Image credit: ADPA
“African diamond producers have taken note of the increasing production and distribution of synthetics,” ADPA chairperson Tom Alweendo, who is also the Namibian mines minister told the Africa Diamond Conference webinar organized by Antwerp World Diamond Centre (AWDC).
“The presenters assured us that [production of] synthetic diamonds will continue to grow exponentially especially in terms of volume and [ not so much] in terms of value...we should do more to address the challenges caused by synthetics on the diamond pipeline.”
He said in a closing statement of the three-series webinar that Africa will continue to produce and distribute natural diamonds and had a window of opportunity to make sure that natural stones are differentiated from lab-grown diamonds.
The Bonas Group told the first webinar organised by AWDC that synthetic diamonds have grown exponentially over the years, but remain relatively small compared to the natural diamond market.
Group industry expert Didier Backaert said that this year’s output of synthetic diamonds is expected to be between 4.5 million carats and 5.5 million carats compared to natural diamonds’ target of 135 million carats.
Between 300,000 carats and 350,000 carats of synthetic diamonds were produced in 2013 compared to 124 million carats of natural diamonds.
Demand for synthetic diamonds was mostly driven by retailers rather than by consumer demand.
The acceptance of lab-grown diamond by US majors had led to substantial growth and there was a move from fashion jewellery into bridal jewellery.
The lab-grown diamonds are said to be available in over 5000 stores in both brick-and-motor and on-line.
Polishing of the lab-grown diamonds was still taking place mainly in India and China.
Other centres include Israel, Thailand and Russia.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
