Chinese gem lab rakes in profits as world embraces artificial diamonds

A Chinese lab-grown diamond producer saw its profits triple over the first half of the year, as consumers around the world increasingly abandon natural diamonds in favour of cheaper artificial stones. 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”. The rise of man-made gems has...