China, the world's largest producer of lab-grown diamonds, sees 65.3% export growth through Shanghai Diamond Exchange, driven by AI boom and industrial applications.
The natural diamond industry is implementing a large-scale traceability system, including a blockchain platform called Tracr, to enhance customer trust and provenance amid competition from lab-grown diamonds and declining prices. De Beers Group is selling a 30% stake in Tracr to the Gemological Institute of America (GIA).
Sierra Leone's diamond industry faces collapse as lab-grown alternatives gain market share, driving down prices and leading to mine closures. Miners struggle to find gems, while the region grapples with economic fallout and the legacy of conflict.
Sierra Leone's largest diamond mine has closed due to falling prices of mined gems, driven by the rise of cheaper, ethically sourced lab-grown diamonds. Informal miners struggle as the global market shifts, impacting the region's economy and history.
