Lab-Grown Diamond Sales Collapse

Natural diamonds now represent approximately 20 percent of total diamond sales, according to Atlanta-based jeweler Doug Meadows. Meadows stated that consumer demand has shifted toward lab-grown alternatives over the past five to six years. He noted that jewelers must provide what consumers are actively looking for. The shift follows a period where lab-grown diamonds have gained market share. Lab-grown diamonds now account for 80% of his total sales. He noted that consumers are currently prioritizing the size of the stones they can afford. He attributed consumer preferences to the desire for larger stones at affordable prices. Thousands of Sierra Leonean miners continue to dig despite the industry challenges.