Photo Courtesy Latitude Diamonds
The United States’ second-largest manufacturer of lab-grown diamonds, M7D Corporation, has initiated bankruptcy proceedings within the country. Operating under the trade name of ‘WD Lab Grown Diamonds,’ the Washington DC-based company is owned by private equity firm Huron Capital.
While WD Lab Grown Diamonds has been a fixture in the diamond industry since they first began producing lab-created diamonds using the chemical vapour deposition method in 2008, the company’s recent reputation has been tainted by a string of patent-related lawsuits.
The company’s collapse, marked by their filing of Chapter Seven bankruptcy, denotes the increasing difficulty that growing competition from Indian and Chinese lab-grown diamonds pose to North American producers.
