A 5 Million Won Proposal? Now "It's Identical for Only 800,000 Won”… Mines Shut Down En Masse

De Beers Halts Operations at Key Mine
South Africa’s 40% Unemployment Rate Puts 1,200 Jobs at Risk

"You can choose from a variety of colors in the same quality and design, and if lab-grown diamonds are even more affordable, there’s simply no reason to hesitate." (Woman in her 20s, Ms. A)

"I work at a jewelry shop, and when customers ask about the difference between lab-grown and natural diamonds, I tell them it's like 'farmed flounder' versus 'wild-caught flounder'." (Woman in her 30s, Ms. B)

Lab-grown diamonds—artificial gemstones created in laboratories—are making waves in the wedding jewelry and fashion jewelry industries, shaking up the status of natural diamonds. As lab diamond preference intensifies, major mines around the world are shutting down or halting operations, putting the livelihoods of mine workers at risk.

An image to aid in understanding the article, unrelated to specific content. Getty Images

On September 5 (local time), the Wall Street Journal (WSJ) reported that De Beers, the world’s largest diamond company, decided in July to completely halt production at its Venetia Mine in South Africa for the next two years. Lab diamonds are grown artificially in labs under high-temperature and high-pressure conditions and are identical to natural diamonds both physically and chemically, yet are significantly more affordable.

'Lab Diamond Fever' Sweeps Both Domestic and Overseas Markets

This trend in lab diamond preference is spreading rapidly not only across Korea but around the globe. In Korea, the annual sales growth rate at Lloyd Lab Diamond—operated by E-Land Group’s Ewha World—rose 52% in 2022, 67% in 2023, and surged another 75% in the first quarter of 2024, showing a steady upward trend.

1 Carat Diamond Ring (Left), 1 Carat Lab Diamond Ring (Right). Korea Gold Exchange

The growth in foreign markets is even more dramatic. According to The Knot, a U.S. wedding information website, more than half of engaged couples in the United States have chosen lab-grown diamonds over natural ones. Walmart announced that its lab diamond sales soared by 600% compared to the previous year, and Sam's Club also expanded its lineup of related products to all of its branches.

Even Japan, long a steadfast market for natural diamonds, has emerged as the fastest-growing lab diamond market in Asia. As of 2025, the average cost of a lab diamond engagement ring in Japan is estimated at 300,000 to 600,000 yen (about 2.6 million to 5.2 million won), whereas a comparable natural diamond engagement ring ranges from 800,000 to 1.5 million yen (about 6.9 million to 13 million won), revealing a substantial price gap.

"No Job Like Mining"... Workers Hit Hard

An image to aid in understanding the article, not related to specific content. Getty Images

Meanwhile, the widespread adoption of lab diamonds has disrupted the diamond price structure. According to market research, the average price of a 1-carat natural diamond has plummeted about 47% from a decade ago, hitting $3,415 (about 4.6 million won). During the same period, the price of a 1-carat lab diamond plunged 89%, dropping to $595 (about 800,000 won).

Unable to withstand the price crash, more than 10 of the world’s major diamond mines have been shuttered or ceased production in the past two years, with global diamond output falling by roughly 25 percent compared to five years ago.

Despite the shrinking supply, prices have shown no sign of recovery. In response, De Beers attempted to fight back with large-scale marketing campaigns promoting the scarcity and symbolism of natural diamonds, but ultimately surrendered when it could no longer endure the cost pressures.

Union Says "The Downfall of Natural Diamonds Was Inevitable"... Blames the Company for Its Inaction

Workers are mining diamonds at the Venezia Mine. Mining Review Africa

The crisis is especially dire in South Africa, where the local unemployment rate exceeds 40 percent and mine shutdowns have delivered a devastating blow to the regional economy. In Musina, near the Zimbabwean border, quality jobs that offer benefits and wages on par with multinational mining companies are extremely rare, making the impact even more severe. Tina Nemaunguni, 37, who managed equipment at the Venetia Mine for 13 years, said, "The only job that allowed me to support my family is gone."

Union representatives stated, "The downfall of natural diamonds was a long-foreseen event," criticizing the mining companies for their inaction. Parent company Anglo American has also acknowledged impairment losses in the trillions of won over recent years and is attempting to sell its De Beers stake, but has yet to find a suitable buyer.

De Beers has stated its intention to "minimize the impact on local communities through initiatives such as project support," but affected workers, whose livelihoods have been cut off, strongly criticize the company’s double standard—closing down mines while continuing to hire new staff for lab diamond ventures.

This content was produced with the assistance of AI translation services.