LGD prices fell so fast that WD Lab Grown Diamonds couldn’t make a profit, the company’s former CEO, Mike Grunza, said during a Delaware bankruptcy proceeding this week. WD liquidated in October.
“[WD] was a very profitable business early on,” Grunza said in the creditors’ meeting, held Nov. 13. “[Then] the pricing [of lab-grown diamonds] got to such a low point. In one year alone it dropped about 83%. The year before that, it dropped about the same amount. We could not keep up with the rate that the market was declining.”
Ultimately, producing the diamonds cost the company more money than it could make from selling them.
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