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Chinese gem lab rakes in profits as world embraces artificial diamonds
Lab-grown diamond maker Power Diamond sees profits triple as De Beers warns of ‘protracted’ challenges in natural stone market
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A Chinese lab-grown diamond producer saw its profits triple over the first half of the year, as consumers around the world increasingly abandon natural diamonds in favour of cheaper artificial stones.
The pivot had led De Beers to suspend production at South Africa’s largest diamond mine, Venetia, for two years as part of a cost-cutting drive, with the company warning that it was confronting “protracted challenging conditions as the diamond industry evolves”.
The rise of man-made gems has battered demand for natural stones in recent years. The global lab-grown diamond market is worth about 127.2 billion yuan (US$18.8 billion), and the greatest demand comes from the United States, according to a report released at an industry forum in central China’s Henan province in December.
China dominates the growing market, with the country expected to account for nearly two-thirds of global output of lab-grown diamonds by 2030, according to the report. Most of China’s production takes place in Henan, state media reported last year.
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