Synthetic diamonds won't hurt natural diamond industry

There is a lot of controversy around the cultured diamond. These diamonds are synthetic, or in other words, not naturally made. While experts can tell them apart from real diamonds, experts do believe that they can be helpful when added to the industry. Synthetic diamonds are diamond crystals that have been produced by a very complex, technological process. In short, this method is a geological process done by man.

At a recent diamond conference held in Europe, the topic of cultured diamonds came up. The leading investment and corporate leaders in the industry talked about the effects that the cultured diamond would have on the markets. The key is that they did not say the diamond would cause the natural occurring diamond’s prices to fall. Rather, they believe that the synthetic formed diamonds will in fact help to provide some solution to the problem of demand, which the diamond industry has had a difficult time keeping up with.

NEW NOMENCLATURE RULES REGARDING SYNTHETIC DIAMONDS

The three major international trade organizations in the diamond and jewelry industry reached an agreement to abide by new rules set by the International Diamond Council (IDC) - a joint committee established in 1975 by the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA) to create an international standard for rules, working methods and nomenclature.
The three organizations issued the following joint statement during the 33rd World Diamond Congress in Shanghai:

"CIBJO recognizes and respects the revised IDC Rules for Grading Diamonds, which was prepared by the International Diamond Council (IDC), which is a joint committee of IDMA and the WFDB concerned with diamond grading standards and nomenclature. The revised rules were approved in Shanghai by the executive committees of both IDMA and WFDB".

"The revised IDC rules include terminology that broadens the range of descriptors that can be used for gem-quality diamonds that have been created in laboratory or factory, and to date have been referred to as ‘synthetic’. According to the new IDC rules, gem quality diamonds created in a laboratory or factory can be described as: ‘synthetic’, ‘laboratory-grown’, ‘laboratory-created’, or ‘man-made’, and the descriptor must always be followed by the word ‘diamond’ or ‘diamonds’. Under no circumstances can the term ‘cultured’ be used to describe gem-quality synthetic diamonds.

At present, CIBJO's Diamond Blue Book only allows the descriptor ‘synthetic’ to describe gem-quality synthetic diamonds."

"Concerning diamond nomenclature, we have been aiming to get IDC - i.e. WFDB and IDMA - in line with CIBJO for many years. This important achievement bodes well for the development of the future of international diamond grading standard and nomenclature," enthuses Stephane Fischler, Chairman of the IDC, who praised the WFDB and IDMA Presidents and IDC officers for their support, and CIBJO Chairman Dr. Gaetano Cavalieri for his vision and statesmanship.

Diamond Congress: Agreeing on Generic Marketing and Synthetic Labeling

From an article on synthetic/cultured diamonds:



The 33rd World Diamond Congress saw the release of new International Diamond Council (IDC) rules for grading diamonds. The rules, standards on nomenclature for lab-created or synthetic diamonds, were prepared by a joint committee of IDMA and the WFDB, and stipulate that diamonds created in a laboratory environment must be labeled by approved terms.

Lab-grown, lab-created, man-made and synthetic can all be used to describe a created diamond, and these terms must be accompanied by ‘diamond.’ The committee emphasized that the term ‘cultured’ may not be used in reference to synthetic diamonds. Fischler said during the final press conference this was due to the fact that the word can be very easily confused with cultured pearls, which could imply an element of natural growth in the process.

“The intrinsic value of diamonds is based upon its uniqueness,” Fischler said. “Each diamond is unique. Lab-grown diamonds are in no way unique, and I think it is very important for everyone to understand the difference.”

The World Jewellery Confederation (CIBJO), said in a joint statement issued by with the WFDB and IDMA that it acknowledged and accepted the IDC’s regulations relating to the nomenclature of synthetic diamonds.

Man-made diamonds: a girl's new best friend?

According to an article on msn money, the answer is yes.

Most people are all too familiar with having champagne tastes on a beer budget. But when it comes to diamonds, you may be able to have it both ways.

That's because gem-quality diamonds are now being grown in laboratories in places like Sarasota, Fla., and Boston. Forget cubic zirconia and Moissanite, which are made to pass as diamonds. Lab-grown stones are the real deal. And instead of the millions of years it takes to create natural diamonds, they're grown by man in a matter of days.

"We've essentially recreated the same conditions that occur hundreds of miles below the surface," says David Hellier, president of Gemesis, the Florida company that specializes in growing colored diamonds. "After about four and a half days, we get a three-carat rough diamond. From that day forward, there's no difference between that diamond and one that comes from the ground.

"Even the Gemological Institute of America, the foremost diamond research and grading body, acknowledges that these are diamonds. "To say it's not diamond is really false," says William Boyajian, gemologist and GIA president. "It's just man-made diamond."

Truth be told, General Electric has been producing synthetic diamonds for industrial purposes for years. But until recently, creating gem-quality colorless or near-colorless diamonds that were big enough to cut was a thing of fantasy.

Consumers "can have the bling they see on the stars but at a fraction of the cost," Hellier says. Remember JLo's pink diamond engagement ring? Gemesis mostly sells yellow and orange diamonds, but is starting to offer pinks and limited quantities of blues as well.

Even to the trained, albeit naked, eye these diamonds look like the usual mined variety. "The material is beautiful," says the GIA's Boyajian. "You can't tell visually a synthetic from a natural diamond."