trained jewelers.

The developments come as Signet and De Beers aim to deliver a gut punch to so-called LGDs, with the companies preparing major marketing blitzes for real diamonds in the coming year as the industry anticipates a long-awaited, post-pandemic surge of wedding engagements.

“This is the first time in at least 20 years that the largest seller and producer have come together to take a stand on natural diamonds,” diamond analyst Paul Zimnisky told The Post.

Signet is slated to report quarterly earnings on Thursday.

A year ago, the diamond industry still seemed caught in the headlights as the popularity and profitability of LGDs soared. De Beers poured money into a fledgling LGD label called Lightbox as celebrities like Meghan Markle, Billie Eilish and Leonardo DiCaprio touted them as “conflict-free” and environmentally friendly to Gen Z.

The LGD trend has been devastating for De Beers, which reported a 21% sales decline in the quarter ended in mid-May compared to a year ago. That’s on top of the 36% sales drop in 2023 when De Beers took a $1.6 billion writedown — and blamed it partly on the rise of lab grown diamonds, according to Northcoast Research.

“LGDs account for 19% of the market and are a real threat, growing to as much as 22% this year,” according to Zimnisky.

But distributors of real diamonds say trends lately have turned in their favor: LGDs have gotten so cheap that last year’s profit margins — as high as 50% at retail — are fast evaporating.

Last month, De Beers slashed the price of its Lightbox LGD brand by 37% to $500 a carat citing plummeting wholesale prices. This was on top of a 10% price reduction by the diamond giant in January.

In a little-noticed disclosure on May 31, De Beers also revealed that its Element Six factories will end a six-year stint making lab-grown diamonds and return to their previous focus on making diamonds for industrial uses.

While China has long been the largest producer of man-made diamonds, India began ramping up over the past several years focusing on producing 3-, 4- and 5-carat polished synthetic diamonds.

“We believe that lab grown diamond production is greater than expected with supplies still exceeding demand, pressuring prices down,” Northcoast Research analyst Jim Sanderson told The Post.

The result is that jewelers are now drowning in LGDs, which have fallen in price by nearly 30% over the past 12 months alone, according to experts.

“Retailers’ top line revenue is getting squeezed,” Zimnisky added. “Retailers have to decide if they want to be selling $6,000 or $8,000 natural diamonds or $1,200 man-made diamonds. I think the acute price decline of generic LGDs has really put this into perspective.” 

Doug Meadows, owner of David Douglas Diamonds, of Marietta, Ga., is among the retailers whose enthusiasm for LGDs is losing its luster.

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Its a race to the bottom for LGDs for pricing, Meadows told The Post. No one can sustain it at this price. They are just too cheap right now.

A year ago, a two carat LGD engagement ring at his boutique sold for $4,500. Today that same ring is $1,000 less. In response, Douglas began training his sales staff to emphasize natural diamonds again.

We got so excited about LGDs that we lost focus on natural diamonds and the finesse of selling them, he added.

Signets sales were down 6% to $2.5 billion in the latest quarter ended Feb. 3 and its best performing brand in the quarter was value-oriented Banner, which saw flat sales, the company said. 

While we have seen continued discounting into the first quarter, Signet chief executive Virginia Drosos said on a March 20 earnings call, I would anticipate that the inventories are recovering somewhat and so that could be a help. I also think that consumers are becoming more aware that lab-created diamond prices are falling.

Signet and De Beers are hammering the point that LGDs are less valuable in a coordinated campaign to change consumers minds about purchasing them for their engagement rings.

De Beers’ “a Diamond is forever” tagline was introduced in 1948 and became one of the most powerful marketing slogans ever.

“Marketing is such an important part of this industry,” Zimnisky said. “Its really up to the diamond industry to explain why consumers should pay more for natural diamonds.”

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Plane plunges 300ft in 36 seconds to avoid another aircraft

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Plane plunges 300ft in 36 seconds to avoid another aircraft

A US passenger plane made a dramatic plunge minutes after take-off to dodge another aircraft – injuring two cabin crew and causing passengers to shoot out of their seats.

The Southwest flight had just taken off from Burbank in California when the pilot received an alert about a nearby plane.

Data from FlightAware shows the aircraft dropped by 91m (300ft) in just 36 seconds. Those on board said they felt panicked, and some feared the plane was about to crash.

Comedian Jimmy Dore posted on X: “Pilot had to dive aggressively to avoid mid-air collision … myself and plenty of people flew out of their seats and bumped heads on ceiling, a flight attendant needed medical attention.”

Stef Zambrano saw a woman who wasn’t wearing her seatbelt thrown out of her seat, who then said: “I want to get off this plane. I want to be on the ground.”

Another passenger, Steve Ulasewicz, told NBC Los Angeles that it felt like the plane was in freefall for 10 seconds.

“People were screaming. You know, it was pandemonium. People thought the plane was going down,” he added.

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The aircraft was able to continue to its destination of Las Vegas, where it safely landed without any further incident.

It is believed the Boeing 737 was in the same vicinity as a Hawker Hunter Mk. 58, a British fighter jet.

