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Why the tech behind lab-grown diamonds may be too good - Lucara Diamond CEO Eira Thomas

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(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.

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"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.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.