AI system grades diamonds faster, cheaper, more accurately

Assessing the value of a diamond is a job that’s been done by eye for centuries. 

But artificial intelligence (AI) is now so sophisticated that it can do the same task faster, cheaper and more accurately.

There can be a huge difference in value even between two diamonds of the same size. That’s why a whole industry has developed, dedicated to grading them.

But advances in machine learning have now made computers more reliable than humans, according to Sarine, a diamond-tech company based in Israel. 

Today the vast majority of diamond manufacturers – the businesses that cut and polish rough gems – send their loose stones to grading labs.

They wait a couple of weeks for the diamonds to be returned with certificates listing their key attributes. And they typically pay at least $100 per diamond for the service (depending on size).

Sarine aims to dramatically cuts cost and delays by locating its automated eGrading technology inside factories in a lease arrangement.

Staff operate the machine, which can grade and certify a diamond in a matter of minutes.

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It’s as convenient as using an ATM, says Roni Ben-Ari, deputy CEO & VP products at Sarine.

He says the machines consistently deliver higher quality results than the best grading labs, without the expense of employing gemologists (gemstone experts) or paying for premises, infrastructure and other overheads.

Can’t cheat the system

You may be thinking the diamond factory gets to “mark its own homework” if the grading machine is inhouse, and that it could cheat the system to get a better grade.

But Ben-Ari is adamant that the system’s security is so tight it’s simply not possible for anyone to interfere.

Every diamond is unique – like a fingerprint, a snowflake or DNA – and every diamond is identified by full 360-degree images.

The raw data that Sarine’s machines gather is securely uploaded to the cloud, and only then converted into a grading report.

Grading diamonds objectively with Sarine’s eGrading system.

It’s worth considering what’s at stake here. 

An absolute top-quality natural one-carat diamond (a popular size for engagement rings) could set you back $14,000. But you could get a poor-quality diamond of the same size for under $2,000. That’s why grading a diamond is so important.

The 4Cs

Four main criteria determine the value of a diamond. They’re known as the 4Cs – carat (weight), cut (how well the rough stone has been shaped), color (the best diamonds are colorless) and clarity (absence of flaws or blemishes).

Diamonds are valued on the basis of carat, cut, color and clarity.

Color and clarity are the hardest criteria to determine. Labs give diamonds a letter for color (from D to Z) and a label indicating one of 11 levels of clarity (from IF, internally flawless, to I3 for diamonds with the worst flaws or “inclusions”). 

Weighing a diamond is straightforward, but the other three Cs can be subjective. 

“I can guesstimate that if you sent the same 100 diamonds to the lab over and over again, around 70 percent would get the same grade,” says Ben-Ari. 

That leaves 30% where a different lab, or a different day, or a different staff member could give the diamond a different grade – and a different value.

Sarine’s system uses AI to grade clarity.

A lot of biases

“The human eye is a muscle; it gets tired,” says Ben-Ari. “It’s affected by your physical conditions, whether you’re tired or angry, or it’s the beginning of the shift or the second half of the shift. 

“There are a lot of biases. It’s very difficult to educate people from different cultures in different locations around the world to grade the same diamond in the same way.

“So the labs invented a very sophisticated process where two people grade the diamond. When they agree, that’s the diamond grade and when they don’t, they bring in a third person.”

But it’s a labor-intensive business. Sarine, already an established world leader in guiding diamond cutters to get the highest value from a rough gem, realized it could develop a better way of doing things.

Sarine’s loupe doesn’t get tired like a human eye would.

AI can grade diamonds

The company, founded in 1988 and based in Hod Hasharon, central Israel, embarked on the mammoth task of teaching AI how to grade diamonds.

That involved showing the AI model more than 30,000 diamonds that had already been graded by GIA (Gemological Institute of America) the world’s biggest lab. The more diamonds they showed it, the better the results.

Sarine introduced eGrading machines, using AI to grade diamonds.

Because Sarine deals in technology and not in physical diamonds, all those diamonds to train the computer model had to be borrowed.

That’s why Sarine’s first eGrading machines, installed in mid-2022, were located in factories in India, where over 90% of all diamonds are cut and polished. 

“We started in southern India, where we have a facility with 400 employees to provide customer support,” says Ben-Ari.” The next step will be a rollout to Botswana and Namibia, both counties which mine and manufacture diamonds.”

Lab-grown diamonds

We’ve been talking so far about “natural” diamonds, but what about lab-grown diamonds? 

