IF this person has not made an effort to replace what he probably lost, then you're dealing with someone with character issues, someone you simply cannot trust and you'd be better off not having a friendship with. Today a camera... what's next?
I KNOW it's after the fact but I learned a long, long time ago from someone else's experience NEVER to lend a camera or any of my camera gear that I value. I also don't lend books; they never come back in the same condition, if they ever do. IF you must lend something, make certain the person KNOWS from the beginning that if the borrowed item is lost, stolen or damaged it must be replaced with it's equivalent or better, and to your satisfaction. Make certain you have a witness present.
YOU must let the person KNOW the value of the camera and ask when and how he will replace it with it's equivalent since you don't want a cheap replacement. Do it nicely but DO IT. Consider dropping the person as an acquaintance since he's certainly NOT a person you can trust, and not a friend, by any means (he's just a user).