In recent years there has been a revolutionary transformation that is crushing the diamond trade, turning it upside down and putting jewelers out of business, punishing diamond miners and confusing jewelry buyers. The threat is from synthetic or lab grown diamonds that are taking over for the natural stones and flooding the market. If you are in the market for diamonds, part of the industry or just curious, this video is for you.
The truth is that we have only seen the tip of the iceberg – a tsunami of lab diamonds is coming and it will change the jewelry industry forever. Margins will go down and competition will go up and all diamonds, both natural and man made will be cheaper in the future. Some diamond mines will have to close.
Because laboratorygrown diamonds have the same chemical, optical, and physical characteristics of their natural counterparts, telling them apart is not easy. It can be done but it takes special equipment and that equipment is expensive. No one can just look at a stone with a loupe and know if its natural or manmade. This has opened up the jewelry industry to an unexpected liability and problems with claims arising from the difficulty of separating natural and laboratorygrown diamonds.
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