The International Gemmological Institute (IGI) will continue to grade lab-grown diamonds (LGD) using the same detailed framework applied to natural diamonds, according to the chief financial officer of the institute’s Indian branch Eashwar Iyer.
In light of a recent announcement by the Gemological Institute of America (GIA), which will start using descriptive terms to characterize the quality of LGDs, its competitor IGI would stick to the standard diamond grading scheme known as 4Cs (cut, color, clarity, and carat weight).
“I think it's of paramount importance that consumers get that sort of in depth information, rather than just making it extremely simplistic and generic. So from that context, IGI will continue to provide 4C's, irrespective of whether it's natural diamonds or lab grown diamonds," CNBC quotes Iyer as saying.
IGI has a strong position in the lab-grown diamond market, especially in India, where about 77% of global production takes place. Lab-grown diamonds currently account for 55% - 60% of IGI’s revenue.
Iyer remains optimistic about long-term growth, describing lab-grown diamonds as “a large volume play” with rising consumer interest.
“I don’t think there is going to be any pressure on certification demand,” he added.
GIA announced recently that it will revise its description system for laboratory-grown diamonds to confirm if the submitted item is a laboratory-grown diamond and whether it falls into one of two categories, ‘premium’ or ‘standard.’ The categories will be defined by a combination of metrics related to color, clarity and finish. According to GIA, the change reflects narrow color and clarity range of LGDs.
Theodor Lisovoy, Managing Editor, Rough&Polished
