Posted 3/11/2024, 7:00:00 PM
Mined Diamond Industry Struggles as Lab-Grown Diamonds Gain Popularity for Affordability and Ethics
- Mined diamond industry facing sharp decline due to rising popularity of affordable, ethical lab-grown diamonds
- Major diamond miners like DeBeers and Vale reporting significant drops in earnings as lab-grown market share grows
- Lab-grown diamonds now account for 17% of global diamond market, with sales up 38% from 2021-2022
- Customers choosing lab-grown for value, sustainability, and environmental reasons over mined
- Lab-grown diamonds not as eco-friendly as portrayed; still require lots of electricity to produce