India’s Lab Grown Diamond Exports Surpass Natural Diamonds for the First Time

 

India’s polished lab grown diamond exports have overtaken natural diamond exports by volume for the first time, marking a significant shift in the global diamond manufacturing industry.

According to figures released by the Gem and Jewellery Export Promotion Council (GJEPC), exports of polished lab grown diamonds reached 18.84 million carats during the financial year ending March 2026, an increase of almost 31 per cent year on year.

By comparison, polished natural diamond exports fell nearly 4 per cent to 16.00 million carats.

Despite the dramatic rise in lab grown volumes, natural diamonds continue to generate the overwhelming majority of industry revenue due to the substantial price difference between the two categories. Average export values for natural diamonds remain around US$760 per carat, compared to approximately US$60 per carat for lab grown goods.

As a result, natural diamond exports generated approximately US$12.16 billion during the year, while lab grown exports totalled around US$95.52 million.

The figures nevertheless highlight the rapid transformation of India’s diamond manufacturing sector. Just a decade ago, in 2015 to 2016, India exported only around 10,000 carats of polished lab grown diamonds.

Recent monthly data suggests the trend is continuing. During April 2026, India exported 1.36 million carats of polished lab grown diamonds, marginally exceeding natural diamond exports of 1.34 million carats.

The continued growth of lab grown production is reshaping the global diamond trade and placing increasing pressure on the natural diamond pipeline, particularly in the lower price categories.

The Future of Canada’s Ice Road Under Threat

The long term future of Canada’s famous Tibbitt to Contwoyto Winter Road, the critical supply route servicing diamond mines in the country’s far north, is increasingly uncertain amid mine closures, financial instability and warmer winters.

The 370 mile ice road, commonly known as the TCWR, stretches across frozen lakes and remote terrain in the Northwest Territories near the Arctic Circle. For decades it has provided an essential seasonal transport link to the region’s major diamond operations, including Diavik, Ekati and Gahcho Kué.

However, the future viability of the route is now being questioned.

Rio Tinto officially closed the Diavik Diamond Mine in March 2026, while Ekati Diamond Mine entered creditor protection proceedings in April. Meanwhile, De Beers operated Gahcho Kué Mine continues to face significant financial pressure.

The winter road plays a vital logistical role each year, allowing operators to transport fuel, cement, heavy mining equipment, tyres and explosives during a narrow eight to ten week operating window when the lakes remain frozen.

Construction and maintenance of the road reportedly costs around US$20 million annually.

Following the closure of Diavik, De Beers has assumed oversight responsibilities for future operations of the road and has confirmed planning is underway for the 2027 season.

However, uncertainty remains over how long the route can continue operating, particularly as increasingly mild winter conditions shorten the period of safe ice access.

Local media reports have raised concerns over whether sufficient funding and operational support will remain available in coming years, fuelling speculation that the famous ice road may be approaching the end of its operational life.

Source: DCLA

Mountain Province Sales Slump in "Very Difficult" Conditions

 

Mountain Province Diamonds has reported a 42% drop in sales for FY2025, as “very difficult” market conditions persist.

The Toronto-based miner said revenue for the full year was down from USD 195.2m to USD 111.5m, although there was an improvement in Q4, with the drop in sales down by a relatively modest 11% to USD 33m.

In a quarterly update published on 9 March it blamed continued pressure on rough diamond pricing due to uncertainty surrounding U.S. tariffs, geopolitical factors, and the ongoing threat from lab grown diamonds.

The average price per carat fell 18% from USD 72 to USD 59 in FY2025, and 24% for Q4 2025. The company blamed challenging market conditions and the mix of goods sold for the Q4 average price, reflecting the sale of a finer set of goods held back from previous quarters.

Production guidance for 2026 is 6.6m to 7.2m carats, compared to 4.33m carats recovered in FY2025.

Mountain Province operates the Gahcho Kue mine, in Canada’s Northwest Territories in a joint venture with De Beers.

Last month it said it was pausing plans for the Tuzo Phase 3 project, which would extend the life of the mine, but require substantial capital expenditure.

“While the Tuzo Phase 3 project has demonstrated strong potential, current market conditions have prompted the partners to take a measured approach to its development,” the company said.

Source: DCLA

Canada’s $92,000 Yellow Diamond Coins

The Royal Canadian Mint has created a limited edition of 10 platinum coins, each set with at least 6.13 carats of fancy yellow diamonds from the Ekati mine, and priced at CAD 128,000 (USD 91,900).

