Fake diamonds, bad EV scooters, future of ChatGPT and more | Who said what?
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We spend a lot of time researching stories for The Daily Brief. It’s a whole process—reading, analyzing, simplifying—but not everything makes it to the final cut. Sometimes, the most interesting bits get left out because of the format or the time crunch.
Something that always fascinates us, though, is what people —industry leaders, policymakers, experts—say and, more importantly, what they actually mean. Because let’s face it, those two things aren’t always the same. There’s context, hidden meaning, and nuance in their words that often reveal much more than what’s being said outright.
So with this series, the idea is simple: pick an interesting statement, dive into what it really means, and place it in the broader context of the industry, company, or economy.
With that with that out of the way, we have 5 interesting things to share with you that people said this week.
You can also watch the video here:
Vedanta
Vedanta's Chairman Anil Agarwal recently tweeted that "Copper is at the heart of global decarbonization,". His company just announced a $2 billion investment in Saudi Arabia to process copper. But why is copper suddenly such a big deal?
Let's Break It Down
Think of copper as the metal that powers our modern world. It's the best material we have for carrying electricity, which makes it essential for everything we're building today. Electric cars? They need three times more copper than regular cars - about 80 kg per vehicle. Wind turbines? They use tons of copper - literally. A single offshore wind farm needs around 8,000 tons of copper per gigawatt. Solar panels? Can't work without copper wiring. Even the batteries storing all this clean energy need copper.
A Growing Problem
Since that is the case, we're going to need a lot more copper in the coming years. The International Energy Agency predicts demand for copper could jump 50% by 2040 as countries transition to clean energy. By then, we'll need about 40 million tonnes of copper annually. But getting more copper isn't simple. Opening a new copper mine takes about 17 years, and existing mines are producing much lower-quality ore than before.
What's concerning is how concentrated copper production is. Chile and Peru together produce 40% of the world's copper.
When it comes to refining, China dominates nearly half of global capacity.
This concentration makes copper supply chains vulnerable to disruptions.
India's Copper Challenge
India's facing its own copper problems. The numbers reveal the story: the country's copper ore production fell from 4.13 million tonnes in 2019 to 3.78 million tonnes in 2024. Meanwhile, imports have shot up - copper concentrate imports have doubled to Rs 26,000 crore in just five years, according to The Indian Express. The total import value of copper and copper products as a whole have basically doubled to almost 77,000 crores in 2024 from 37,000 crores in 2019.
Things got particularly tough in 2018 after Vedanta's Sterlite plant in Tamil Nadu was shut down due to environmental concerns and protests. That plant alone used to meet 40% of India's copper needs. Overnight, India went from being a net exporter to a net importer of copper.
Now, the next question that might pop into your head is—why aren't we finding more copper in India? Part of the problem is exploration - we're just not looking hard enough. Last year, the government approved only two copper exploration projects. And when it comes to auctioning copper mining blocks, we've only managed to auction four since 2016. While India has copper resources totaling 1.51 billion tonnes, most of it remains unexplored or unviable for mining.
Making Sense of Vedanta's Move
This helps explain why Vedanta is betting big on copper in Saudi Arabia. Their new facilities will make 400,000 tonnes of copper each year - that's about a quarter of what India needs right now. The project includes a smelter to process copper ore, a refinery to purify it, and a plant to make copper rods for cables and wires.
But why Saudi Arabia? The kingdom is trying to reduce its dependence on oil and sees minerals as a key part of its future. They're sitting on $1.3 trillion worth of untapped minerals. Plus, Saudi Arabia aims to generate 50% of its energy from renewables by 2030 - which means they'll need lots of copper too.
The Big Picture
Here's why this matters: as the world shifts to clean energy, copper isn't just another metal - it's becoming as crucial as oil is today. India alone needs about 1,500 kilotonnes of copper annually, and this number is set to grow as we build more solar farms and electric vehicle factories.
Think of it this way: you can't build a green future without copper. That's why Agarwal's tweet and Vedanta's big investment aren't just business news - they're a sign of how critical copper has become in our race to fight climate change. For India, securing reliable copper supply isn't just about business anymore; it's about ensuring we can build the clean energy infrastructure we need for the future.
Ola
A few days ago, Bhavish Agarwal, the CEO of Ola Electric, tweeted that the company will open 3200 new showrooms by December 20th. That means going from 800 stores to 4000 within 19 days.
Ola Electric is already the market leader in electric two-wheelers with about 25% market share, followed by TVS and Bajaj.
But it has been plagued with complaints about poor services since day 1. Just a couple of days ago, it received a follow-up reply from The Central Consumer Protection Authority. In October, the CCPA sent a notice to Ola after customers filed over 10,000 complaints. In response, Ola claimed that 99% of the complaints were resolved and not it looks like that may not have been the case.
