'It is by the grace of God that you find a diamond'

The rapid rise of lab-grown diamonds is reshaping the global gem market, driving down the value of natural stones and impacting mining communities from West Africa to retail stores.

The retail price of polished natural diamonds has fallen by 40% in the past four years, according to market reports ^[1][2]. This decline is largely attributed to the growth of the synthetic diamond industry. The global lab-grown diamond market was valued at $29.5bn in 2022 and is expected to reach $91.9bn by 2034 ^[1][2]. In the United States, engagement rings with lab-grown stones now account for 61% of all sales ^[1][2]. The market shift has had severe consequences for traditional mining. In Sierra Leone, the closure of the country's biggest diamond mine, Koidu Holdings, led to the loss of 1,000 jobs ^[1][2]. The company cited costs from an industrial dispute and security concerns, with insiders acknowledging global market weakness as a factor ^[1][2]. In the Kono region, miners are now finding fewer diamonds and making less money ^[1][2]. Local governor Augustine Shekho said lower diamond values have reduced earnings for miners and weakened the local economy ^[1][2]. The industry has been central to Sierra Leone since the 1930s and was a focal point of the country's brutal civil war ^[1][2].