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WD Lab Grown Diamonds Files for Bankruptcy October 13, 2023 (0 comments)


Washington, D.C.--WD Lab Grown Diamonds, the second-largest producer of lab-grown diamonds (LGDs) in the United States, has declared bankruptcy, according to the Financial Times.

This Washington, D.C.-based company filed for Chapter 7 protection on Wednesday in a Delaware bankruptcy court, the newspaper reported. In its filing it said it had total liabilities of $44 million with assets totaling $3 million and between 100 and 199 creditors.

Lab-grown diamond prices for a single carat have lost more than three times its value in seven years as manufacturers flood the market, the Financial Times reported.

The newspaper reports that U.S. LGD companies are having difficulty competing with similar companies in Indian and China.

WD Lab Grown Diamonds was founded in 2008 and is the first diamond company worldwide to achieve 100% Climate Neutrality and to be third-party sustainability rated by SCS Global Services.

Read the full report in the Financial Times

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