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Will Russian Diamond Ban Help Foster Lab-Grown Diamond Business?

According to an online news report by Centurionjewelry, given that the list of US remains long in response to Russia’s invasion of Ukraine, the US president, Joe Biden has warned that the sanction could bring economic impact to Americans, for example rising fuel prices.


“According to the US Treasury, Russia contributes to nearly a third of the global diamond supply. Now industry experts are expecting the price of diamonds to jump significantly in the coming months, according to a report by Quartz”, the news continued. It was speculated before the war and looks likely that the ban on Russian diamonds will pave the way for the growth of lab-grown diamonds. It was said so even before the war. “Consulting firm Kenneth Research expected the lab-grown diamond market to grow by an average of 9% until 2028. It added that top diamond giants had started selling lab-grown diamonds as well”, Quartz said.



Photo Courtesy: Lightbox Jewelry




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