Fashion
Lab-grown diamonds robbing southern Africa of riches

By
AFP
Published
September 14, 2025
Botswana and southern African peers that built much of their prosperity on diamonds are scrambling for alternatives as cheaper, lab-grown stones threaten their economies.
Diamond-dependent Botswana is leading the way and launched a sovereign wealth fund this week to lay the “foundation for a more resilient, sustainable and diversified future beyond diamonds”.
It is exploring other avenues too, like boosting luxury wildlife tourism, launching into the medicinal cannabis market and exploiting its abundant sunshine for solar power.
President Duma Boko has even mooted taking a majority stake in industry giant De Beers and selling Botswana’s diamonds independently.
“Countries such as Angola, Namibia and South Africa are all exposed but not to the same degree as Botswana,” economist Brendon Verster at the Oxford Economics Africa think tank told AFP.
The stones are the country’s main source of income and account for about 30 percent of its gross domestic product (GDP) and 80 percent of its exports, according to the International Monetary Fund.
But, as consumers turn to cheaper diamonds created in China and India, the average price of a one-carat natural diamond is falling.
The price dropped from a peak of $6,819 in May 2022 to $4,997 by December 2024, according to the World Diamond Council.
Botswana, which is 70 percent desert, was lifted from poverty by the discovery of diamonds in the 1960s. It is already feeling the effects of the lab-grown competition.
– ‘Risks of economic collapse’ –
As its foreign reserves deplete, the government has turned to debt to fill the public coffers.
Government funds ran so low that the health system teetered on the verge of collapse in August, leading Boko to declare a state of emergency.
“If left unaddressed, there is a real risk of the situation becoming not just an economic challenge but a social time bomb,” he said in July.
Highlighting the fears, global ratings agency S&P on Friday dropped its long-term ratings on Botswana one notch to “BBB” and declared a negative outlook, citing the rapid expansion of the lab-diamond market.
Synthetic stones had captured “approximately 20 percent of the global market by value and up to 50 percent by volume in the US engagement ring segment in 2025,” it said in a statement.
Diversification is “essentially now or never”, Verster said.
“We don’t really see anything that would cause a monumental shift back in favour of natural diamonds to curb the rising popularity of synthetic diamonds.”
Also suffering is tiny Lesotho, where diamonds contribute up to 10 percent of its $2 billion GDP and the larger, vital textile market has been hit by US tariffs.
This month its biggest diamond mine, Letseng, said it would lay off a fifth of its workforce, citing “sustained pricing pressure” and “softer demand in key markets”.
The mine closures “could heighten risks of economic collapse”, independent economic analyst Thabo Qhesi told AFP, stressing an urgent need to explore other options, such as rare-earth resources.
In a bid to keep the sparkle alive, Angola, Botswana, Namibia, South Africa and the Democratic Republic of Congo pledged in June to allocate one percent of their annual diamond revenues to marketing natural diamonds.
The campaign would need to reframe their value as a coveted “luxury product”, former Bank of Botswana deputy governor Keith Jefferis told AFP.
“We see a significant opportunity to engage consumers in the story of responsibly sourced diamonds from Botswana,” De Beers, also taking part, told AFP.
The South Africa-British firm is meanwhile exploring the potential of synthetic diamonds in high-tech fields like quantum networks and semiconductors, as prices fall below $100 per carat.
For Botswanan ministry of minerals official Jacob Thamage, natural and lab-made diamonds “offer different value propositions to different consumers and therefore can and will coexist”.
In an upscale Johannesburg mall, behind fortified steel gates, a natural yellow diamond priced at over $50,000 stood as a symbol of exclusivity.
Just steps away, a lab-grown diamond valued at $115 was unguarded.
“We each have our target,” one jeweller said. “So long as everyone is happy.”
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Fashion
Estée Lauder: René Lammers appointed head of research and innovation

Published
September 14, 2025
Estée Lauder has appointed René Lammers as executive vice president, research and innovation. This appointment will take effect on October 1. He will join the management team under Stéphane de La Faverie, CEO and president of the American cosmetics group, whose portfolio includes Clinique, Deciem, and Le Labo.
Formerly scientific director at PepsiCo, Lammers will be in charge of all the group’s research and innovation activities, with priority given to accelerating strategic scientific partnerships and integrating disruptive technologies.
“With the arrival of René Lammers, my executive team is now complete, ready to lead our next chapter of growth,” said La Faverie in a statement.
In recent months, Estée Lauder has continued to revise its organizational chart. In early July, for example, Franck Besnard, former General Manager France, was promoted to head Northern and Western Europe.
But this managerial dynamism does not mask the group’s structural difficulties. In August, Estée Lauder reported a net loss of $546 million for the fourth quarter of its 2025 fiscal year, exacerbated by the restructuring plan launched in February. The plan calls for the elimination of up to 7,000 positions worldwide, at an estimated overall cost of between $1.2 and $1.6 billion.
Annual sales fell by 8% to $14.3 billion, with a particularly sharp drop in travel retail, down 28%. Only the perfume segment managed to hold its own.
The group hopes to begin a rebound as early as 2026, relying on a gradual recovery, the leverage of e-commerce, and a selective pricing policy. However, it remains cautious in the face of persistent trade tensions.
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Fashion
NYFW: Khaite, Todd Snyder, Area, and Altuzarra

Published
September 14, 2025
Despite all the gloom mongering one can read about New York Fashion Week, the past 24 hours in Manhattan threw up a quartet of impressive collections, led by an outstanding show by Khaite.
Khaite: Naivety amid the dark underbelly of America
The set inside The Shed, a giant looming show-space in Hudson Yards, captured the mood even before the first clothes had appeared.
A series of diagonal catwalks across an all-black pond and what suggested broken up glaciers covered in mist. The floor even seemed deliberately loose underneath when you walked to take your seat.
A cinematic experience that recalled David Lynch. “The dark underbelly of America has always fascinated me,” confessed founder designer, Catherine Holstein.
A show that opened with jackets cut up the side and then slightly twisted to imply a sense of insecurity and imperfection. They were then paired with jeans, some with 12-inch turn-ups, or anchored by docksiders finished with kitten heels.
The heart of the matter were the strict leather elongated fisherman jackets or urban double-breasted blazers. Everything cut a tiny bit off-kilter.
Holstein has just had a second child, a daughter, and a sense of innocence was apparent in the chiffon blouses embroidered with certain imperfections in hand sewn fabric petals.

