WD Lab Grown Diamonds Files for Ch. 7 Bankruptcy Protection

WD Lab Grown Diamonds has filed for Chapter 7 bankruptcy protection

The company reported liabilities of about $44 million versus assets of $3 million, the Financial Times reports.

The company, based near Washington, DC, made the filing in federal bankruptcy court in Delaware.

The newspaper stated that per-carat prices for lab-grown diamonds “have crashed more than threefold in seven years, as manufacturers continue to flood the market.”

WD Lab Grown Diamonds was founded in 2008 and used the using the chemical vapor deposition process to make its diamonds. It had revenue of $33 million last year..