'By the grace of God': Miners dig on as lab-grown diamonds reshape market

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📈 Economy & Business

'By the grace of God': Miners dig on as lab-grown diamonds reshape market 03.06.2026

BBC

The booming lab-grown diamond market is significantly impacting traditional diamond mining, particularly in Sierra Leone, where the country's largest mine, Koidu Holdings, closed last year after 1,000 job losses, exacerbated by a 40% fall in natural diamond prices over four years due to competition from cheaper, chemically identical lab-grown alternatives manufactured primarily in India and China. This price decline has reduced earnings for informal miners like Daniel in Kono, a region historically scarred by civil war over diamond wealth, leading to economic hardship. While initiatives like De Beers' Gemfair aim to support artisanal miners with training and fairer pricing, the allure of larger, more affordable lab-grown diamonds, which now dominate US engagement ring sales at 61%, presents a formidable challenge to the natural diamond industry's future, despite environmental concerns regarding the energy-intensive production of synthetic stones.

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