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flag Lucapa Diamond Company faces financial collapse, joining Petra Diamonds amid industry-wide struggles.

flag Lucapa Diamond Company, an Australian miner, has been placed under voluntary administration due to financial struggles, including significant losses and a 95% drop in share value over five years. flag This follows Petra Diamonds' cash crunch and threat of defaulting on a $273 million bond. flag Both companies are facing challenges from falling diamond prices, excess supply, and competition from lab-grown diamonds.

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