NDC Debunks Common Myths in Diamond Industry: LGD’s Under Fire in Report

20/04/2023 11:09

Natural Diamond Council, the authoritative resource on natural diamonds, has released its 2023 analytical report entitled, Diamond Facts: Addressing myths and misconceptions about the diamond industry. Through this report, the Natural Diamond Council (NDC) set out to address misinformation about both natural diamonds and laboratory-grown diamonds for industry players, retailers, and consumers alike.

“In an age where consumers are more inquisitive and enlightened than ever, they wish to know about the values and responsible business practices from the companies and indeed the wider industry from which they are purchasing,” says David Kellie, CEO of the NDC. “At the Natural Diamond Council, we want to support consumers in taking informed decisions by providing information transparently.”

The report tackles common misconceptions about the diamond industry, particularly those concerning the growing segment, LGD’s. The report made some noteworthy statements regarding Lab Grown including the assertion that LGD’s can be detected from natural stones; not all LGD’s are sustainable as over 60% of LGD’s are mass produced in China and India where 63% and 74%, respectively, of the grid electricity of each producing county is run on coal; LGD’s require mass amounts of electricity for their production, requiring heat that’s one twentieth the heat of the sun; and most notably, from 2016-2023 the average price of a 1.5 carat LGD has decreased by over 74%.

Other topics covered in the report were the Kimberly Process, Responsible mining and facts concerning the actual sustainability of natural stones in the coming decades. The full report can be found on the NDC website at a link provided below.