The electric two-wheeler space in India is an interesting sport. Thanks to the FAME incentives and the PM E-Drive scheme, EV 2-wheeler penetration has reached about 5%, and according to ICRA, it’s expected to rise to 6-8% by FY 2025.
The competitive intensity has also increased with new launches from all the major players like Ola, Ather, and others. Ambit Research in September said that Ola's market share will decrease steadily due to new entrants in the market and existing competitors expanding their reach and product offerings.
It will be interesting to see how the EV 2-wheeler battle takes shape.
Titan
Ajoy Chawla, CEO of Titan’s Jewellery Division, spoke to businessline and said “It’s very difficult for consumers to identify the difference between natural and lab-grown diamonds, particularly when they are mounted on studded jewellery.” And, he’s not exaggerating.
Lab-grown diamonds (LGDs) are virtually indistinguishable from natural ones—not just in appearance, but in their physical and chemical composition. Even experts need advanced tools to tell them apart. But this isn’t just a story about technology or whether buyers are confused. It’s about how LGDs are shaking up an industry built on two big ideas: rarity and exclusivity.
Let’s start with the basics. Lab-grown diamonds are exactly what they sound like: diamonds created in a lab. Scientists replicate the extreme conditions under which diamonds form deep within the earth, and the result is a diamond that’s chemically, physically, and optically identical to a natural one.
The key difference? Cost.
A 1-carat natural diamond might set you back ₹3-4 lakh, but a lab-grown version of the same size sells for around ₹50,000. That’s not a small gap—it’s a massive shift in how people think about owning a diamond.
Affordability is just the beginning. Millennials and Gen Z are gravitating toward lab-grown diamonds not just because of the price, but because of what they represent. Unlike natural diamonds, which have long been linked to ethical and environmental issues—think “blood diamonds” and mining controversies—lab-grown diamonds are marketed as conflict-free and sustainable.
And that resonates with younger, socially conscious consumers.
But there’s another angle, especially in India. Less than 5% of Indian women have ever owned a diamond, and the cost is a big reason why. Lab-grown diamonds are changing that, making it easier for first-time buyers to afford one and for existing customers to upgrade to larger, more elegant pieces. It’s not just about being cheaper—it’s about making diamonds accessible in a way natural ones never could.
Meanwhile, the natural diamond industry is under serious pressure. Global demand for diamond jewellery is slipping. In the U.S.—the world’s largest diamond market—sales have dropped over 10% in 2024.
In China, another key market, demand has plummeted by a staggering 50%. Even De Beers, the industry giant synonymous with the phrase “A Diamond Is Forever,” has been forced to cut rough diamond prices by over 10%—a clear sign of trouble.
India, which processes about 90% of the world’s diamonds, is feeling the heat. Surat, the hub of diamond cutting and polishing, has seen polished diamond exports fall by 25% in FY24. Factories are shutting down, and thousands of workers are losing their jobs as orders dry up. Surat’s struggles show how deeply the decline in natural diamond demand is rippling through the supply chain.
On the flip side, lab-grown diamonds are thriving. In the U.S., LGDs now account for 50% of loose diamond sales, a big milestone considering loose diamonds dominate bridal jewellery—a segment natural diamonds once ruled.
This shift speaks to a broader trend: consumers are prioritizing value and quality over tradition, forcing the entire industry to adapt.
In India, the lab-grown diamond market is growing at a rapid 15-20% annually. Companies like Greenlab Diamonds and Limelight are leading the charge, and Trent, part of the Tata Group, recently launched its own LGD jewellery brand, Pome. Several analysts think Trent could play a key role in driving widespread adoption of lab-grown diamonds in India.
Even Gautam Adani weighed in on the disruption. At a recent event, he called lab-grown diamonds a “market disruptor” and pointed out their official recognition as real diamonds by the U.S. Federal Trade Commission. But Adani didn’t shy away from addressing the challenges, noting that India’s jewellery exports are in decline. He made it clear: the industry needs to adapt, and fast, to stay competitive.
Lab-grown diamonds aren’t just a cheaper alternative—they’re redefining what it means to own a diamond. For India, this is both a challenge and an opportunity. Surat and the natural diamond trade are under pressure, but lab-grown diamonds offer a way forward. They could open up new markets, drive innovation, and ensure India retains its place in the global jewellery industry.
So, if you were to buy a diamond today, would you pick natural or lab-grown?
Deepak Shenoy on MapMy India
Here's how the MapmyIndia story played out.
