Ethical Diamond

What makes him genuinely interesting is the quality of those wins. Two of them have come in top-two races in Britain — at Ascot in June 2025 and at York in August 2025 — which puts him firmly among the better horses in training. His current form is striking: three wins from his last six races, with two near-misses alongside them. For a horse running at that level of competition, that is a remarkable purple patch.

The York win in August gave Mullins particular satisfaction. Speaking afterwards, he described the performance as "mightily impressive" — though he was candid enough to admit it had taken him 18 months to work out how to ride the horse properly. The key, it turns out, is patience: give Ethical Diamond time to settle and switch off during a race, then unleash him late. Jockey William described him as "just cutting them down" in the straight. Once he was asked to go, it was over.

Ground conditions matter too. On fast, dry ground, he has won 2 of his 4 races — a 50% win rate that suggests he comes alive when the track is quick. At the highest level — Class 1, the very top tier — he has yet to win from three tries, which tells you there is still a ceiling to crack. But Mullins clearly believes it can be done. After Ethical Diamond ran at Del Mar in America — drawn wide in stall 14, a notoriously difficult position — Mullins admitted he had been quietly confident, describing the horse's ability to relax during a race as a key weapon. A Dubai campaign is reportedly next on the agenda. This is a horse heading in the right direction, with a trainer who has finally figured out exactly how to point him.