Chinese gem lab rakes in profits as world embraces artificial diamonds
Lab-grown diamond maker Power Diamond sees profits triple as De Beers warns of ‘protracted’ challenges in natural stone market
The pivot had led De Beers to suspend production at South Africa’s largest diamond mine, Venetia, for two years as part of a cost-cutting drive, with the company warning that it was confronting “protracted challenging conditions as the diamond industry evolves”.
China dominates the growing market, with the country expected to account for nearly two-thirds of global output of lab-grown diamonds by 2030, according to the report. Most of China’s production takes place in Henan, state media reported last year.
Power Diamond, a major producer in Henan, is one of the biggest beneficiaries of the pivot to lab-grown stones. The company projects its net profits attributable to shareholders to reach between 80 million yuan and 93 million yuan in the first half of 2026, nearly triple the level recorded during the same period last year, it said in a filing with the Shenzhen Stock Exchange on July 10.
The firm attributed the surge to breakthroughs in its diamond-making process and strong growth in exports. Its revenues are forecast to nearly double, year on year, to 450 million yuan, the filing said.