Natural diamonds formed miles below the Earth’s surface under high pressure and high temperature in a process that took over more than a billion years.

Lab-grown diamonds are created within weeks, are optically and physically identical to natural diamonds, and now sell for a fraction of the price.

They have driven the need for cheaper grading because in many cases the cost of an ordinary certificate outweighs the cost of manufacturing the diamond.

There are, however, some complex technical differences between natural and lab-grown diamonds, which means Sarine technology can grade them in the lab but not yet remotely with eGrading at factories. Sarine is working on an AI fix for that.

Source: DCLA

Falling prices, low consumer trust, imports issues for lab-grown diamond: GTRI

New Delhi: India’s lab-grown diamond industry is facing challenges such as significant fall in prices, eroding consumer interest and competition from imports, think tank Global Trade Research Initiative (GTRI) said Sunday, adding said that though India faces the issue of production overcapacity, it continues to import in large amounts and this issue needs deeper investigation.

To address these challenges, the government needs to take certain steps such as setting clear and consistent rules to standardize quality, certification, and market practices; issuing a Quality Control Order to check quality of imports; and investment in research and development to improve production processes, reduce costs, and enhance the quality of lab-grown diamonds.

As per the report, India’s lab-grown diamond industry is facing a major challenge, with prices falling by 65% in the past year to Rs 20,000 per carat from Rs 60,000 due to local overproduction and oversupply from abroad, which points to problems like overproduction, high imports, and lack of regulation. The number of units producing lab-grown diamonds in India has increased to 10,000 units, leading to over supply and tougher competition.

The industry lacks clear regulations checking such practices, making it hard to ensure quality. Lack of proper certification, and low trust market operations could slow down the industry’s growth, according to GTRI founder Ajay Srivastava.

He added that 98% of India’s imports of rough lab-grown diamonds come from Hong Kong (63.7% or $728.2 million) and the UAE (28.5% or $326 million).

In FY24, India imported rough lab-grown diamonds worth $1.14 billion and exported cut and polished ones worth $1.3 billion.

Natural diamonds cost around Rs 3.5 lakh per carat and this price drop is making it difficult for manufacturers to repay loans taken for purchasing lab-grown diamond making machines, putting them under financial strain, GTRI said.

Source: DCLA

Why lab-grown diamond success could end up helping natural diamonds – Paul Zimnisky

Declining profits for lab grown diamonds could push retailers into a natural diamond pivot, said Paul Zimnisky, an independent diamond industry analyst.

Last week Zimnisky spoke to Kitco Mining.

The diamond market has been in a tough spot due to declining sales. In September Petra Diamonds reported full-year revenue declined 44%. In February Lucara Diamond announced full year revenue was down 16%, adding that the diamond market is a “volatile environment with market challenges coming from multiple areas.” Storied diamond company De Beers is being sold off by parent Anglo American, which is restructuring after rebuffing a takeover by BHP.

Demographics and growing market share by lab grown diamonds are part of the challenge, said Zimnisky, but exclusivity and rarity of natural diamonds could end up helping. Innovations in production have led jewelers to cut the costs of lab grown diamonds. That may lead jewelers to pivot and prioritize selling natural diamonds over lab grown, said Zimnisky.

“The catalyst could be declining profitability of selling lab grown diamonds, ” said Z. “[That] could incentivize retailers to really push natural diamonds again. That has the potential to be a very positive development for natural diamond industry.”

Source: DCLA

Lab Grown Diamonds Market Projected to Hit $59.5 Bn by 2032 with Strongest Growth in Asia Pacific Region

According to Vantage Market Research the Global Lab Grown Diamonds Market Size is expected to reach a value of USD 27.2 Billion in 2023. The Lab Grown Diamonds Market is projected to showcase a CAGR of 9.1% from 2024 to 2032 and is estimated to be valued at USD 59.5 Billion by 2032.

The lab-grown diamonds market has emerged as a formidable force within the diamond industry, captivating consumers with its ethical and sustainable approach to creating stunning gemstones. Unlike mined diamonds, which are extracted from the earth through an environmentally impactful process, lab-grown diamonds are meticulously crafted in controlled laboratory environments.

This innovative technology replicates the natural diamond formation process, resulting in stones with the same physical, chemical, and optical properties as their mined counterparts. The burgeoning lab-grown diamond market is fueled by a confluence of factors, including rising environmental consciousness, evolving consumer preferences, technological advancements, and increasing disposable incomes.

