It’s no secret that lab-grown diamonds are disrupting the mined diamond industry, but recent results from international diamond miners suggest the shift may be happening faster than analysts anticipated. Underlying EBITDA for DeBeers, the world’s second-largest diamond miner, fell by 95 per cent year on year in 2023. At Vale, an international miner, the underlying EBITDA of diamonds fell by 56 per cent year on year. Demand for mined diamonds has “collapsed”, according to Max Spicer, sales consultant at London Diamonds,…
