ALROSA Held Meetings With Major Industry Bodies On Synthetic Diamonds at HK Fair

Market Analysis
21/09/2016 09:43

Russian diamond mining giant PJSC ALROSA held a meeting with clients and partners at the September Hong Kong Jewellery & Gem Fair. The company, which produces about a quarter of global supply, presented its vision for the development of the diamond market with an increased focus on the possible impact of the increased manufacture of synthetic diamonds on the natural diamond market. At a panel discussion, key market participants exchanged opinions on the risk of illegal mixing of synthetic and natural diamonds, it said in a statement.

Representatives of international gemological laboratories, the largest global jewelry retailers, diamond market analysts, heads of the Shanghai Diamond Exchange, the Diamond Federation of Hong Kong, the Diamond Producers Association, the Gems & Jewellery Export Promotion Council, the World Diamond Council, the Israel Diamond Exchange, and the Antwerp World Diamond Centre participated in the meeting.

ALROSA's position on possible measures to protect the natural diamond market from the illegal mixing of synthetics and the threat of substitution by synthetic diamonds was presented by Galina Platonova, Adviser to the ALROSA President Andrey Zharkov (pictured). She emphasized that the basis for the protection of the natural diamond market from illegal substitution by synthetic diamonds includes the disclosure of information about diamond production. This includes persuading consumers to buy natural diamond jewelry, and to develop and manufacture devices to identify natural and synthetic polished diamonds in diamond jewelry, she said. In this respect, ALROSA is developing generic marketing programs, special activities underlining the Russian origin of natural polished diamonds, and promotion of the ALROSA brand, the statement concluded.