SURAT: The Gems and Jewellery Export Promotion Council (
GJEPC) has stated that the foray of
De Beers into the synthetic diamond business will help customers and owners of real diamonds across the world in differentiating the synthetic diamonds from the natural ones and it will have no impact on the demand,
appeal and value of natural diamonds.
The reaction has come after De Beers officially announced the launch of a jewellery brand using synthetic diamonds recently. De Beers shocked the diamantaires in Surat, which is the world’s largest diamond cutting and polishing centre for natural diamonds.
In a statement, GJEPC said the introduction of branded, synthetic diamonds by De Beers will drive a clear differentiation and categorization in the diamond product category amongst the consumers.
Synthetic or laboratory grown diamonds are completely different products and can’t be compared to natural diamonds, which derive their value from being natural, precious and rare. A natural diamond stands for the most precious emotions and is a luxury product with a timeless appeal. It is expected that this will also position the real natural diamonds as unique, premium and luxury.
GJEPC further stated that the synthetic or lab grown diamonds are not new with De Beers. This technology has existed with De Beers through their subsidiary ‘Element Six’. They have been conducting research and producing synthetic diamonds for the last 40 years.
The Indian Diamond industry believes it will have no impact on the demand and value of natural diamonds.
Around 90% of world’s diamonds are polished in India and substantial value of precious jewellery is manufactured in India. India is the hub of diamond industry.
“Synthetic diamonds have been around for a long time and they have had no impact on the industry. Presently, production of synthetics is estimated to be only 2% of natural diamonds,” regional chairman of GJEPC Dinesh Navadia said.
“Indian industry has always stressed on the need to do generic promotion of diamonds. The industry believes that diamond mining companies need to invest more money into promotion of diamonds and expects that De Beers, Alrosa, Rio Tinto and other miners will continue to put more resources into marketing this unique and rare product,” a GJEPC statement said.