Diamond Foundry Announces Huge Lab-Grown Expansion

By John Jeffay / April 28, 2021 / www.idexonline.com / Article Link

(IDEX Online) - Diamond Foundry aims to increase its production of lab-grown diamonds to 5 million carats a year.The Silicon Valley start-up, which counts Leonardo DiCaprio among its high-profile backers, plans to open a second factory abroad as it ramps up production from 500,000 carats by next year.The company, launched in 2012, has just received a new cash injection of $200m, taking its valuation to $1.8bn.For context, an annual output of 5m carats would be a fifth of De Beers' mined diamond production for last year.Martin Roscheisen, CEO of Diamond Foundry, has said previously that he believes lab-growns will overtake natural diamond sales - presumably by volume, not value - by 2030.The company sells it lab-grown rough for an average of $282 per carat, which is higher than some, mined stones.Roscheisen told the FT the market was "currently at its inflection point."Pic courtesy Diamond Foundry

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