Read more: Einnews

AGTA Bans Lab-Grown Diamonds, Gemstones at GemFair

The American Gem Trade Association announced that, starting at Tucson next year, exhibitors will not be allowed to sell lab-grown diamonds or colored gemstones at the AGTA GemFair.

National Jeweler received a news release on AGTA’s decision via email Wednesday morning. The release also was posted on the AGTA website, though it had been removed by Wednesday evening.

AGTA CEO John W. Ford Sr. said the news release was “pulled by error,” and would be reposted today.

According to the release, AGTA’s new rule bans the display of loose gemstones or jewelry “comprising non-natural gemstones, ones that are man-made, synthetic, or lab grown.”

AGTA said its dealers can still sell lab-grown gems if they are disclosed, but only natural gems can be made available for purchase at GemFair.

The association said it enacted the ban to “thwart potential confusion,” confusion it sees happening in the lab-grown diamond industry and fears will affect the colored gemstone industry, even though lab-grown colored stones have been around for more than a century.

When asked what led to the belief that confusion was occurring, or could occur, in the colored gemstone market, Ford said in an email to National Jeweler, “Look no further than the chaos created by synthetics in the diamond industry … Our action is also in response to considerable concerns voiced by AGTA membership in relation to the adverse effects that synthetics could also potentially cause in the colored gemstone industry.”

While the AGTA’s decision has made headlines, it does not seem poised to have a big impact on AGTA GemFair exhibitors, few of whom sell lab-grown gemstones anyway.

In his email, Ford said out of the 260 exhibitors of loose or set gemstones at the 2024 AGTA GemFair Tucson, only two list that they sell synthetic gemstones in the AGTA Source Directory.

“Since sending out over (260) 2025 AGTA GemFair Tucson renewals, we’ve had an overwhelmingly positive response from the vast majority of our exhibitors, greatly outweighing any negative responses,” he said.

Related stories will be right here …

In its news release, AGTA also noted that lab-grown gemstones lack the value inherent to natural gemstones, which are rare and sometimes inimitable.

“AGTA felt that it needed to be crystal clear to buyers that when they attend an AGTA show, they know that they are only shopping mined natural gems from the earth,” said Kimberly Collins, AGTA board president and owner of Kimberly Collins Colored Gems.

“AGTA dealers pride themselves in sourcing superior gems that are rare, beautiful, and natural.”

AGTA also notes that “synthetic gems are not minerals.”

The association said it recognizes two definitions of the word “mineral”—that of the British Geological Survey, defining a mineral as “a naturally occurring substance with distinctive chemical and physical properties, composition, and atomic structure” and that of the U.S. Geological Survey, which defines a mineral as a “naturally occurring inorganic element or compound having an orderly internal structure and characteristic chemical composition, crystal form, and physical properties.”

“The definitions are essentially the same, but the keyword in both that is important is use of the word ‘natural,’” said AGTA board member John Bradshaw.

“It’s important to indicate that synthetic gems are not considered minerals, because minerals are natural, and synthetics are not.”

Source: Nationaljeweler

Are Lab-grown Diamonds Sustainable?

Human-made diamonds come with an appealing claim: Manufacturers say the stones are produced ethically using renewable energy. But many of the products do not meet that claim or their producers do not confirm the electricity sources they use. And, laboratory diamonds require a lot of electricity to produce.

In the United States, lab-grown diamond sales increased 16 percent in 2023 from 2022, says Edahn Golan, an industry expert. The stones cost much less than natural diamonds.

Bario Neal is a jewelry store in Philadelphia, Pennsylvania. It uses lab diamonds. All of the stones are either made with renewable energy or neutral use of energy through the carbon credit system. Credits pay for activities like planting trees, which capture carbon.

Social media posts show Millennials and Generation Zs proudly explaining the purchase of their lab-grown diamonds for sustainability and ethical reasons. But the sustainability of production is questionable. A high number of manufacturers are not transparent, or open, about their operations.

Many of the manufacturers are in India, where about 75 percent of electricity comes from burning coal. The companies use words like “sustainable” and “environmentally-friendly” on their websites. But they do not release reports on the environmental effects of their operations.

Cupid Diamonds, for example, says on its website that it produces diamonds in “an environmentally friendly manner.” But it did not answer questions about the sustainability of its operations.

