It’s no secret that lab-grown diamonds are disrupting the mined diamond industry, but recent results from international diamond miners suggest the shift may be happening faster than analysts anticipated. Underlying EBITDA for DeBeers, the world’s second-largest diamond miner, fell by 95 per cent year on year in 2023. At Vale, an international miner, the underlying EBITDA of diamonds fell by 56 per cent year on year.
In 2023, lab-grown diamonds represented 17 per cent of the global diamond market, with sales increasing by 38 per cent from 2021 to 2022. The size of the market is This Could Be A Gamechanger For Natural Gas In Europe Lab-grown diamonds — which are chemically and physically identical to real diamonds — could eventually get as cheap as hundreds or even tens of dollars a carat, according to Rapaport.