SLE News & Analysis

Sierra Leone Diamond Mine Closure Affects 1,000 Jobs Amid Price Drop

Sierra Leone's largest diamond mine, Koidu Holdings, has closed, resulting in a loss of 1,000 jobs after disputes over miner pay. The price of polished natural diamonds has fallen by approximately 40% over the past four years, largely due to the rise of lab-grown diamonds that can cost up to 70% less. This situation has severely impacted local economic activity and reduced earnings for miners in Kono, according to state officials. The closure and declining prices may lead to further economic challenges in the region.