Hundreds of people are being laid off at a diamond mine in the Northwest Territories as production halts, signaling a shifting industry. Lab-grown diamonds are surging in popularity, offering a similar sparkle for a fraction of the price.

Toronto

The growing popularity of lab-grown diamonds is causing a significant downturn in the traditional diamond mining industry. Jewelers report that customers are increasingly choosing lab-grown stones, which are physically identical to mined diamonds but cost a fraction of the price. This shift has led to a sharp decline in demand for mined diamonds, with some jewelers noting that mined diamonds now make up only a small percentage of their business.

The impact is being felt strongly in Canada's Northwest Territories, a major diamond-producing region. Companies such as Burgundy Diamond Mines are laying off hundreds of employees and suspending operations due to economic pressures, including high operating costs and stagnant prices for mined diamonds. With all three mines in the region expected to wind down within the next several years, the future of diamond mining in Canada is uncertain.

Mining industry takes a hit as lab-grown diamond popularity surges

This Toronto jeweler holds two diamond rings side-by-side. One mined from deep below the ground, one grown in a lab. I always make the analogy of an ice made in your refrigeration system versus ice made outside in the cold. So physically they're identical, there's no difference whatsoever. But there is one major difference, the price. The mined diamond is $35,000, the lab grown about $3,500. It's why many of his customers are turning away from mined diamonds. It used to be 100% of our business prior to 2019. Now it's become basically three to four percent of our business. Thousands of kilometres away in the Northwest Territories where the diamond industry is a major employer, it's having a huge impact. Burgundy Diamond Mines is laying off several hundred employees after it suspended operations at one of its two main sites, blaming economics. It's an extremely expensive place to operate. I mean fuel prices are up with inflation, labour costs are up with inflation. And as the cost of producing lab-grown diamonds has plummeted the value of mined diamonds has remained virtually the same. Canada is one of the biggest global diamond producers but with all three mines in the Northwest Territories slated to wind down by 2031 diamond mining could cease to exist altogether. It took many, many years and many millions of dollars worth of effort to just find the diamonds and we've been mining them since what the early 90s and it might all be over soon and that would be an absolute tragedy. A diamond is forever, De Beers. For an industry crafted around building mystique it appears to be losing its shine. It's a luxury product. I mean diamonds aren't something you know people need. They're something that people want. And for many shopping for the perfect diamond ring where the stone comes from doesn't seem to matter. Jamie Strachan, CBC News, Toronto.

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