Solar energy is quickly expanding in India and there are some companies, such as Greenlab Diamonds, that use renewables in their manufacturing processes.

China is the other major country producing laboratory diamonds. The largest makers did not return requests for comment. They also did not release details about their electricity source.

More than half of China’s electricity came from coal in 2023.

Paul Zimnisky is a diamond industry expert. He said few companies are honest about their supply chains and their use of renewable energy.

Zimnisky said a lot of companies claim to make an “environmentally-friendly product when they aren’t really doing anything that’s environmentally friendly.”

How it is made

Lab diamonds have been in production around seventy years. Producers treat carbon to high pressure and high temperature. The idea is to copy the natural conditions that form diamonds underground. But, nature spends at least one billion years to make a diamond. Lab diamonds are complete in a few weeks.

In the past, the stones were used mostly in industries like stone cutting, mining and dentistry tools.

Over time the laboratories, or foundries, have gotten better at making stones. Production costs have dropped as technology improves.

Companies now can manufacture as many stones as they want and choose their size and quality.

Diamonds, whether lab-grown or natural, are chemically identical and entirely made out of carbon. Experts can identify between the two using lasers to examine their atomic structures.

Marketing battle

The lab diamond is competing in the same market as natural stones. Worldwide, lab-grown diamonds are now 5 to 6 percent of that market. And, the public battle for customers has begun.

The natural diamond industry and some experts argue that lab-grown diamonds will not hold value over time.

Zimnisky predicts that natural diamonds will continue to sell in the thousands and tens of thousands of dollars for engagement rings.

And the human-made stone?

“Five to ten years into the future, I think there’s going to be very few customers that are willing to spend thousands of dollars for a lab diamond,” he said.

Page Neal said she co-founded Bario Neal in 2008 to “create jewelry of lasting value that would have a positive impact on people and the planet.”

She added: “We want to only work with materials that we feel like our clients would be proud to own.”

I’m Dan Novak.

Dan Novak adapted this story for VOA Learning English based on reporting by The Associated Press.

Lab Urges Caution over Surge in Undisclosed Colored Synthetics

Gemological Science International (GSI) has issued a warning to the trade after coming across a “notable increase” in jewelry set with pink, yellow and brown lab-grown diamonds posing as natural.

The jewels, which have been submitted to the lab for grading, often contain synthetic stones mixed in with natural colored diamonds, Debbie Mazar, president and cofounder of GSI, explained Tuesday. Many of the undisclosed synthetics were type IIa, with a single nitrogen atom, and ranged in size from melee to 1 carat.

Additionally, some of the lab-grown diamonds were intentionally cut to mimic natural ones, GSI noted. The GSI observed several with fractures, pinpoint clouds, polish-overs and distinct brown grain lines, features found in natural diamonds, which would potentially enable the fraudulent stones to pass standard gemological evaluation, GSI said.

“The challenge arises as most jewelry-screening equipment in the market is designed to screen white, near-colorless diamonds,” Azar explained.

The advanced technology in diamond growth is contributing to increased success by growers in replicating natural diamonds more and more, GSI added.

GSI’s warning comes on the heels of several from other labs. In December, Italian grading lab Gem-Tech cautioned that it had encountered a number of lab-grown stones circulating bearing fraudulent inscriptions from the Gemological Institute of America (GIA) for natural stones. Last month, the International Gemological Institute (IGI) examined a 6.01-carat lab-grown with a GIA laser inscription for a similarly cut natural, while the GIA reported it was taking steps to combat the recent influx of lab-growns bearing fraudulent inscriptions from the lab by offering same-day report verification.

Source: DCLA

IGI Detects 6-Carat Lab-Grown Diamond With Fake Inscription

The International Gemological Institute’s laboratory in Tel Aviv recently detected a 6-carat lab-grown diamond that someone apparently was hoping to pass off as a natural stone.

The 6.01-carat, pear-shaped synthetic diamond was fraudulently inscribed with the Gemological Institute of America report number for a G-color natural diamond of the same size and shape, but with a few key differences, IGI said in a news release issued Tuesday.

First, the lab said, photoluminescence (PL) spectroscopy, which is now widely used by grading labs to separate natural diamonds from lab-grown stones and to identify diamond treatments, shows a wavelength peak of 737 nanometers in the diamond (see chart below).

This is an indicator that the diamond was grown in a factory using the chemical vapor deposition process.

