Varvara Dmitrieva: The jewelry industry of Yakutia is distinguished by its creativity, unique cultural code and conservation of traditions

Varvara Dmitrieva, Associate Professor and Head of the Department of Precious Stones and Metals Processing Technologies of the North-Eastern Federal University, told Rough&Polished about the results of the Forum of jewelry Craftsmanship and the prospects...

16 april 2024

Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

11 april 2024

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

Large LGD producer from U.S. goes bankrupt as synthetic diamonds market glut exacerbates

16 october 2023

WD Lab Grown Diamonds, one of the largest lab-grown diamond (LGD) producers in the USA, has filed for bankruptcy on October 11, falling a victim to a looming oversupply in the manmade goods market.

The Washington-based company said it had total liabilities of $44mn with assets totaling $3mn and 100 - 199 creditors.

The development comes amid two major factors heavily impacting the LGD market. Prices of manmade stones have plummeted over the past couple of years, with synthetics trading at a 98% discount off their natural counterparts listed at the Rapoport (RAPI) network. Another issue is the slowdown of the diamond market in general with high stocks of goods stuck in the pipeline. Those factors make it difficult for LGD producers to turn profit.

Financial Times cited Paul Zimnisky, an independent diamond analyst, who said that WD Lab Grown Diamonds had been a “proxy” for the industry and its collapse showed that “it’s getting very difficult for anyone to compete with the Chinese and Indian producers”.

WD Lab Grown Diamonds was founded by diamond industry expert Clive Hill in 2008 as Washington Diamond Corp. It was then bought by Detroit-based private equity firm Huron Capital in 2019. WD Lab Grown Diamonds made $33 million in revenues last year, and brought in $8.36 million so far this year, according to the company's bankruptcy filing.

WD filed for a Chapter 7 bankruptcy that allows businesses to liquidate and terminate their enterprise, and to appoint a trustee to convert the firm’s assets into cash for distribution among creditors.

Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished