In a report published by The Times, a range of diamond industry experts discuss the increasing pressure the widespread availability of lab-created diamonds has placed on the natural diamond industry.
Among them is industry analyst Paul Zimnisky, who said that while the lower prices of lab-created diamond jewellery are appealing to consumers, he does not expect them to usurp natural diamonds.
“Man-made diamonds have captured about a 25 per cent share of global diamond demand by value spent. This is up from nil ten years ago,” Zimnisky said.
“Lab diamonds are a manufactured product that can be produced at will, so they are not rare, and this is reflected in the price,” he said. “Natural diamonds are still one of the most valuable things you can own on a value to size and weight ratio.
“Humans have valued rare and precious metals and gems since the beginning of time. I don’t think this will change anytime soon.”
Multiple contributors to the report noted the importance of marketing in the future of the natural diamond jewellery trade.
Yoram Dvash, President of the World Federation of Diamond Bourses (WFDB), has repeatedly called for unity within the industry to preserve the value of natural diamonds.
“The diamond industry is currently at a critical juncture,” Dvash explained.
“The meteoric rise in the penetration of synthetic diamonds into the market, which began as a marginal phenomenon, has become an unprecedented flood that threatens the value, image and future of the natural diamond.”
“This trend is not just about sales; it demonstrates changes in values and culture. It is about the loss of the sense of intrinsic worth, wonder and uniqueness that have underpinned the natural diamond for generations.”
Dvash also stated that consumer confusion regarding the difference between the two categories was an issue that needed to be addressed through marketing. In recent weeks, new marketing campaigns for natural diamonds have sparked widespread debate within the industry.
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