According to media sources, WD Lab Grown Diamonds, the second-largest producer of lab-grown diamonds (LGDs) in the United States, has filed bankruptcy, representing a significant setback in the booming lab-grown gemstone business.
This Washington-based corporation filed for Chapter 7 bankruptcy protection in a Delaware bankruptcy court, disclosing total liabilities of $44 million and assets of $3 million. The company stated that it had between 100 and 199 creditors.
WD Lab Grown Diamonds was the first diamond company to be certified by third-party verifier SCS Global Services under the “Standard for Sustainable Diamonds” in 2021. WD Lab Grown Diamonds, founded in 2008, has played a major role in transforming the worldwide LGD market, reaching $33 million in revenue just last year.