'It is by the grace of God that you find a diamond'
Summary
The price of natural diamonds has fallen sharply due to the rise of cheaper lab-grown diamonds. This drop has hurt diamond mining in Sierra Leone, where the country’s largest diamond mine recently shut down, leading to job losses and more informal mining.Key Facts
- Sierra Leone's biggest diamond mine, Koidu Holdings, closed last year after a pay dispute and security concerns.
- The price of natural polished diamonds has dropped about 40% in the last four years.
- Lab-grown diamonds are made in factories, mainly in India and China, and cost up to 70% less than mined diamonds.
- Lab-grown diamonds have the same chemical makeup as natural diamonds but are manufactured using technology called HPHT and CVD.
- Smaller informal diamond mining has increased in Sierra Leone since the big mine closure, but finding diamonds is very hard and income is uncertain.
- Diamond mining has a long history in Sierra Leone, including its role in a violent civil war during the 1990s and early 2000s.
- The Kimberley Process was created in 2003 to stop “conflict diamonds” from entering the market, but industry reputation remains damaged.
- Local people in Kono, the diamond region, say diamonds have not brought the expected economic benefits to their communities.
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