WD Lab Grown Diamonds, the second-largest lab-grown diamond producer in the US, has initiated bankruptcy proceedings, IDEX Online reports.
The Washington DC-based company, known for pioneering chemical vapor deposition (CVD) diamonds since 2008, has become the first prominent casualty of the sharp decline in lab-grown diamond prices. Over the years, WD Lab Grown Diamonds has achieved notable milestones. In 2016, it produced its inaugural 5-carat round brilliant diamond, and in 2018, it established a record for making the largest gem-quality lab-grown diamond – a 9.04-carat LGD.
The company officially filed for Chapter 7 protection in a Delaware bankruptcy court on October 11, revealing its financial situation with disclosed liabilities amounting to $44 million and assets totaling $3 million.