“I really wanted the idea of naivety. We kept coming back to that idea,” she expounded.
Nonetheless, the clothes had a fierce quality, jackets hanging at odd angles; beige cotton cocktails twisted to look faintly unfinished; bra tops shaped like nuns’ habits; stiff felt tops cut half way down the torso, but with elongated sleeves.
“I find confidence in insecurity. Throughout my life I have always felt a bit different from everybody even if I didn’t look that different. I never felt part of any group in school,” she said.
In effect, every look pretty much reeked Khaite, the style DNA is so strong, helping to make the brand the defining look of contemporary New York, a great uniform for stylish busy women in the urban jungle.
Todd Snyder: Havana hipsters rule
Where was Ernest Hemingway when you needed him: since the writer would have enjoyed penning a few bon mots to the hipster Havana collection presented Saturday by Todd Snyder.
“Havana playboy-meets-faded vintage with a little dose of Miami ’80s,” commented Snyder, in the backstage of his show, held inside a new office building that soared up on 28th street.
Riffing on the elegant legacy of old Havana with a great array of striped linen suits. Todd is an accomplished tailor – offering a whole series of dry linen jackets made with broad but unstructured shoulders or finished with shawl collars. Or seen in Norfolk jackets or belted safaris, cinched with belts. Pants had high waists and reverse pleats and were all forgiving.
Composed in a tropical palette of faded red coral, playful purple or papaya cream, the clothes cried out for a vintage convertible – the sort Cubans still lovingly maintain.
Snyder seems very much a designer on a roll. He has just taken a floor in the same building as his new HQ. While his collaborations with brands in this show – from Moscot eyewear to Il Bisonte bags and fantastic woven Guanabana weekenders – all looked great.
Next season, Todd will celebrate his 15th anniversary. This smart show was a reminder that his cool and classy take on menswear is the key to his longevity.
Area: Aburn debuts with panache
One of the most interesting new voices in New York fashion is Nicholas Aburn, the new creative director at Area.
Aburn succeeded Piotrek Panszczyk, who co-founded the experimental label with Beckett Fogg a decade ago. He joins Area with an excellent pedigree, after stints with Tom Ford, Alexander Wang and most recently, Balenciaga couture.
Which is what much this collection was, avant-garde couture: whether silk rope and pearly skirts and cocktails; or sequinned football jerseys cut sexy side-slit party dresses.
Though Aburn opened with downtown street chic – black jerkins, elephantine jeans and a series of kicky mini-skirts. Composed by turning trousers into minis and using the legs as wild knotted belts.
Nicholas could use with a little self-editing, and some of his psychedelic sequinned gowns and metal chain frocks did recall Germanier in Paris. But this still felt like the launch of a designer that will have real influence.
Altuzarra: Poised at the Woolworth
No designer in New York today is quite as refined as Joseph Altuzarra, even if his refinement can come with absurdist twists.

Like in this morning show, staged before a few score of editors, buyers and young beauties, high up inside the Woolworth Building near Wall Street. It debuted with floral prints inspired by the opening sequence of “American Beauty”, while surreal birds flew across silk blouses and liquid silk dresses.
When it comes to the subtle skill of draping a bias-cut cocktail, or cutting harem pants, or hanging two-pocket hunting jackets few people anywhere in fashion have Altuzarra’s panache.
Hence, it remains something of a mystery that Altuzarra is not a greater fashion star. Perhaps because his talent is too rich, too capable of making a complete wardrobe, and not so good at dreaming up a defining piece of apparel which one instantly knows is an Altuzarra.
That said, this was a spring/summer 2026 collection of great elegance, and a triumphant reminder that New York Fashion Week is very much alive and kicking.
Copyright © 2025 FashionNetwork.com All rights reserved.
Fashion
Higher tariffs may see reduced trade, low investor mood in India: KPMG

Over 30 per cent of India’s exports in textiles, pharmaceuticals, smartphones, gems and marine products are directed to the United States, making them more vulnerable to tariff shifts.
India’s textile exports could encounter increased competition as other nations gain ground in the US market due to lower tariffs and cost advantages.
Higher US tariffs may see reduced trade, cautious hiring and subdued investor sentiment in India, according to KPMG.
MSME clusters are encountering increased exposure due to limited customer diversification and fragile supply chains, a KPMG report noted.
India’s textile exports could encounter increased competition as other nations gain ground in the US market due to lower tariffs and cost advantages.
A KPMG research report recommended targeted financial interventions like subsidies, working capital support and export insurance for safeguarding MSMEs and employment-intensive clusters, ensuring short-term stability and long-term competitiveness.
For sustained trade resilience, India could advance strategic dialogues with viable partners to unlock market opportunities in high-growth sectors. A diversified export approach would further support a balanced and robust trade ecosystem, it noted.
These efforts can be reinforced through deeper bilateral collaboration and enhanced industrial capabilities via technology partnerships, the report added.
Fibre2Fashion News Desk (DS)
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