Southwest is now working with the Federal Aviation Administration “to further understand the circumstances” of the event.

Read more US news:
Trump issues warning as he arrives in Scotland
US justice department interviews Ghislaine Maxwell

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January: Footage of Washington plane crash

This is the second time in a week that a passenger plane has had to make abrupt flight manoeuvres to avoid a potential mid-air collision.

Concerns have been raised about aviation safety in the US following a series of recent incidents.

In January, a mid-air collision in Washington DC killed 67 people.

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Snipers, Secret Service sweeps and a personal chef on standby: Scotland awaits Trump’s arrival

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Snipers, Secret Service sweeps and a personal chef on standby: Scotland awaits Trump's arrival

Donald Trump likes a wall. And now he has his very own 10ft-high metal barrier creating a fortress as he tees off for a weekend of politics, play and precision in Scotland.

An almost surreal contrast now exists in the tiny Ayrshire village of Turnberry.

On one side, the stunning coastline and luxury hotel that bears the president’s name. And on the other, an armed buffer zone with sniper teams and road checkpoints.

This visit is unlike those that have gone before.

The threat level and associated security on display is unprecedented following the attempted assassination of Trump at a campaign rally in the US.

“It would be inappropriate for me to plan an operation and not bear in mind what has happened,” the senior officer in charge of this weekend’s policing efforts told me.

Green military-type truck
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Military trucks are part of a security effort that comes just a year after an attempted assassination

Fence
Black security van
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A ‘counter terror’ firm was spotted near the area, which is ringed by a 10ft fence

Turnberry, and its population of about 200 people, have this week witnessed a never-ending stream of Army trucks, terrorist sweeps, road checkpoints, airspace restrictions, sniper positions being erected and Secret Service agents roaming around.

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It is the most extensive security deployment in Scotland since the death of the late Queen in 2022.

It is estimated around 5,000 officers will be on the streets, with teams coming from across the UK to assist.

The spectacle primarily centres on Donald Trump coming to play golf before the arrival of Prime Minister Sir Keir Starmer for talks, likely on Monday.

The president, whose mother was born on the Scottish island of Lewis, is then scheduled to travel to his Aberdeenshire resort where a new golf course is set to open.

Police on buggies patrol as golfers play, near the Trump Turnberry golf course
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Police on buggies are patrolling near the course on Scotland’s east coast

Police lorry
Police security tape is placed across a clothes recycling bin near the Trump Turnberry golf course.
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Police have even taped off a clothes recycling bin near the course

‘Trump is a decent boss’

Stephanie Campbell and Leanne Maxwell live in Turnberry and used to work at the Trump-owned resort, like many other locals.

The pair told Sky News the very first lesson staff at the resort are given is not in fine service or guest etiquette, but in how to respond to a bomb threat.

It is claimed there are posters above the landline phones in the hotel with instructions on the worst-case scenario.

Stephanie Campbell and Leanne Maxwell work at the Trump course
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Stephanie Campbell and Leanne Maxwell say staff are trained in dealing with bomb threats

Stephanie told Sky News: “I had no issues working for him, he is a really decent boss.

“The last time he came there was an element of excitement, I think this time there comes with an added element of concern.

“It brings a lot higher threats and security and it’s much more difficult for everybody in the area.”

Donald Trump waves to protesters while playing golf at Turnberry golf club, in  2018
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Mr Trump at Turnberry in 2018 – he will also visit his Aberdeen course on this trip. Pic: AP

A flag flutters on the Ailsa Championship Course at the Trump Turnberry Golf Resort in Turnberry.
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File pic: Reuters

Echoing her concerns, Leanne told Sky News: “Security is obviously being bumped up. It’s quite worrying. He’s quite a man, ain’t he?”

Sweeps of the rooms are carried out by US Secret Service agents after housekeeping staff complete their duties and Trump’s meals, they say, are prepared by a personal chef to avoid the risk of poisoning.

To the outside world, these measures seem standard for a US president. But to those who live in Turnberry, it’s far from normal when they have a date with the commander-in-chief.

Marine One helicopter
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Marine One is in place awaiting the president’s arrival

A view of the hotel at the Trump Turnberry Golf Resort. File pic: Reuters
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File pic: Reuters

Awkward encounters

Prestwick Airport has become something of an American airbase in recent days.

The infamous armoured limousine, known as “The Beast”, has been spotted being wheeled out of a US military plane as the presidential motorcade prepares for his arrival tonight.

Greeting the president at the doors of Air Force One will be the secretary of state for Scotland, Ian Murray, who previously supported a motion alleging Trump was guilty of “misogynism, racism and xenophobia”.

Another awkward encounter could come in the form of Scottish First Minister John Swinney’s showdown with Mr Trump next week.

Read more from Sky News:
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Trump says US will ‘win’ AI race as plan unveiled

The SNP leader, who publicly backed Kamala Harris in the presidential race, called for September’s state visit to be scrapped after the Ukrainian president’s visit to the White House descended into a shouting match live on TV earlier this year.

