Menu
Market NewsNewsLab-grown diamond wholesale prices fall up to 60 pct, De Beers says

Lab-grown diamond wholesale prices fall up to 60 pct, De Beers says

Wholesale prices for lab-grown diamonds have fallen by up to 60 percent since De Beers began selling synthetic stones for jewelry in September, CEO Bruce Cleaver said on Thursday, adding margins for the sector would continue to fall, Reuters reported.

De Beers, part of mining group Anglo American, shocked the diamond industry last year when it announced it was reversing a decades-old policy of selling natural diamonds only for jewelry and synthetic stones for industrial uses, said the Reuters report.

Its Lightbox brand, created for the new synthetic venture, is starting small, selling 20,000 carats by the end of 2019, but De Beers has invested in a synthetic diamond factory in the U.S. state of Oregon, which should produce more than half a million rough carats a year when fully operational in 2020, the Reuters report said.

Read more here