The International Grown Diamond Association (IGDA) was dissolved with immediate effect last week, with leaders attributing the closure to financial and operational constraints.

In a letter to IGDA members on July 8, IGDA President Joanna Park-Tonks and Vice President Louis Price stated, “The IGDA has been run on an unpaid, voluntary basis by executives who have their own business interests, and this business model is no longer sustainable.”

Park-Tonks later told JNA that running the association was a demanding full-time job that needed to be remunerated and supported by a paid, professional team – a luxury that IGDA did not enjoy during its run.

IGDA was established in 2016 by Dick Garrard to represent and support the lab-grown diamond (LGD) sector. According to Park-Tonks, the association had over 100 members comprising manufacturers, retailers, traders, jewellery companies, national industry associations and subject matter experts.

“In its lifetime, the IGDA has successfully raised and enhanced the profile of LGDs in the wider diamond industry, to the great benefit of its members, notably achieving a legal redefinition of what constitutes a diamond by the Federal Trade Commission,” she said.

Outlook

Park-Tonks remained optimistic about business prospects for LGDs, noting that retailers are still experiencing strong demand in the largest global market, the US.

“Lab-grown continues to be a strong India-led story, with regional groups abounding there. The UAE is likewise shining as an important trading hub and centre of excellence,” she continued. “Noble efforts are being made on addressing sustainability and our deeper and science-based understanding of environmental claims.”

With the global diamond market clearly at a critical inflection point for both categories, there will be a sharpening of the value proposition of each, speaking to their different constituencies, Park-Tonks added.

“Despite the pricing freefall, there are opportunities to be monetised in terms of creative potential, avant-garde design and, of course, the tech applications of this most versatile and fascinating feats of manmade intelligence and innovation,” she shared.

According to diamond industry analyst Edahn Golan’s July 13 insight report, the rate of decline in LGD prices has slowed down this year.

“Although lab diamond wholesale prices continued to decline, the rate did slow down from the double-digits of the last few quarters,” it stated. 

The report showed that a 6.7 per cent decrease quarter-on-quarter in wholesale prices of certified gem-quality LGDs was recorded in the second quarter of 2025. Year-on-year, prices in the 1- to 3-carat range dropped 42 per cent, as the 50 per cent decline in wholesale prices of 3-carat rounds dragged figures down.