Synthetic diamonds need to be regulated
The increasing penetration of synthetics, limited marketing of real diamonds, and changing customer preferences have all led to an increased volatility in the diamond industry, experts at the Dubai Diamond Conference 2017 noted.
While the diamond trade is unlikely to be largely affected by the penetration of synthetic diamonds, the focus should remain on protecting consumers through education, and regulation, officials agreed.
Dr Obolokile Obakeng, acting permanent secretary, Minerals, Energy and Water Resources, Republic of Botswana, recalled that the demand for diamonds has grown strongly from the early 2000’s, propelled by demand from emerging markets such as China and the US.
“However, the demand slowed down 2010 onwards,” he said. “Rough diamond prices are expected to grow over the long-term.
However, all these projections depend on the level of penetration by synthetics over the same period. The quality of synthetic diamonds have greatly improved over time, studies show.
– Leo Vander Linden –