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Wed, 03 Jun 2026

Wed, 03 Jun 2026 'It is by the grace of God that you find a diamond'

The rising popularity of lab-grown diamonds heaps pressure on those hunting for the natural gems.
The rise of lab-grown diamonds has led to a significant drop in demand and prices for natural mined diamonds, forcing Sierra Leone's biggest diamond mine, Koidu Holdings, to close last year with 1,000 job losses. The closure has been followed by an increase in informal mining activities in the region, where men like Daniel are searching for tiny fragments of diamonds amidst tough conditions and limited financial returns. The global market for natural diamonds has declined by 40% over the past four years due to the growing popularity of lab-grown diamonds, which are chemically and physically identical to mined diamonds but cost up to 70% less. Lab-grown diamond manufacturers in India and China use advanced technologies like HPHT and CVD to produce high-quality diamonds at a lower cost. The decline of natural diamond prices has had a devastating impact on the local economy in Sierra Leone, where diamond mining has been the mainstay for decades. The region's governor, Augustine Shekho, attributes the economic downturn to the fall in diamond values, which have reduced miners' earnings and investment opportunities. The industry has struggled to recover from the reputational damage caused by the 11-year civil war that ravaged Sierra Leone, during which thousands of people were killed or displaced. The conflict was fueled by the diamond trade, which was exploited by armed factions. In an effort to change the narrative, De Beers has launched a project called Gemfair, which aims to provide local artisanal miners with fair prices and better working conditions. However, the lab-grown diamond market continues to grow, with sales expected to reach $91.9 billion by 2034. According to a recent study, engagement rings with lab-grown stones now account for 61% of all sales in the US, driven by economic pragmatism and evolving values. Couples are opting for lab-grown diamonds as they can afford bigger stones without breaking the bank. Meanwhile, back in Sierra Leone, Daniel continues his search for diamonds, but the harsh reality is that the industry's decline has left him with limited options.