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News Wire / culture

Lab-Grown Gem Industry Faces Competition From Natural Mining

WNYC 93.9 FM New York 51d50d Impact 5
The lab-grown diamond industry is expected to experience a boom as industry dependence on naturally mined diamonds decreases. However, prices for diamonds have significantly collapsed, reducing the value of natural diamonds. This shift is being discussed by analyst Jason Cone. Miners in Sierra Leone continue to extract natural precious stones from pits and riverbanks. The industry is currently considering how to respond to the rise of lab-grown gemstones. Workers are sifting through mud and gravel in open valleys to find natural stones. The BBC reported on the ongoing manual extraction processes in West Africa.

Topics

diamonds lab-grown diamonds market trends

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Sources · 7 independent

WNYC 93.9 FM

“the dependence of the industry on the naturally mined diamonds is going to be less and people will be looking more towards lab-grown diamonds and that is where a big boom in the lab-grown diamond industry is going to happen.”

ABC NewsRadio AU

“lab grown has become 80% of my my diamond sales. It's just collapsed.”

BBC WS backup

“six years our natural diamonds have dropped to represent about 20% of our total diamond sales and lab grown has become 80% of my diamond sales.”

BBC World Service

“considering the industry response to the lab-grown gems. I'm standing in an open valley. There are huge pits in front of me, pits filled with orange sandy water, men digging at the sand along the banks and others sifting, silting through the mud and the gravel.”

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