Laboratory grown diamond production reaches 4.2 Million carats
A study by diamond brokers and consultants, Bonas & Company revealed that the global production of gem-quality laboratory-grown diamonds has increased annually to 4.2 million carats from 350,000 carats in just two years.
The study was first initiated in 2013-14 and the second study in 2016-17 following a rapid increase in the production figures.
Parul Merchant of Bonas & Company Diamond Brokers and Consultants stated, “Synthetic diamonds account for 2.3 million to 4.2 million, which is three per cent of total natural diamond production volume of 127.4 million carats in the world.”
The US is the most significant market for retailing laboratory grown diamond while Europe is developing extremely fast since 2 years. In 2017 we see the growth in popularity of this new choice in diamonds emerge in India and China.
GIA to launch an accessible priced testing device due to enormous growth of Laboratory grown diamonds
The Gemological Institute of America (GIA) demonstrated a prototype of an “accessibly-priced” mounted gem testing device at Diamond Detection Expo and Symposium sponsored by India’s Gem and Jewellery Export Promotion Council (GJEPC) earlier this month. The gem testing device uses advanced spectroscopic technology to identify untreated natural diamonds, D to Z in color, and at least 0.9 mm (approximately 0.005 carats) or larger in diameter. It analyzes both mounted and unmounted stones. GIA Executive Vice President and Chief Laboratory and Research Officer Tom Moses added that, “Synthetic diamonds are becoming more prevalent in the market and, if they are disclosed, are a legitimate choice for consumers. GIA and other gemological laboratories play a critical role in ensuring that disclosure.” The GIA said that the desktop instrument will be available by the end of the year and will be priced between $4,000 and $5,000.
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Laboratory grown diamonds are not a substitute for natural diamonds but a new and very relevant alternative.