Namdia, Namibia’s state-owned trading company, is worried about the rising popularity of lab-grown diamonds in the world and its implications on the local diamond industry, IDEX Online reports.
In an interview to Namibia’s Windhoek Observer newspaper, Lelly Usiku, executive market development, sales and brand at Namdia, said that demand for LGDs has risen in China, the biggest retail market after the US. She said that LGDs are “filling a gap left by Alrosa’s reduced production, following its invasion of Ukraine.”
Additionally, consumers in the US have been shifting to more LGDs following high inflation and interest rates. Usiku commented that LGDs cost 60%-80% “less than Namibia’s natural diamonds.”
