The diamond industry is facing a significant crisis, with experts calling for a complete overhaul of its sales practices to address inefficiencies and help producers survive the ongoing price slump. Oded Mansori, co-founder and managing partner of Belgian gem trader HB Antwerp, emphasized the need for reform during a recent statement. He criticized the current tender and auction systems, describing them as opaque and inefficient, likening them to a ‘casino’ where the true value of rough diamonds is often uncertain. Mansori argued that these systems leave producers vulnerable, especially during periods of declining global demand, ultimately resulting in job losses and reduced revenues. The diamond market has been severely impacted by global economic uncertainty and the growing popularity of lab-grown stones, leading to significant challenges for producer countries like Botswana and major mining operations such as Burgundy and Letseng. Mansori advocates for a profit-sharing model, similar to the one HB Antwerp has with Lucara Diamond Corp, where producers’ revenues are tied to the polished value of their stones rather than speculative rough sales. This approach has already shown promise, with HB Antwerp accounting for 72% of Lucara’s $74 million diamond revenue in the first half of the year. Mansori estimates that producers could earn up to 40% more revenue by adopting such models, offering a potential lifeline to an industry grappling with its deepest crisis in history.