IGI photoluminescence spectra
The photoluminescence spectra for the 6.01-carat lab-grown diamond recently examined by the International Gemological Institute

Second, when examined under a microscope, IGI graders saw a carbon inclusion where the feather was indicated on the clarity plotting diagram in the GIA report.

They also noticed a cloud inclusion, resulting in IGI giving the lab-grown diamond a lower clarity grade than VVS1, the clarity grade of the natural diamond.

Lastly, there was a discrepancy between the depth of the diamond IGI examined and the depth noted on the GIA report.

“Everyone in our industry must be vigilant,” said IGI CEO Tehmasp Printer, who took over as head of the lab in October after Roland Lorie retired.

“As attempted fraud increases, the need for ongoing verification is a necessary step to protect consumers from purchasing misrepresented gems and jewelry.”

Source: DCLA

US Lab Grown Giant Files for Bankruptcy

WD Lab Grown Diamonds, the second largest lab grown producer in the USA, has filed for bankruptcy.

The Washington DC-based company is the first major casualty of the plunge in lab grown prices.

It filed for Chapter 7 protection last Wednesday (11 October) in a Delaware bankruptcy court, with disclosed liabilities of $44m with assets of $3m.

WD pioneered chemical vapor deposition (CVD) diamonds since 2008 and had its own patented process.

In 2016 it produced its first 5 carat round brilliant diamond and in 2018, it set a record for the largest gem quality lab grown, at 9.04 carat.

In 2021 it acquired J2 Materials, and advanced materials and diamond crystal growth laboratory based in Chicago.

WD generated $33m of revenue last year, according to a Financial Times report. But the company has fallen victim to low prices and intense competition from China and India.

Source: DCLA

Diamond prices are in free fall in one key corner of the market

One of the world’s most popular types of rough diamonds has plunged into a pricing free fall, as an increasing number of Americans choose engagement rings made from lab-grown stones instead.

Diamond demand across the board has weakened after the pandemic, as consumers splash out again on travel and experiences, while economic headwinds eat into luxury spending. However, the kinds of stones that go into the cheaper one- or two-carat solitaire bridal rings popular in the US have experienced far sharper price drops than the rest of the market.

The reason, according to industry insiders, is soaring demand for lab-grown stones. The synthetic diamond industry has paid special attention to this category, where consumers are especially price-sensitive, and the efforts are now paying off in the world’s biggest diamond buyer.

The shift doesn’t mean engagement rings are about to go on deep discount — the impact is limited to the rough-diamond market, an opaque world of miners, merchants and tradespeople that is several steps removed from the price tags in a jewelry store.

However, the scale and speed of the pricing collapse of one of the diamond industry’s most important products has left the market reeling. Now, the question is whether the plunging demand for natural diamonds in this category represents a permanent change, and — crucially — if the inroads made by lab-grown gems will eventually spread to the more expensive diamonds that are typically dominated by Asian buying.

Industry leader De Beers insists the current weakness is a natural downswing in demand, after stuck-at-home shoppers sent prices soaring during the pandemic, with cheaper engagement rings having been particularly vulnerable. The company concedes that there has been some penetration into the category from synthetic stones, but doesn’t see it as a structural shift.

“There has been a little bit of cannibalization. That has happened, I don’t think we should deny that,” said Paul Rowley, who heads De Beers’ diamond trading business. “We see the real issue as a macroeconomic issue.”

Lab-grown diamonds — physically identical stones that can be made in a matter of weeks in a microwave chamber — have long been seen as an existential threat to the natural mining industry, with proponents saying they can offer a cheaper alternative without many of the environmental or social downsides sometimes attached to mined diamonds.

For much of the last decade, the risk remained unrealized, with synthetics eating away at cheaper gift-giving segments but making limited headway otherwise. That is now changing, with lab-grown products starting to take a much bigger bite of the crucial US bridal market.

De Beers has responded to weakening demand by aggressively cutting prices for the category known as “select makeables” — rough diamonds between 2 and 4 carats that can be cut into stones about half that size when polished, yielding centrepiece diamonds for bridal rings that are high quality, but not flawless.

De Beers has cut prices in the category by more than 40% in the past year, including one cut of more than 15% in July, according to people familiar with the matter.

The one-time monopoly still wields considerable power in the rough diamond market, selling its gems through 10 sales each year in which the buyers — known as sightholders — generally have to accept the price and the quantities offered.

Price drop
De Beers typically reserves aggressive cuts as a last resort, and the scale of the recent price falls for a benchmark product is unprecedented outside of a speculative bubble crash, traders said.

