Leading global gem labs and machinery manufacturers will exhibit their technology and equipment for the detection of synthetic diamonds at the Diamond Detection Expo & Symposium (DDES 2015) next month. There will also be seminars and panel discussions featuring experts and trade members. DDES 2015 is being organized by The Gem & Jewellery Export Promotion Council (GJEPC) and the Bharat Diamond Bourse (BDB) and takes place on December 15-16 at the BDB in Mumbai.
The American lab-grown diamond producer generated total revenue of $236,292 in Q2 FY 2016 which ended on September 30, an increase of 127 percent from the year-earlier figure. However, losses from operations in Q2 FY 2016 were $801,469 from $678,255 a year before. Cash and cash equivalents were $942,802 from $767,214 as of March 31, 2015 as a result of the company’s successful completion of a recent equity offering.
India's Gem & Jewellery Export Promotion Council (GJEPC) together with the Bharat Diamond Bourse (BDB) will hold a Diamond Detection Expo & Symposium (DDES 2015) on December 15 and 16 at the BDB in Mumbai. The two-day event aims to provide a platform for companies offering machines and equipment for the detection of synthetic diamonds, as well as leading laboratories and service providers to interact with the trade.
India's Gem & Jewellery Export Promotion Council (GJEPC) and the Bharat Diamond Bourse (BDB) of Mumbai gave a delegation from Botswana, led by the country's vice president, Mokgweetsi Eric Keabetswe Masisi, a presentation on India's diamond business, while the sides also discussed the challenges facing the global diamond trade. GJEPC Chairman Praveenshankar Pandya said: “You are the largest producers of rough diamonds and we are the largest manufacturing center.
"I’m among those in the diamond trade who feel that lab-made goods have a rightful place in the consumer market. They fit well for price conscious consumers who want natural diamonds, but may be unable to afford them. [...] However, economically, the differences between the two are huge. For that reason they should be distinguished from each other and marketed exclusively to avoid any confusion among their different potential customers. [...] The rarity of natural diamonds is beyond question. And this rarity is a very important characteristic of natural diamonds.
"We have to remember that consumers are a varied bunch, and they have varied desires and opinions – and some of those opinions include the belief that mined diamonds are more harmful and destructive to the environment and the people mining the stone than are lab-grown diamonds.
JCK reports that according to Alrosa's President, Andrey Zharkov, who spoke at the World Diamond Council in Moscow earlier this week, Alrosa is investing in research and development of synthetic screening technology. Zharkov said the company is working on technology that can detect synthetic diamonds - which under Russian law are not considered to be precious stones or gems - in the most efficient manner possible.
“Diamonds don’t cheat people. People cheat people. It [a ban on synthetics] falls squarely into restraint of trade. This is why, I believe, that no one has tried it in the USA. It’s been brought up, but never acted upon.”
Chatham Created Gems and Diamonds CEO Tom Chatham comments on the decision to ban synthetics in the Bharat Diamond Bourse (India) in an interview with JCK
In a press release, the Bharat Diamond Bourse declares that effective immediately, the promotion, trade or carrying of synthetic or laboratory-grown diamonds is prohibited in the premises of the Bharat Diamond Bourse. According to a statement, the resolution was approved by an overwhelming majority of the members of the Annual Meeting and aims to ensure the growth of the natural diamond trade and strengthen consumer confidence. The Bharat Diamond Bourse is the first and only diamond bourse worldwide to declare its entire premises a natural diamond zone.
"Today, the lack of generic promotion, and the threat of undisclosed synthetics getting into the mainstream market are issues parallel to the magnitude of blood diamonds; however, at the moment there is a complete lack of collective leadership in tackling both these issues. Unfortunately, unlike the proactive action taken to tackle the issue of blood diamonds to nip it in the bud before it could really damage the industry, I believe on the current two issues, the industry has fallen behind the curve."
Russell Mehta, Managing Director of Rosy Blue India Pvt. Ltd
The Canadian Gemmological Association (CGA) will be holding its annual gem conference in Vancouver from October 16 to 18. This year’s conference will bring together international speakers and industry experts to discuss contemporary topics affecting the gemology and jewelry industries. Identifying synthetic and enhanced gemstones and valuing such gems will be among the topics to be discussed, according to the Canadian Gemmological Association.
