The Natural Diamond Council (NDC), an organization that represents the global diamond industry, has released a report titled “Diamond Facts: Addressing myths and misconceptions about the diamond industry,”, in which the organization aims to “address misinformation about both natural diamonds and their synthetic counterparts.”
In the report, the NDC highlights the fact that lab-grown diamonds (LGDs) can be “mass-produced in just a few weeks, unlike the billions of years it takes for a natural diamond to form […].” The annual recovery of 1 carat diamonds is equivalent in volume to an exercise ball, the report says.
In addition, the report claims, not all laboratory-grown diamonds are sustainable. To wit, LGDs “replicate the natural diamond creation process which requires a mass amount of electricity, mostly from the national grid.” Another fact highlighted in the report is that 60% of LGDs are mass-produced in China and India where 63% and respectively 74% of grid electricity results from coal.
In conclusion, the report stresses, the manufacturing of laboratory-grown diamonds can require “temperatures similar to 20% of the temperature of the Sun’s surface.”
The report also tackles the natural vs. synthetic price issue, claiming that from 2016 to 2023, the average price of a 1.5 carat laboratory-grown diamond has decreased by over 74%. Natural diamond prices, in contrast, have risen by 3% per annum in the last 35 years.
Another point stressed in the report is that natural diamonds “help protect the biodiversity over an area equivalent to New York City, Chicago, Washington D.C., and Las Vegas combined.” The report exemplifies how the De Beers Group is partnering with Kelp Blue, “exploring kelp’s potential to store carbon, whilst improving marine health.” In addition, De Beers established “The Diamond Route” network “to protect critical wildlife habitats in South Africa and Botswana.”
“In an age where consumers are more inquisitive and enlightened than ever, they wish to know about the values and responsible business practices from the companies and indeed the wider industry from which they are purchasing,” says David Kellie, CEO of the NDC. “At the Natural Diamond Council, we want to support consumers in taking informed decisions by providing information transparently.”
Read the full report here.