In June 2022, De Beers was charging about $1,400 a carat for the select makeable diamonds. By July this year, that had dropped to about $850 a carat. And there may be more room to fall: the diamonds are still 10% more expensive than in the “secondary” market, where traders and manufacturers sell among themselves.

De Beers declined to comment on its diamond pricing.

One of the clearest signs of the traction being made by lab-grown diamonds is their share of diamond exports from India, where about 90% of global supply is cut and polished. Lab-grown accounted for about 9% of diamond exports from the country in June, compared with about 1% five years ago. Given the steep discount that they sell for, that means about 25% to 35% of volume is now lab-grown, according to Liberum Capital Markets.

The impact on De Beers was clear in the first half. The Anglo American Plc’s unit’s first half profits plunged more than 60% to just $347 million, with its average selling price falling from $213 per carat to $163 per carat. Its August sale was the smallest of the year so far.

De Beers has responded by giving its buyers additional flexibility. It’s allowed them to defer contracted purchases for the rest of the year of up to 50% of the diamonds bigger than 1 carat, according to people familiar with the situation.

While lab-grown diamonds are currently hurting demand for natural stones, the upstart industry is also suffering. The price of synthetic diamonds has plunged even more steeply than that of natural stones, and are selling at a bigger discount than ever before.

About five years ago, lab-grown gems sold at about a 20% discount to natural diamonds, but that has now blown out to around 80% as the retailers push them at increasingly lower prices and the cost of making them falls. The price of polished stones in the wholesale market has fallen by more than half this year alone.

De Beers started selling its own lab-grown diamonds in 2018 at a steep discount to the going price, in an attempt to differentiate between the two categories. The company expects lab-grown prices to continue to tumble, in what it sees as a tsunami of more supply coming onto the market, Rowley said. That should create an even bigger delta in prices between natural diamonds and lab-grown, helping differentiate the two products, he said.

“With the increase in supply we’ll see prices fall through the price point and reach a level where, long term, it does not compete with bridal because it comes too cheap,” said Rowley. “Ultimately they are different products and the finite and rarity of natural diamonds is a different proposition.”

Reporting by Thomas Biesheuvel Mining.com

Agape Diamonds Receives Warning over Lab-Grown Disclosure

A US advertising watchdog has called on e-tailer Agape Diamonds to make the origins of its synthetic and simulated stones clearer.

The recommendation came from the National Advertising Division (NAD) of BBB National Programs — a nonprofit that helps businesses self-regulate — after the National Diamond Council (NDC) challenged Agape’s claims, the NAD reported last week.

Agape’s promotional material, including how it was presenting products for sale on its website, did not clearly and conspicuously disclose the origins of its stones, the NDC had argued, according to the NAD. As such, the council claimed, the online retailer and lab-grown manufacturer was violating the Federal Trade Commission (FTC) guidelines on jewelry marketing.

Agape changed its advertising across its website and social media in response to the NDC’s complaint, and the NAD declared the company’s modified disclosures effective and consistent with the FTC rules. However, other online advertising lacked “clear and conspicuous” origin disclosure, the watchdog said.

Race to the Bottom? Retailers’ Lab-Grown Doubts

The NAD urged Agape to rectify this by including words such as “simulated” or “lab-grown” immediately before the words “diamond” or “stone,” with “equal conspicuousness so as to clearly disclose the nature and origin of the product and the fact that it is not a mined gemstone.”

Agape and the NDC were unavailable for comment on Sunday. In its advertiser statement to the NAD, Agape said it was “committed to accurate and truthful advertising, as recommended by NAD and as codified in the federal regulations and enforced by the FTC.”

Source: DCLA

Synthetic Diamond Market to Rise USD 16.4 Billion in 2023 to USD 29.9 Billion by 2032

Synthetic Diamonds Market Overview

The research documents by MRFR indicate that the “Synthetic Diamonds Market Research Report Information by Application, Product, Region, Type, and Manufacturing Process – Forecast Till 2032”, the Synthetic Diamonds market is predicted to grow substantially over the assessment timeframe from 2022 to 2032 at a healthy CAGR of around 7.80%.

The reports even share predictions regarding the market’s growing revenue share, which will likely reach USD 29.9 Billion by the end of 2032. As per the reports, the market was worth nearly USD 15.2 Billion in 2022.

