WD Lab Grown Diamonds, the second-largest producer of lab-grown diamonds (LGDs) in the United States, has declared bankruptcy, marking a significant setback in the burgeoning lab-grown gemstone industry, according to media reports.
This Washington-based company, which sought Chapter 7 protection in a Delaware bankruptcy court, disclosed total liabilities of $44 million, while its assets amounted to $3 million. The company reported having between 100 and 199 creditors.
In 2021, WD Lab Grown Diamonds became the first diamond company to be certified under the “Standard for Sustainable Diamonds” by third-party verifier SCS Global Services. Established in 2008, WD Lab Grown Diamonds played a pivotal role in reshaping the global LGD industry, generating $33 million in revenue just last year.