Diamond Foundry, lab grown diamond start up, receives $200M investment at a $1.8B valuation.
Fidelity, the Boston based mutual fund behemoth, invested the $200M to help Diamond Foundry compete with diamond miners like De Beers.
Per Financial Times...
"The Silicon Valley company, which counts Hollywood star Leonardo DiCaprio among its backers, is challenging the traditional diamond industry by producing chemically identical stones. The funding will help Diamond Foundry in its aim to quintuple production at its Washington state factory to as much as 5m carats a year by the end of 2022 — equivalent to almost a quarter of De Beer’s 2020 production."
The ESG (environmental, social, and governance) movement is pushing companies that are not environmentally friendly to adapt to new standards.
The proliferation of lab created diamonds and gemstones to curtail physical mining is part of the ESG movement.