Turns out there is literally no difference between lab-grown diamonds and natural diamonds, well, apart from the price.



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Ever wondered what the difference between lab-produced
diamonds and natural diamonds was? Well, nothing. They are exactly the same. 



As with most things of value, a great deal of information
has been produced over the years about the price of diamonds. In short, many
believe the real price of diamonds is far lower than what ‘big business’ would
have us believe and that it is driven up by our insatiable hunger and the
social importance we place on the stones. 



In line with this, there is a widely-held belief that they
are not rare and the market is being deliberately controlled to create the
façade that they are difficult to produce. Therefore, their price is dictated
by the fact that they symbolize the most enduring of all human emotions – love.



&nbsp;With that out of the
way, in recent times, society has developed a pragmatic relationship with
diamonds, rather than a romantic one that has long sustained the industry. 



It might be that we live in the era of instant gratification
or that we have stopped romanticising the idea of waiting millions of years for
the precious stone, but more people have embraced the idea of purchasing
lab-grown diamonds.



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Unlike an imitation gem like cubic zirconia, it has the same physical characteristics and chemical components as a natural diamond but production time is much shorter, enabling producers to create it in a matter of weeks. 



Lab-grown diamonds producer Ross Reid offers FORBES AFRICA a very sobering perspective with the following analogy to describe man-made diamonds. 



“If a couple can’t fall pregnant using conventional methods,
they do IVF where the baby’s origin of life is manmade. Is that not a real baby
when it’s born?”



The room falls silent as all contemplate this question.



“So by that logic, it is a real diamond,” Reid states
emphatically.



Reid is the Co-Founder and Managing Director of Inception
Diamonds, One of South Africa’s first Diamond companies to offer lab-grown
diamonds and fine jewelry.



The world’s leading diamond producer, De Beers, however, has
a different perspective.



“We view natural diamonds and lab-grown diamonds as very
different products as they have completely different production processes.
Natural diamonds are created in the earth, under intense heat and pressure over
billions of years. Each diamond is rare, finite and unique,” says Bianca
Ruakere, a De Beers Group spokesperson.



<figure class="wp-block-image"><img loading="lazy" decoding="async" width="585" height="611" src="https://www.forbesafrica.com/wp-content/uploads/2019/04/Diamond2.png" alt="" class="wp-image-40193" srcset="https://cms.forbesafrica.com/wp-content/uploads/2019/04/Diamond2.png 585w, https://cms.forbesafrica.com/wp-content/uploads/2019/04/Diamond2-300x313.png 300w, https://cms.forbesafrica.com/wp-content/uploads/2019/04/Diamond2-287x300.png 287w" sizes="(max-width: 585px) 100vw, 585px" /><figcaption> De Beers Lightbox range. Picture: De Beers</figcaption></figure>



Reid says he recognizes the market potential for global
growth in being able to offer conflict-free, environmentally-friendly lab-grown
diamonds, especially to the millennial market.



“With the creation of laboratory-grown diamonds, it allows
you to offer the consumer the same thing optically, physically, and chemically
at a big discount. So you can have the same beauty, the same hardness, the same
look and the same feel for less money,” Reid says.



Large diamond producers have also recognized the same
potential.



De Beers Group has been producing synthetic diamonds for
industrial purposes for more than 50 years. “Last year, we launched Lightbox in
the United States to market a range of fun, fashion jewelry using lab-grown
diamonds. They are accessibly priced, and a distinct product offering compared
with natural diamonds,” Ruakere says.



&nbsp;Price is not the only
reason that encourages the market to opt for lab-grown diamonds. They are also
other ethical factors such as having a guarantee that the rock on your finger
is conflict-free.



&nbsp;Shogan Naidoo, who
proposed to his fiancé, Preba Iyavoo, on Valentine’s Day at the popular
independent cinema house, The Bioscope, did so with a healthy bank balance and
clean conscience. 



They were traditionally engaged in July last year, so by the time the ring engagement happened, Iyavoo was caught completely off-guard and was pleasantly surprised. 



“Shogan is the most endearing person, but he’s not romantic
in the slightest,” says a giddy Iyavoo, who recalls the proposal that happened
in a filled theater, with a movie Naidoo had created just for her. 



The couple are besotted with their lab-grown diamond. Naidoo
says after doing exhaustive research to find the perfect ring to propose with,
all conventional options had failed him.



