WD Lab Grown Diamonds, the second-largest US producer of lab-grown diamonds, has filed for bankruptcy due to oversupply and plummeting prices in the lab-grown diamond industry.
The second-largest US producer of lab-grown diamonds has filed for bankruptcy amid a massive glut of fabricated gemstones and plunging prices. Financial Times reports that Washington-based WD Lab Grown Diamonds filed for Chapter 7 in a Delaware bankruptcy court and had total liabilities of around $44 million and assets of $3 million. The company listed it had between 100 and 199 creditors.
Paul Zimnisky, an independent diamond analyst, said the collapse of WD Lab Grown Diamonds is a sign it struggled to compete with Chinese and Indian producers. In the last seven years, a single-carat lab-grown diamond has plunged more than threefold due to a flood of supply, a massive relief for mining companies who have seen natural diamond prices crash. Real diamond prices The slide in real diamond prices comes as consumers pivot to cheaper lab-grown stones.
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