Synthetic Diamonds Posing Problems for Diamond Industry

Reuters reported that synthetic diamonds are creating more and more challenges for diamond market participants even though production of synthetic gems is still low.

As quoted in the market news:

Synthetic diamonds are legitimate and are increasingly used for industrial purposes, and higher quality lab-produced diamonds are used in jewellery. What worries the industry is their use in natural diamond jewellery without disclosure.

Tiffany says it is confident it is not at risk of inadvertently selling synthetic diamonds.

‘We do not and will not sell non-mined diamonds. Tiffany’s insistence on only the highest standards produces diamonds that are of the utmost beauty,’ the company told Reuters in a statement.

But the diamond industry is stepping up action and technology to ward against the mixing of synthetics and natural diamonds in the market.

Martin Rapaport, chairman of the Rapaport Group, commented:

God help the major diamond jeweller, be it Cartier, Tiffany, Van Cleef, anybody, who puts a piece of jewellery out there and it’s later found to be having synthetic diamonds in it without disclosure. That fear is what’s driving the industry.

Click here to read the full Reuters report.