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&nbsp;He says his final
ring choice far exceeded his expectations in price and design. Naidoo explains
that Iyavoo has a very specific preference and that he was not willing to
compromise in getting her the perfect ring but the one he initially wanted was
in the range of R80,000 ($5,500).



&nbsp; “We were planning a
wedding and we’d just bought a house,” he says. The exorbitant cost of retail
rings led him to search out of the box, and eventually the box returned with
the perfect gem.



&nbsp;The couple who lead a
very environmentally-conscious lifestyle, say they are especially proud to be
the custodians of this ring because they are guaranteed it’s conflict-free and
no miners were exploited.



&nbsp;Reid says he has to
grapple with a great deal of scepticism because many are not ready to fully
embrace the idea of lab-grown diamonds despite their advantages. 



“The Federal Trade Commission has changed the definition of
a diamond. It does not need to come from the ground.



“We have opened up the market for people to be able to
afford beautiful pieces without compromising on quality,” Reid says.



Change is inevitable and with that, there will always be
those resistant to it. But one thing is for sure, society’s relationship with
diamonds are changing.

diamond

Lab-grown Diamonds: Never Mined, It’s Man-Made

They dig profitably the desert soil of Botswana searching for stones – that say more than words &#8211; for fingers from Belgium and China to New York. They are so tiny that according to diamond experts, all the diamonds mined in the world, since 1870, would not fill a London double-decker bus.
This is the 44-year story of Botswana’s diamonds. An industry that has overcome hurdles that have tripped many in a string of African countries: ownership laws; competition; land battles and the threat of blood diamonds.
This is also the story of the world’s richest and largest diamond mine, Jwaneng, a huge hole in the desert, ringed by roads, 200 kilometers north of the capital Gaborone.
Diamondfacts.org says diamonds earn approximately $8.4 billion a year for Africa and most come from Botswana. In Botswana, diamonds contribute 33% of GDP and are mined by a joint venture, between the government and De Beers, called Debswana. The venture also means life.
“For our people, every diamond purchase represents food on the table; better living conditions; better healthcare; safe drinking water; more roads to connect our remote communities and much more,” the former President, Festus Mogae, once said.
As a market leader, Debswana can defend itself by holding on to diamonds to keep prices up. This is one reason why production fell in 2015.
According to the General Manager of Jwaneng, Albert Milton, the mine produced about 11.3 million carats in 2014.
“This number went down by 14 percent in 2015 to nine million carats due to market related conditions. We invested about $2.2 billion in 2010 and we are positive about the outlook.”
The mine aims to more than double diamond production to 20 million carats this year.
The big threat that could dull Botswana’s sparkle comes from competition elsewhere.
The bosses at Jwaneng fear that miners from Zimbabwe, Angola, Namibia, Liberia, Canada and Russia will find more and more. This could loosen Botswana’s grip on supply and with it power over price.
A geological survey found that Russia could supply the world market for the next 3,000 years as there are trillions of carats lying beneath a 35-million-year-old asteroid crater in Siberia, in the east of the country – it has more than 10 times the global stockpile.
Hanns Spangenberg, a Senior Economist at NKC African Economics, says Botswana’s single largest rating constraint is the country’s dependence on the diamonds, which exposes the economy to external shocks.
“Depressed external demand for diamonds has had extreme consequences for the landlocked country, with real GDP contracting by 0.3 percent in 2015, while the government has been forced to record a fiscal deficit in 2015/16 after recording surpluses the previous three fiscal years,” he says.
Spangenberg adds that authorities are well aware of Botswana’s exposure to the diamond sector, and have tried to diversify the economy – the most significant being the Economic Diversification Drive (EDD). They are pouring state coffers into the dairy, textiles and clothing sectors with the hope of creating jobs.
Ahmed Bin Sulayem, the Chair of the Kimberley Process – an organization fighting to stem the flow of conflict diamonds – warned in a statement in February, that the outlook was not convincing for the diamond sales industry.
“[It] will be a challenging year for our industry with continuing oversupply, low commodity prices and tightening liquidity. The social impact of these combining factors is likely to be severe and felt across large parts of the world’s diamond producing regions.”
It seems the story of diamonds, that started with discoveries in 1870, in Kimberly, is far from over.

Tag: Blood Diamonds

FORBES AFRICA SOCIAL MEDIA

Lab-grown Diamonds: Never Mined, It’s Man-Made

Diamonds May Not Be Forever