Why the tech behind lab-grown diamonds may be too good - Lucara Diamond CEO Eira Thomas
|Get all the essential market news and expert opinions in one place with our daily newsletter. Receive a comprehensive recap of the day's top stories directly to your inbox. Sign up here!|
(Kitco News) - The science behind making diamonds in the lab may be too good, and that helps mined diamonds, said Lucara Diamond CEO Eira Thomas.
In February Thomas was interviewed by mining audiences manager Michael McCrae at the BMO Global Metals, Mining & Critical Minerals Conference.
Lucara Diamond (TSX: LUC) 100-percent owned Karowe diamond mine, located in Botswana, has been in production since 2012. The company says it is one of the world’s foremost producers of large, high quality, Type IIA diamonds in excess of 10.8 carats, including the historic 1,758 carat Sewelô, the 1,109 carat Lesedi La Rona and the 813 carat Constellation which sold for a record US$63.1 million.
Major diamond retailers, such as Blue Nile and De Beers, have launched lab grown diamond lines. Thomas sees the market as separate.
|'Consolidation has to happen' - Integra Resources' George Salamis on M&A|
"In my view, lab grown is a completely different marketplace. [The] technology is getting better and better. It's really a race to the bottom," said Thomas noting that price for lab-grown diamonds has been falling.
"We think that lab grown will continue to grow their market share, but when it comes to purchasing diamonds for life's most important gifting moments, they really don't compete."
Coverage of BMO Global Metals, Mining & Critical Minerals Conference was sponsored by First Majestic Silver.