Although man-made gems make up a very small part of the $80 billion global diamond jewelry market, demand is increasing as buyers, particularly young people, look for stones that are cheaper and free of ethical issues, according to a report by Antwerp-based consultancy Gemdax. The study found that 45% of North American consumers from 18 to 35 said they prefer natural diamonds.
If it sounds too good to be true, it probably is. That turned out to be the case for a man who bought what he claims he was told were real diamonds from a Georgia jeweler which turnd out to be moissanite. The store allegedly sold him what it described as a pair of 1.5 carat diamond earrings for just under $800, and the buyer was so surprised at the price, he bought two pairs.
Will man-made diamonds increase the midstream bargaining leverage over rough suppliers?
In a business update, HRD Antwerp cautions that it recently came across (near-) colourless lab grown diamonds featuring octahedral and other “natural” shapes instead of the the typical cubo-octahedral shape seen with diamonds produced by HPHT (High Pressure High Temperature) and the characteristic plate structure of diamonds produced by CVD (Chemical Vapour Deposition).
In thinking over the cross-currents pummeling our business these days, I realize that we are but one cork bobbing around in heavy seas. True, we have issues that are peculiar to the business, but global economic, technological and political upheavals are also making it very difficult to get clarity on where we might be heading. Still, some developments warrant a close look, even if the effects will not be fully felt for a few years.
Since the launch of the Diamond Detection and Research Centre (DDRC) in Surat, 80 diamond traders have contacted the centre in order to verify altogether 7,250 stones, of which 500 stones were sent to laboratories in Mumbai for further testing. Interestingly, the testing certified that none of these stones was synthetic diamonds. Laced with latest machineries and equipment, the center provides diamond identification and certification facility at nominal rates to diamond traders and brokers.
The Daily Telegraph wonders if it is ok to propose with a synthetic or lab-grown diamond as opposed to its natural counterpart. According to a clinical psychologist interviewed in the article, there is nothing wrong with choosing a synthetic diamond, nor with placing value on beautiful objects or status, as long as it is an honest choice, and not a move to give off appearance. A natural diamond retailer however noted "When you buy a ring to symbolize your commitment (...) it's hard to surpass a diamond because they are rare and they are precious.
JCK News reports US based Helzberg Diamonds is testing sales of lab-grown diamonds in 10 stores and according to Rob Bates, they are not the only retailer that is testing the waters.
In response to the growing presence of lab-grown diamonds in the trade, the Accredited Gemologists Association is holding a half-day conference in Las Vegas on Thursday, May 28 to help people at all points along the supply pipeline understand the stones. The conference will include presentations and a town-hall style moderated discussion, addressing such topics as detection, market perceptions and pricing of synthetic diamonds from producer to retailer, alongside a hands-on session allowing participants to handle and become familiar with gem-quality lab-grown diamonds.
German research institute Fraunhofer Institute for Applied Solid State Physics issued a press release stating a new production process, using the Chemical Vapor Deposition (CVD) technique allows them to grow 600 diamonds at a time in a plasma reactor. Within ten days, single crystalline diamonds can be grown in the reactor on up to 600 substrates, each sized 3 x 3 x 0.3 mm³, or a total of 190 carats of synthetic diamonds.
“We believe that a diamond represents a very important purchase in one’s life and has a significant emotional meaning. And we believe that the story and identity of a diamond is linked to how it has been formed over millions of years. We imagine that people will still make that association – it is about the permanence, if you will, the long history of what it takes for a diamond to form, the conditions of the Earth, and the gravitas involved in that. We are not naive, our head is not in the sand, and we closely monitor the progress of the industry.
This month the Russian Jewelers Guild - representing some 90 industry players - will adopt a charter obliging its members to disclose what kind of gems are used in jewelry - natural or lab-grown says Eduard Utkin, CEO of the Russian Jewelers Guild in an interview with Izvestia Daily. Last week, the State Duma adopted the amendments proposed by the Ministry of Finance to the law "On Precious Metals and Precious Stones" in its third reading. One of them contains a commitment on the part of jewelry stores to indicate on a sealed label, whether a jewelry piece has a synthetic or natural stone.
