HOW WILL LAB-GROWN DIAMONDS AFFECT THE DIAMOND INDUSTRY?
The issue of synthetic diamonds and their impact on the natural diamond industry has been a hot issue in recent years. Leibish Polnauer, owner of Leibish & Co. Fancy Colored Diamonds, has recently published a video in which he raises several interesting questions on the matter.
Leibish speaks about the way the production of diamonds in factories can affect the natural diamond industry. The natural diamond industry employs hundreds of thousands, from mining and processing to marketing and trade. The industry employs people in countries where employment options are limited, and gives many people the ability to earn a decent living. Leibish asks whether the lab-grown diamonds industry can provide a solution for the people employed in the industry today – people who are at risk of losing their livelihood.
Producers of synthetic stones also try to brand them as environmental, since they are produced in factories and not in mines. According to Leibish, this is a false claim, and goes contrary to the current global trend of seeking and purchasing more natural materials. Lab-grown diamonds, Leibish says, are synthetics goods, printed and duplicated like any other factory-made product.
Another issue Leibish tackles is the marketing of synthetics. De Beers, for example, a major player in diamond mining, now promotes synthetics as well, thereby harming its main product – natural diamonds. This move, claims Leibish, hurts not only De Beers but the entire industry.
Watch the video for more questions and answers on these issues.
Written by Iris Hortman