Don't think China will be buying ADD outChina already holds a dominant position in the global diamond industry, accounting for 95 per cent of world production. Last year alone, Chinese factories churned out over 16 billion carats of synthetic diamonds, a staggering amount equivalent to eight times the known total reserves of natural diamonds on Earth. Once considered a rare and luxurious gem, diamonds have undergone a remarkable transformation into a cost-effective industrial material in China. An uncut lab-grown diamond now costs as little as US$1 in some Chinese online stores.