Guangzhou Diamond Exchange to Promote Synthetics

Retail and Consumer Confidence
23/04/2019 16:30

The Guangzhou Diamond Exchange (GZDE) last week signed strategic cooperation agreements with China’s major laboratory-grown diamond suppliers, designer associations and other partners to jointly develop and promote LGDs, with a particular focus on design and fashion. The GZDE held a forum entitled “Discover the Magic of Lab-Grown Diamonds” during the 2019 China International Gold, Jewellery & Gem Fair – Shenzhen (Shenzhen Jewellery Fair), with a view to finding greater commercial application.

In a statement, the GZDE writes that it is estimated that growing speed of LGDs increased by 275% from 2010 to 2015, while the cost of production decreased by 70%-80% from 2013 to 2018. Du Ban, president of Shenzhen Jewellery Designers Association said that the lower material cost of LGDs enables designers to focus more on beautiful designs with the product rather than on the value of the material itself. 

They note that China's current producing technology, capacity and market demand provide a solid foundation for the development of the LGD industry, but producers noted that while supply is relatively constant, the market demand fluctuates as consumers remain wary or uninformed about the product. They hope a platform such as GZDE could help coordinate supply and demand.