Lab-grown diamonds are reshaping the global diamond jewelry market, with production volumes growing rapidly. They offer lower costs, clean records, and are gaining popularity for engagement rings. The industry has faced challenges, but falling prices have spurred demand, especially in Mumbai.
The US Treasury’s Office of Foreign Assets Control (OFAC) has confirmed that new sanctions against the Russian diamond industry will come into effect on 1 March.
The world’s largest diamond mining company – the De Beers Group – has expressed concern over incoming economic sanctions against the Russian diamond industry.