The primary market factors accelerating market expansion include rising demand from the semiconductor and electronics sectors as well as increased demand for computer chips and other microchips used in many other types of electronics.

The increase in demand for synthetic diamonds from the semiconductor and electronics industries is the primary factor behind the growth of the global market for synthetic diamonds. The increase in disposable money among the general population benefits the market.

Source: DCLA

Trade Groups Sign Deal on Lab-Grown Diamonds

The World Jewellery Confederation (CIBJO) and the International Grown Diamond Association (IGDA) have agreed to collaborate to protect consumer confidence around synthetic diamonds.

The organizations have signed a memorandum of understanding (MoU) calling for the pair to develop standards, operating principles and terminology for lab-grown diamonds, they said Monday. IGDA president Joanna Park-Tonks will sit on CIBJO’s laboratory-grown diamond committee, which has created a “Laboratory-Grown Diamond Guideline” governing standards for trading and handling synthetic stones.

The honest and accurate presentation of sustainability issues is a current focus for CIBJO’s laboratory-grown committee and was an element during the discussions between CIBJO and IGDA, the organizations said.

“We have had open lines of communication for some time already, and IGDA did participate in the public review before we released the ‘Laboratory-Grown Diamond Guidance’ document in 2021,” said CIBJO president Gaetano Cavalieri. “Over the past several years, the laboratory-grown diamonds sector has grown into a large and a prominent part of our industry, and we all have a vested interest in each other’s success.”

The signing took place on Sunday during the National Association of Jewellers (NAJ) Summit in Birmingham, UK.

Source: DCLA

Lightbox Starts Selling Engagement Rings with Lab-Grown Diamonds

De Beers’ Lightbox lab-grown diamond brand is trialing sales of engagement rings, marking a major shift for the company, which previously insisted synthetic stones were not a product for important milestones.

The retailer is publicizing lab-grown diamond engagement rings on its home page, promising a “stress-free and risk-free” shopping experience. “Our cutting-edge technology ensures each of our lab-grown diamonds are quality guaranteed,” the site reads, with the marketing line: “Because great chemistry deserves great chemistry.”

A link takes viewers to a page listing 16 items featuring regular Lightbox lab-grown diamonds, or stones from the brand’s Finest line, which have higher color and clarity. The standard collection usually sells for $800 per carat plus the cost of the setting, while Finest retails at $1,500 per carat. The selection includes white, pink and blue stones, with prices ranging from $500 for a three-stone ring to $5,000 for 2 carats.

Lightbox was unavailable for comment on Sunday, but told Women’s Wear Daily (WWD) and JCK it was running “a small in-market test of consumer preferences in the lab-grown diamond engagement ring segment.”

When De Beers launched Lightbox in 2018, Bruce Cleaver, the miner’s CEO at the time, presented lab-grown as a product that “may not be forever, but is perfect for right now,” claimed there was “no real emotional value in lab-grown diamonds, because they’re not unique,” and said the stones did not warrant grading. It later debuted the Finest line, introduced stones larger than 1 carat, and started declaring the cut quality, color and clarity of its stones.

Source: DCLA

Are Laboratory-Grown Diamonds Really Sustainable and Eco-Friendly?

Diamonds have long been revered for their beauty, rarity, and association with luxury. However, traditional diamond mining comes with ethical concerns and environmental impacts. In recent years, laboratory-grown diamonds have emerged as an alternative, marketed as a sustainable and eco-friendly choice. This article explores whether laboratory-grown diamonds truly live up to their claims of sustainability and environmental friendliness.

The Process of Laboratory-Grown Diamonds:
Laboratory-grown diamonds, also known as synthetic or cultured diamonds, are created in controlled environments using advanced technology. They are produced through two primary methods: High-Pressure High-Temperature (HPHT) and Chemical Vapor Deposition (CVD). Both methods involve replicating the natural conditions that cause diamond formation but in a shorter time frame.

Environmental Impact:
a) Land Disruption: Traditional diamond mining often requires extensive land clearing and excavation, leading to habitat destruction and soil erosion. In contrast, laboratory-grown diamonds are produced in labs, eliminating the need for land disruption.

b) Energy Consumption: The production of laboratory-grown diamonds does require significant energy inputs, mainly in the form of electricity. However, advancements in technology have made the process more efficient, reducing energy requirements over time. Renewable energy sources can also be used to power these facilities, further minimizing their carbon footprint.

c) Water Usage: Traditional diamond mining can consume substantial amounts of water, contributing to local water scarcity and ecosystem degradation. Laboratory-grown diamond production generally requires significantly less water, making it a more environmentally friendly option.

d) Chemical Usage: While the production of laboratory-grown diamonds involves the use of chemicals, the industry is continually striving to reduce their environmental impact. Responsible manufacturers are working on developing greener chemical processes and minimizing the use of harmful substances.

