The diamond industry will become bimodal, with two distinct segments: value-for-money lab-grown and the exclusive natural diamond segment, according to Botswana Diamonds chairperson John Teeling.
“A lab-grown is a diamond, but it is made in an industrial factory - it is cheap and will get cheaper,” he said.
“A natural diamond is extremely rare - coming from deep in the ground (280km) to the surface in a small volcano called a kimberlite pipe. It can be up to 2,500 million years old!”
Teeling said comparing a 5-carat natural with a 5-carat lab-grown is like comparing a Ferrari to a Ford Mondeo. Both are excellent cars, but one has the aura of rarity, aspiration, and fashion while the other is a good car.
“A significant growth in the natural diamond market is females buying for themselves. As women get wealthier, they have greater disposable income some of which goes on beautiful things - including diamonds,” he said.
“This is particularly evident in the United States where quality diamond sales have risen well. This is already happening in Asia and the Middle East.”
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