On December 1, 2024, MapmyIndia announced that its CEO Rohan Verma (son of the company's founders) would start a new consumer-focused company. The plan was pretty straightforward - MapmyIndia would get a 10% stake for just Rs 10 lakh and put in another Rs 35 crore as convertible debentures. Rohan would own the other 90%. The new company would get to use MapmyIndia's brand "Mappls" without paying any royalty fees and would take over all the consumer-facing businesses like Mappls Mall, Travel, and gadgets. Rohan would step down as CEO but stay on MapmyIndia's board as a non-executive director from April 2025.
This didn't go down well with shareholders at all. The stock took a hit and dropped below its listing price as investors started asking tough questions. Why wasn't this consumer business being kept within MapmyIndia itself? Why was the listed company getting such a small stake? Why no royalty payments for using the brand? Making matters worse, people found out this wasn't the first time something like this had happened - earlier in 2024, MapmyIndia had set up another private company called ClarityX with the founders' daughter Rakhi Prasad.
Facing all this criticism, Rohan quickly changed his tune. Just two days later, on December 3, he went on TV and said he wouldn't take the Rs 35 crore from MapmyIndia after all - he'd use his own money instead. But he still kept the basic structure where MapmyIndia would get only 10% for Rs 10 lakh. Market experts weren't impressed. Deepak Shenoy suggested they should have just split off the consumer business properly through a demerger, so all current shareholders could get a fair piece of it. Nikhil Pahwa from MediaNama pointed out a concerning pattern of company assets being moved to private entities owned by the founder's family.
The whole episode has become a big talking point in India's corporate governance discussions. While Rohan's decision to not take the Rs 35 crore helped calm things down a bit, people are still questioning whether this deal is fair to small shareholders. It's raised bigger questions about how listed companies should handle these kinds of family arrangements and whether current rules are enough to protect minority shareholders' interests. In the end, it's a classic case of trying to balance a family's business ambitions with their responsibilities to public shareholders.
AI's latest chapter
OpenAI just announced it's doing something they're calling "shipmas"—basically, they're planning to release new AI products and features every day for 12 days straight, starting December 5th. But this announcement comes at an interesting time in the AI world.
The first launch it made was the full version of its advanced reasoning model, o1, which had previously been available only in a preview phase. This model is designed to handle complex reasoning tasks more effectively. The o1 model is capable of processing both text and images and has been optimized for faster and more accurate responses. It reportedly makes major mistakes 34% less often and processes responses 50% faster compared to its preview version.
OpenAI also launched a premium subscription tier called ChatGPT Pro, priced at $200 per month. This tier includes unlimited access to the o1 model. A special "o1 pro mode" with enhanced computational power for solving complex problems. Access to GPT-4o and Advanced Voice Mode
If you listen to AI company leaders, the future sounds almost like science fiction. The head of Anthropic, Dario Amodei, recently claimed AI will soon help us cure most cancers, live to 150 years old, and make poor countries rich almost overnight. Some even think AI will run our banks and economies better than humans can.
But behind all these big promises, there's a problem: the technology might be hitting some walls. According to recent reports, OpenAI's newest AI model (they're calling it Orion) isn't as big a leap forward as they hoped. Yes, it's better than what they have now, but not by nearly as much as their previous upgrades.
And it's not just OpenAI. Google's having trouble with their new AI called Gemini.. Even one of OpenAI's founders, Ilya Sutskever, recently admitted that their old strategy - basically making AI systems bigger and feeding them more data - isn't working as well anymore.
Dario Amodei spoke to Financial Times recently and here’s what he said about scaling bottlenecks:
If we go back to history, the scaling laws don’t say that anytime you train a larger model, it does better. The scaling laws say that if you scale up models with the model size in proportion to the data, if all the engineering processes work well in training the models, if the quality of the data remains constant, as you scale it up, [then] . . . the models will continue to get better and better.
It’s an observed phenomenon and nothing I’ve seen gives any evidence whatsoever against this phenomenon. We’ve seen nothing to refute the pattern that we’ve seen over the last few years.
The companies aren't giving up, though. They're trying new tricks, like giving their AI more time to "think" before answering questions. OpenAI's latest experiment showed that sometimes just letting an AI system spend 20 seconds working on a problem can make it perform as well as much larger, more expensive systems.
But here's the truth: nobody really knows what happens next. When OpenAI's boss Sam Altman posts on social media saying "there is no wall," is he hinting that they've found some amazing new solution? Or is he just trying to keep people excited?
We'll probably start getting some answers during OpenAI's 12 days of announcements. For now, though, we're watching an industry that's learning something most of us already know: progress usually isn't a straight lineup. Sometimes you hit bumps in the road, and you have to find new ways forward.
That’s it for this edition, do let us know what you think in the comments and share with your friends to make them smarter as well.