Diamond mines are not forever26 Jul 2025 22:09
The natural diamond industry is getting rocked. You can thank the lab-grown variety for that
https://www.cbc.ca/news/business/lab-grown-diamonds-1.7592336
This stood out: Oymakas says natural diamonds made up 100 per cent of his business until 2018 when lab-grown diamonds came on the market in a big way. Now, natural diamonds account for only three to four per cent of his business... Just last week, Burgundy Diamond Mines announced it would be laying off hundreds of employees and temporarily suspending operations at one of its open-pit mining sites, Point Lake, in the Northwest Territories.
A communications manager for the company, Ariella Calin, said the open-pit mine was "proving to be sub-economic," given the recent drop in the value of diamonds. According to data from Tenoris, which tracks diamond retail prices, natural diamonds in stores now cost 26 per cent less than they did just two years ago.
Not a mining industry to be part of...