Lab grown diamonds are the biggest threat facing the Namibian diamond industry, Namib Desert Diamonds (Namdia)’s Lelly Usiku, Executive: Market Development, Sales and Brand has disclosed.
Usiku said lab diamonds or synthetic diamonds cost about 60 to 80 less than natural diamonds like the ones produced by Namibia.
She noted that synthetic diamonds are growing in popularity in China, which is the biggest retail market in the world after the United States.
The other factors threatening the industry are the Russia-Ukraine Crisis, which is affecting the production at Russian producer, Alrosa.
The other factors threatening the stability of the industry according to Usiku are poor performance of the US economy with high inflation and interest rates.
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