Demonstrations are planned throughout the weekend, with marches and protests announced in Glasgow, Edinburgh and Aberdeen.

Kirsty Haigh, from Scotland Against Trump, claims the president uses Scotland to “cleanse his image” and he should not be able to use the country as an “escape” from his views.

She told Sky News: “He should not be welcomed by us, by our leaders.

“We want to see a Scotland that is very different than [the] America that’s being created.”

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Ghislaine Maxwell answered justice department questions ‘about 100 different people’, her lawyer says

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Ghislaine Maxwell answered justice department questions 'about 100 different people', her lawyer says

Ghislaine Maxwell answered “every single question” from the US justice department, her lawyer has said.

The imprisoned former girlfriend of convicted sex offender Jeffrey Epstein answered questions “about 100 different people” during one-and-a-half days of questioning in the federal courthouse in Tallahassee, Florida, her attorney David Oscar Markus said.

A senior administration official has confirmed to Sky News’ US partner, NBC News, that Maxwell was granted limited immunity, meaning the information could not be used against her in any future cases or proceedings.

Mr Markus said Maxwell “answered those questions honestly, truthfully, to the best of her ability” when she met with deputy attorney general Todd Blanche.

“She never invoked a privilege. She never refused to answer a question, so we’re very proud of her,” Mr Markus added.

Undated picture of Ghislaine Maxwell with Jeffrey Epstein. File pic: US Department of Justice
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Undated picture of Ghislaine Maxwell with Jeffrey Epstein. File pic: US Department of Justice

Maxwell, who was jailed in 2022 for luring young girls to massage rooms for Epstein to abuse, is currently serving a 20-year prison sentence.

Epstein, 66, was found dead in his cell at a Manhattan federal jail in August 2019 as he awaited trial on sex trafficking charges. His death was ruled a suicide.

His case has generated endless attention and conspiracy theories due to his and Maxwell’s links to famous people like royals, presidents and billionaires, including Donald Trump.

Mr Trump is facing ongoing questions about the Epstein case. He denied prior knowledge of Epstein’s crimes and claimed he cut off their relationship long ago.

Trump and Epstein at a party together in 1992
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Trump and Epstein at a party together in 1992

The deputy US attorney general, Mr Blanche, announced earlier this week that Maxwell would be interviewed because of Mr Trump’s directive to gather and release any credible evidence about others who may have committed crimes.

Maxwell’s lawyer, Mr Markus, praised Mr Blanche’s approach.

“The deputy attorney general is seeking the truth. He asked every possible question, and he was doing an amazing job,” he said.

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‘The truth will set you free’: Why is Maxwell meeting with the US government?

Maxwell’s immunity from future proceedings is “limited” because it only covers her if she tells the truth. Typically, prosecutors will consider the defendant’s cooperation in an investigation when recommending a lighter sentence as part of a plea deal.

But since Maxwell has already been convicted, it is not clear how she might benefit from the immunity.

Mr Markus said Maxwell did not receive anything in return for answering the questions, but he acknowledged that Mr Trump could pardon her. “We hope he exercises that power in the right and just way,” Mr Markus said.

Ghislaine Maxwell. Pic: US Department of Justice
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Ghislaine Maxwell. Pic: US Department of Justice

When asked whether he had thought about a pardon or clemency for Maxwell, Mr Trump claimed he had not considered it.

“I’m allowed to do it, but it’s something I have not thought about,” he told reporters outside the White House.

He later shut down another question, saying: “I don’t want to talk about that.”

Read more from Sky News:
Analysis: Trump hopes to escape Epstein controversy
Scots divided as Trump heads to Turnberry

Meanwhile, Maxwell’s family have suggested the disgraced British socialite could use “government misconduct” to challenge her imprisonment.

Her family have frequently claimed she “did not receive a fair trial”, but legal appeals against her sex trafficking convictions have been rejected by the courts.

Undated handout file photo issued by US Department of Justice of Ghislaine Maxwell with Jeffrey Epstein, which was shown to the court during the sex trafficking trial of Maxwell in the Southern District of New York. British socialite Ghislaine Maxwell has been sentenced to 20 years years in prison for luring young girls to massage rooms to be molested by Jeffrey Epstein. Issue date: Tuesday June 28, 2022.
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Ghislaine Maxwell with Jeffrey Epstein. Pic: US Department of Justice

Judges previously dismissed arguments from Maxwell’s lawyers that she “should never have been prosecuted” because of a “weird” agreement drafted more than 15 years ago.

The family argue that Maxwell should have been protected under an agreement Epstein had entered with the US Department of Justice in 2007, which agreed not to prosecute any of his co-conspirators.

During her trial in 2021, Maxwell was described as “dangerous” by prosecutors, who told jurors about how she would entice vulnerable girls to go to Epstein’s properties for him to sexually abuse.

In a statement, her family said: “Our sister Ghislaine did not receive a fair trial. Her legal team continues to fight her case in the courts and will file its reply in short order to the government’s opposition in the US Supreme Court.”

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