The global lab-grown (synthetic) diamond market is currently experiencing rapid growth, putting pressure on the natural diamond mining industry. This phenomenon has even forced global mining giant De Beers to temporarily halt operations at the Venetia mine—the largest mine in South Africa—for two years to cut operational costs amid long-term market uncertainty.
According to reports from an industry forum in Henan Province, the global market value for lab-grown diamonds has now surpassed 127.2 billion yuan or approximately 18.8 billion US dollars. The United States is recorded as the largest consumer market, while China dominates the supply chain and is projected to account for nearly two-thirds of total global production by 2030, with its main manufacturing hub in Henan.
This positive trend is bringing abundant profits to Chinese producers, including Power Diamond. The leading manufacturing company projects that its first-half net profit will surge to a range of 80 to 93 million yuan, a nearly threefold increase compared to the same period last year, thanks to technological innovation and export expansion. Meanwhile, its competitor, Huanghe Whirlwind, also recorded improved financial performance by successfully reducing its net losses.
The increasing popularity of synthetic diamonds continues to gradually erode the prestige and demand for natural diamonds. Data from the Zimnisky Rough Diamond Index shows that natural diamond prices have plunged by about 30 percent over the past three years with no signs of recovery, underscoring the heavy pressure currently faced by the conventional mining industry.