Ethical Considerations:
Traditional diamond mining has long been associated with human rights issues, including exploitative labor practices and conflicts (so-called “blood diamonds”). Laboratory-grown diamonds, on the other hand, offer a more transparent and traceable supply chain. Consumers can be confident that their diamonds are not contributing to human suffering or funding conflicts.

Long-Term Sustainability:
a) Repurposing Waste: Laboratory-grown diamond production generates significantly less waste compared to mining. Additionally, by-products from the manufacturing process can be repurposed, further reducing the ecological impact.

b) Circular Economy: As laboratory-grown diamonds gain popularity, a potential future advantage lies in their ability to be recycled and repurposed. This aligns with the principles of a circular economy, where materials are reused rather than discarded.

Conclusion:

Laboratory-grown diamonds offer an alternative to traditional diamond mining that addresses many of the ethical and environmental concerns associated with the industry. While there are energy and chemical inputs involved, the overall impact is significantly reduced compared to mining. Furthermore, the transparency and traceability of laboratory-grown diamonds provide assurance to consumers seeking an ethical and sustainable choice.

As with any industry, continuous improvements are needed to enhance the sustainability of laboratory-grown diamond production. Manufacturers should prioritize the use of renewable energy, minimize chemical usage, and explore recycling options. By doing so, laboratory-grown diamonds can truly become a more sustainable and eco-friendly option, offering consumers the beauty and luxury they desire without compromising the environment or human rights.

Source: DCLA 

Adam O’Grady Becomes Lightbox’s First COO

 

Adam O’Grady

Lightbox has promoted Adam O’Grady to the newly created role of chief operating officer, effective March 27.

The executive will lead all aspects of supply chain and manufacturing activity for the De Beers-owned lab-grown diamond company, it said last week. These include diamond synthesis and jewelry manufacturing, cutting and polishing, and research and development.

O’Grady has been general manager of the Lightbox lab since 2019. In addition to his new responsibilities, he will continue to oversee operations and engineering at the company’s advanced manufacturing lab in Gresham, Oregon, where he is based.

“He is a transformational leader with deep knowledge of the lab-grown diamond category,” said Lightbox CEO Antoine Borde.

Prior to joining Lightbox, O’Grady spent his two-decade professional career at Element Six, De Beers’ industrial super-materials and synthetic-diamond business. He served in a series of general management and senior project roles in South Africa, China and the UK. In 2019, he oversaw the design and construction of Lightbox’s $94 million manufacturing lab in Gresham, which opened in October 2020.

Source: Diamonds.net

Will Laboratory grown diamonds take over the market ?

As of 2021 the laboratory-grown diamond trade market was estimated to be worth around $1.9 billion, according to a report by Frost & Sullivan.

This market is expected to grow significantly in the coming years, with some estimates suggesting that it could reach a value of over $15 billion by 2035.

laboratory-grown diamond trade has been growing steadily in recent years. There are several factors driving this growth.

Price: Laboratory-grown diamonds are typically less expensive than natural diamonds, which makes them an attractive option for consumers who are looking for high-quality jewelry at a more affordable price.

Ethical concerns: Some consumers are hesitant to purchase natural diamonds due to concerns about ethical issues such as conflict diamonds. Laboratory-grown diamonds are considered to be a more ethical alternative, as they are produced in a controlled environment and do not have the same potential ethical issues as natural diamonds.

Environmental concerns: The process of mining natural diamonds can have a significant environmental impact. Laboratory-grown diamonds are generally considered to be more environmentally friendly, as they do not require mining.

Advancements in technology: The technology used to produce laboratory-grown diamonds has improved significantly in recent years, making it easier and more cost-effective to produce high-quality diamonds.
All of these factors have contributed to the growth of the laboratory-grown diamond trade, and it is expected to continue to grow in the coming years.

The answer is not yet: It is worth noting that natural diamonds still hold a significant share of the diamond market, and it remains to be seen how much of an impact laboratory-grown diamonds will have on the industry as a whole over the next decade.

Source: Michael Cohen DCLA