Diamond Foundry Announces Huge Lab-Grown Expansion
April 28, 21
(IDEX Online) - Diamond Foundry aims to increase its production of lab-grown diamonds to 5 million carats a year.
The Silicon Valley start-up, which counts Leonardo DiCaprio among its high-profile backers, plans to open a second factory abroad as it ramps up production from 500,000 carats by next year.
The company, launched in 2012, has just received a new cash injection of $200m, taking its valuation to $1.8bn.
For context, an annual output of 5m carats would be a fifth of De Beers' mined diamond production for last year.
Martin Roscheisen, CEO of Diamond Foundry, has said previously that he believes lab-growns will overtake natural diamond sales - presumably by volume, not value - by 2030.
The company sells it lab-grown rough for an average of $282 per carat, which is higher than some, mined stones.
Roscheisen told the FT the market was "currently at its inflection point."
Pic courtesy Diamond Foundry