News DeskDubai, UAE – The Natural Diamond Council (NDC) has unveiled its comprehensive report, ‘Diamond Facts: Busting Myths About the Diamond Industry,’ aiming to provide consumers with valuable insights for informed diamond purchases. The report highlights key considerations such as sustainability, pricing dynamics, and quality verification in the context of both natural and lab-grown diamonds.
Rethinking Sustainability: Contrary to popular belief, the report emphasizes that not all lab-grown diamonds are inherently sustainable. The energy-intensive manufacturing process, particularly in methods like Chemical Vapour Deposition (CVD), has raised concerns. Over 60% of lab-grown diamonds are produced in China and India, where a significant portion of electricity is generated from coal, challenging the ‘eco-friendly’ claims of manufacturers. The natural diamond industry, in contrast, prioritizes ethical sourcing and sustainability initiatives to minimize environmental impact.
Understanding Pricing: The report delves into the pricing dynamics, revealing a notable trend. Lab-grown diamond prices have plummeted by over 74% in the past six years, while natural diamonds have exhibited a consistent annual increase of 3%. Analysts predict that lab-grown diamonds may shift towards the fashion and semi-precious jewelry market, while natural diamonds are expected to retain and increase their long-term value. The limited supply and increasing rarity of natural diamonds contribute to their enduring value.
Detecting Quality: The report highlights the ease of differentiating between lab-grown and natural diamonds through professional verification instruments. Retailers and jewelers selling lab-grown diamonds are legally obligated to disclose their origin, providing consumers with relevant grading reports and certifications. Investments in traceability initiatives are expected to further enhance transparency within the natural diamond industry, ensuring higher value for consumers.
Industry Voices: Tawhid Abdullah, CEO of Jawhara Jewellery & Chairman of the Dubai Gold & Jewellery Group (DGJG), expressed support for the NDC’s efforts, emphasizing the enduring allure of natural diamonds. Nishith Shah, CEO of La Marquise Jewellery, highlighted the importance of informed consumer choices and praised the NDC’s report for dispelling misconceptions.
Positive Industry Response: Richa Singh, Managing Director – India & Middle East, Natural Diamond Council, acknowledged the positive response in the GCC region. Singh emphasized the NDC’s commitment to inspiring, educating, and protecting consumers from misinformation, furthering the integrity of the modern diamond industry.
As consumers increasingly seek reliable and transparent information, the ‘Diamond Facts’ report aims to empower buyers in making conscious and informed choices when it comes to purchasing natural diamond jewelry. The NDC, in collaboration with industry leaders, continues its mission to build and promote the diamond dream globally.