The coins are legal tender, with a nominal value of CAD 1,250 (USD 900), crafted from 10oz of platinum with a Canada lily motif, highlighted with selective gold plating.

Each one is set with 14 pear-cut and nine round-cut fancy yellow diamonds. Seven of the diamonds form the center of the largest lily.

The 10oz coins, known as Brilliance, are a collaboration between Burgundy, the Calgary-based miner that owns and operates the Ekati mine in Northwest Territories, and the Royal Canadian Mint, the crown corporation that mints Canada’s coins.

The mint’s Opulence Collection also includes 30 gold coins, known as Radiance.

They weigh 1oz, feature approximately 1.14 carats of fancy yellow Ekati diamonds, plus white diamonds, and are priced at CAD 39,000 (USD 27,500).

“The Opulence Collection is a testament to the Royal Canadian Mint’s dedication to innovation and coin manufacturing excellence, and the addition of rare fancy yellow diamonds creates visually stunning collector pieces that also celebrate Canada’s vast mineral wealth,” said Marie Lemay, president and CEO of the Royal Canadian Mint.

Source: DCLA

Retailer Buys Canadian Diamond Project

Canadian retailer Arctic Blue has bought a controlling interest in the WO Diamond Project, in Northwest Territories, where explorations are at an advanced stage.

Arctic Blue Diamonds Ltd, a private diamond company that specializes in the rare blue fluorescent diamonds, says it operations at the mine could involve the use underwater remote mining (URM) technology.

It said had acquired an 89.7 per cent interest in the WO Diamond Project, primarily from Peregrine Diamonds, a subsidiary of De Beers Canada, for an undisclosed sum.

The”WO” in the WO Diamond Project stands for “West of”, as in west of the Ekati diamond mine (owned by Australia-based Burgundy Diamond Mines).

The WO Project, currently on care and maintenance, encompasses eight mining leases covering 5,815 hectares located about 11km off the seasonal ice road, 23km from the Diavik diamond mine and 53km from the Ekati diamond mine.

It hosts DO27, one of the largest diamond-bearing kimberlite pipes in Canada, with an indicated mineral resource of 18.2m carats. It has a surface area of about 9 hectares and lies below a shallow lake.

Based on independent rough diamond price indices, the average prices for DO27 diamonds are projected at $90 – $100 per carat.

“The extremely soft nature of the DO27 ore also opens the potential for the deployment of Underwater Remote Mining (URM) technology,” said Arctic Blue executive chair Patrick Evans.

He said it offered exceptionally low capital and operating cost opportunities, and was the most sustainable form of mining, with minimal impact on the environment.

Source: DCLA

Fluorescence

Fluorescence in Diamonds: What It Is and How It Affects Your Diamond
Fluorescence in diamonds refers to the glow that a diamond emits when exposed to ultraviolet (UV) light. When a diamond has fluorescence, it can show a blueish glow (or, in rare cases, other colours) under UV light. This phenomenon is due to the presence of trace elements, typically boron or nitrogen, in the diamond’s crystal structure.

How Fluorescence Works in Diamonds
Ultraviolet Light Exposure:

Fluorescence occurs when a diamond is exposed to UV light—such as sunlight, certain types of lamps, or black lights—which excites the molecules in the diamond and causes them to emit visible light in a blue hue.
Intensity of Fluorescence:

The level of fluorescence can range from none to very strong. This is graded as follows:
None: No fluorescence under UV light.
Faint: The diamond shows a very slight fluorescence.
Medium: Noticeable fluorescence, but not very strong.
Strong: The diamond emits a noticeable glow when exposed to UV light.
Very Strong: The diamond gives off an intense glow in UV light.
Color of Fluorescence:

Canada's Big Three Mines Could Close Early

Canada’s three biggest diamond mines could be forced to close early, an economist has warned, amid the ongoing slump in prices.

Operators reported losses last year for Diavik, Ekati and Gahcho Kue, all in Canada’s Northwest Territories (NWT).

They are slated for closure as they reach the end of their lives – estimated at 2026, 2029 and 2030 respectively – but dwindling demand may render them uneconomic before those dates.

Graeme Clinton, an economist in Yellowknife, capital of NWT, told CBC, Canada’s national broadcaster : “I don’t think nearly enough is made of the state of the markets which are most important to our economy. These low prices could very well mean an early closure.”

