STUDY: GLOBAL PRODUCTION OF SYNTHETIC DIAMONDS UP SHARPLY
A study commissioned by the Gem and Jewellery Export Promotion Council (GJEPC) concludes that global production of gem-quality lab-grown diamonds “has soared to 4.2 million carats a year from 350,000 carats annually just two years ago”, IDEX Online reports. The study was conducted by Bonas & Company diamond brokers and consultants and unveiled at GJEPC’s Diamond Detection Expo and Symposium in Surat by Bonas’ Parul Merchant.
According to the study, production is largely carried out in China, Singapore, and Russia, while the US “is the major market for retail sales of synthetic diamonds”. According to Merchant, “the diamond trade is confused and looking for direction on synthetic diamonds and needs a lot of counseling and support”.
GJEPC Chairman Praveen Shankar Pandya spoke at the event, saying: “The industry is flooded with sophisticated detection tools and techniques to safeguard ourselves against undisclosed mixing of synthetics. Mixing in any form is unacceptable. We intend to start a campaign to create awareness among people and trade in 21 cities across the country”.