Lab-grown diamonds squeeze livelihoods of Sierra Leone miners
A BBC report from Sierra Leone says the rising popularity of lab-grown diamonds is sharply reducing incomes for artisanal miners hunting natural stones. Local diggers report sharply lower floor prices.
BBC AfricaA BBC Africa report from Sierra Leone's Kono district has documented a marked decline in artisanal miners' income as the share of lab-grown diamonds in retail expands. Kono miner Mohamed Sesay said: 'A year ago, one stone could feed our family. Now buyers cut the price in half.'
De Beers Group spokesperson Sally Morrison said: 'The natural diamond market is undergoing a structural transition; lab-grown production has lifted its retail share to 22% over the past three years.' By contrast, Lightbox Jewelry CEO Antoine Borde said: 'Lab-grown is becoming the preferred choice for younger consumers based on sustainability and price.'
Sierra Leone's Mining Minister Julius Mattai said: 'The government is accelerating a fair-trade certification program for artisanal mining; we aim to register 12,000 miners this year.' World Bank analyst Ekaterina Mikhaylova assessed that 'developing countries need more fiscal space to manage social effects of the sectoral transition.' This is not investment advice.
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