He qualified his comments by saying that none of the miners had so far indicated that they’d bring forward their closing dates.

Diamond mining is key to NWT’s economy, representing over a quarter of its GDP, but miners have been hit hard by the downturn.

Rio Tinto’s Diavik mine lost CAD 127m (USD 94.6m) in 2024, Burgundy’s Ekati lost CAD 94.7m (USD 70.5m) and Mountain Province, minority-owner of Gahcho Kue lost CAD 81m (USD 60.0m).

Early closures would cost thousands of jobs, and would dent NWT’s economy.

Source: DCLA

Mountain Province Losses Increase in "Challenging Market"

Mountain Province reported increased net losses for the latest quarter as prices keep on dropping in a “challenging market”.

The Canadian miner today (7 November) announced a net loss of $13.6m for the three months to 30 September, following on from a $4.7m loss in Q2 (all figures are in US dollars).

“In Q3 2024 our sales achieved 100 per cent sell-through with no unsold stock held at the end of September and a higher average selling price than the three preceding quarters,” said Reid Mackie, VP sales and marketing at Mountain Province.

The average price per carat was, however, down 21 per cent on a year ago – from $95 to $75.

The company sold a 679,599 carats were sold for $50.8m, compared to 478,653 carats in Q3 2023 for $45.3m. Year-on-year the number of carats sold was up almost 30 per cent, but revenue increased by just 12 per cent.

Adjusted EBITDA was $12.5m and loss from mine operations was $8m.

As for operations at the Gahcho Kue mine (pictured), the number of tonnes of ore treated increased 10 per cent year-on-year, but the number of carats recovered fell by 10 per cent.

CEO Mark Wall explained that this was “driven by planned lower grade in Q3 and unplanned lower grade in March and early Q2 of 2024”.

He said that while the diamond market had been disappointing, he was optimistic that the price environment would recover during 2025 and that it would be followed by a very strong production year in 2026.

Source: DCLA

Stornoway Diamond granted creditor protection

Stornoway Diamond Corp. of Montreal has been granted protection under the Companies’ Creditors Arrangement Act from the Superior Court of Quebec while the company restructures its business and financial affairs.

Protection is extended to subsidiaries Stornoway Diamonds Canada, Ashton Mining of Canada, and FCDC Sales and Marketing.

Stornoway has signed a letter of intent with creditors Osisko Gold Royalties and Diaquem, a wholly owned subsidiary of Ressources Quebec, concerning a bridge financing agreement entered into in June this year. The LOI confirms that the creditors intend to acquire all of the assets and properties of Stornoway and assume the debts and liabilities owed them as creditors. Stornoway will continue to be the operator of the mine 320 km north of Chibougamau in the James Bay region.

Osisko says that under the terms of the bridge loan, It will retain its 9.6% diamond stream on the Renard mine and continue to receive diamond deliveries. The proceeds of any diamond sales will be reinvested in the mine for a period of one year.

Osisko and certain of the secured creditors have also agreed to supply an initial C$20 million of working capital to Stornoway. The working capital is intended to keep the mine operating without interruption.

Source: DCLA

Stornoway Diamond granted creditor protection

Stornoway Diamond Corp. of Montreal has been granted protection under the Companies’ Creditors Arrangement Act from the Superior Court of Quebec while the company restructures its business and financial affairs.

Protection is extended to subsidiaries Stornoway Diamonds Canada, Ashton Mining of Canada, and FCDC Sales and Marketing.

Stornoway has signed a letter of intent with creditors Osisko Gold Royalties and Diaquem, a wholly owned subsidiary of Ressources Quebec, concerning a bridge financing agreement entered into in June this year. The LOI confirms that the creditors intend to acquire all of the assets and properties of Stornoway and assume the debts and liabilities owed them as creditors. Stornoway will continue to be the operator of the mine 320 km north of Chibougamau in the James Bay region.

Osisko says that under the terms of the bridge loan, It will retain its 9.6% diamond stream on the Renard mine and continue to receive diamond deliveries. The proceeds of any diamond sales will be reinvested in the mine for a period of one year.

Osisko and certain of the secured creditors have also agreed to supply an initial C$20 million of working capital to Stornoway. The working capital is intended to keep the mine operating without interruption.

Source: DCLA