While most discussions on synthetic diamonds are about identification and disclosure, Paul Zimnisky, industry analyst, believes the main question should be what the future of the synthetic diamond industry looks like in terms of market share. He concludes that currently, due to the cost prohibive nature of the technology, gem quality synthetics represent only 1-2% of the global diamond market, mainly driven by environmentally and ethically conscious consumers and millenials that are attracted by the 'futurology' appeal of the product.
The Dubai Diamond Exchange is allowing synthetic gems to be traded, making up a small percentage of the total, Chairman Peter Meeus said. There were 550 synthetic gems certified in Dubai so far this year, compared with 80 last year and none in 2013, Marc Brauner, co-chief executive officer of the International Gemological Institute said.
A Diamond Detection and Research Centre aimed at detecting synthetic diamonds has been inaugurated by Gujarat's Finance Minister Saurabh Patel at the Indian Diamond Institute in Surat. "The credibility of the trade in the state has been affected by the import of synthetic diamonds from countries like Singapore and China,"said Dinesh Navadiya, President, Surat Diamond Association.
Rob Bates (JCK) reports during the Basel Show, GGTL Laboratories discovered a small CVD synthetic diamond F color, IF clarity in a parcel of around 6,000 natural diamonds that were purchased in India. The lab also recently found a melee-sized vivid yellow in a parcel from Hong Kong. Bates adds the finds are no need for panic but highlight the importance of having stones tested and buying from trusted sources.
The Gemological Institute of America is spotting more undisclosed lab-grown diamonds at its grading labs, says Tom Moses, executive vice president of GIA laboratory and research, even though the quantity of undisclosed synthetics remains a small proportion of the diamonds submitted to GIA.
Even after one month of the first lot of undisclosed synthetic diamonds being detected, Surat Diamond Association (SDA) and Natural Diamond Monitoring Committee (NDMC) are yet to take action against those involved in the case.
Leaders of the World Diamond Mark Foundation, a generic diamond promotion initiative, said it was pleased with the outcome of a meeting held by major diamond producers in London last week.
The Diamond Federation of Hong Kong (DFHK), the nonprofit organization that aims to promote Hong Kong as Asia’s diamond center, has announced a Natural Diamond Quality Assurance (NDQA) mark. During a ceremony at the Hong Kong International Jewellery Show, 332 Hong Kong retailers publicly pledged not to sell man made diamonds.
A massive awareness campaign to educate diamond traders, manufacturers and dealers on identifying and screening of synthetic diamonds in circulation has been launched in the city after synthetic polished diamonds were detected in Varachha's Mini Bazaar diamond market last week. GJEPC regional chairman Chandrakant Sanghavi commented: "It is very difficult to differentiate between natural and synthetic diamonds with plain eyes. You need to have technical know-how and a level of practical knowledge to perform the tests.
Diamond miner's head of strategy and corporate affairs, Bruce Cleaver, quoted as saying that the “duds” were threatening the long-term sustainability of the industry and its profitability.
The Surat Diamond Association (SDA) said it has identified 110 items of synthetic diamonds in a packet belonging to two diamond traders in the city. The incident was the first of synthetic diamonds being detected in the India's biggest diamond cutting and polishing center.
Lab-grown diamond maker, New Diamond Technology, claims t have grown a 5.11 carat, K SI diamond, which it says is the largest man-made polished near-colorless stone ever produced.
More than 600 diamantaires based in India's diamond processing center took part in a seminar on how to identify synthetic diamonds on February 4 organized by the Surat Diamond Association.
Scio Diamond Technology Corp has completed a $2.5 million growth financing package from Heritage Gemstone Investors to enable it to double its output of lab-grown diamonds and to refinance debt.
Calvin Mills Jr. proposed to Brittany Ramsey at a football game before a crowd of 57,000 people with a ring set with a 2.62 carat, lab-cultivated diamond by Pure Grown Diamonds. Mills said he selected the diamond because it had zero impact on the environment, did not contribute to human rights violations and violence associated with mining in undeveloped countries where diamonds are found … and "cost a lot less.”
Industry insiders discuss the perceptions of synthetic diamonds, pricing and the outlook for this market.
The Pure Champagne jewelry line includes lab-grown champagne colored diamonds weighing up to 1 carat while the firm has also manufactured pink diamonds ranging from fancy to fancy deep.