The podcast explores the differences between natural and lab-grown diamonds, including their impact on the environment and concerns about misrepresentation. It discusses the benefits of choosing lab-grown diamonds and the challenges in detecting diamond mixing. The use of blockchain technology to trace the origin of diamonds is also mentioned. The chapter on lab-grown diamonds explores the difficulties in identifying them and discusses the controversy surrounding the industry. The podcast concludes with an exploration of the competition between natural and lab-grown diamonds, including a visit to a synthetic diamond factory.
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Quick takeaways
The identification of lab-grown diamonds is challenging due to the lack of universal standards.
Consumers are demanding more transparency and reliable tracing methods for natural diamonds.
Deep dives
Lab-grown diamonds and their impact on the industry
Lab-grown diamonds, which are marketed as environmentally friendly and more affordable, have started to gain market share from natural diamonds. Concerns have arisen about the mixing of lab-grown diamonds with natural diamonds, leading to potential fraud in the industry. The challenge lies in identifying the two types of diamonds, as they are structurally and optically identical. Estimates suggest that up to 20% of the global diamond supply could be subject to mixing, although industry reports downplay the severity of the issue.
Efforts to trace the origin of natural diamonds
There is a growing demand for information about the origin of natural diamonds, with consumers seeking more transparency and reliable tracing methods. DeBeers has developed a digital system called Tracer, which uses blockchain technology to create a digital twin of each diamond, recording its mining, cutting, and polishing history. However, Tracer currently only covers larger mined stones and does not include lab-grown diamonds. The identification of lab-grown diamonds relies on microscopic marks placed by specific companies, but the lack of universal standards makes identification challenging.
The future of the diamond market and the role of lab-grown diamonds
The diamond market is undergoing significant changes, with both natural and lab-grown diamonds facing challenges. The oversupply of lab-grown diamonds has led to a drop in their prices, while the prices of natural diamonds have also been falling. The decision-making process for customers choosing between natural and lab-grown diamonds is influenced by factors such as beauty, value, size, and sustainability. Major players in the industry, like DeBeers, are investing in both natural and lab-grown diamonds, navigating a delicate balance between promoting the uniqueness of natural diamonds and the profitability of lab-grown diamonds.
When it’s been formed miles underground a billion years ago, or when has it been created in a laboratory, under temperatures close to the heat of the sun? The answer is – both are true. They look and behave exactly the same, but they are very different in price.
The lab-grown diamonds are marketed as kinder to the environment, and they are far cheaper - and that’s led to concern about whether the two kinds have been mixed together, with man-made stones passed off as natural. So, what is the industry doing to give consumers confidence?
(Picture: Close up of man putting engagement ring on girlfriend. Credit: Getty Images)
Presenter: Lesley Curwen
Producer: Barbara George
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