The diamond and jewellery industry needs to respond to laboratory synthetic diamonds to distinguish them from natural diamond products. Although the industry is prepared to discuss the synthetic drilling crisis in the next few weeks, in order to curb consumer interest in synthetic diamonds, the intrinsic value of natural diamonds needs to be emphasized again and again.
Laboratory synthetic drills, also known as synthetic drills, may be a more affordable option, but natural diamonds express the concept of a diamond dream – that is, true diamonds represent true love.
The seminars are then scheduled to include: the World Jewelry Federation (CIB JO), held in Moscow; the Registered Gemologists Committee (AGA), held in Las Vegas; and the World Diamond Exchange Alliance (WFDB), in Antwerp Held. The above seminar will discuss the synthetic drill problem in depth. These organizations put the issue of synthetic diamonds on the agenda and let the market know more about synthetic drills, which is commendable.
It is important that we emphasize that laboratory synthetic diamonds are legitimate commodities. Although recent reports of undisclosed synthetic diamonds mixed into natural diamond packages (mainly small diamonds) have had a negative impact, the disclosed synthetic drills do have a place in the market. In fact, synthetic drill producers and distributors encourage the disclosure of synthetic drills in the natural diamond market as much as possible.
They also require a distinction between commodities to meet the needs of different market levels. Antwerp Synthetic Drill Distributor, Diamaz International CEO Thierry Silber summed up his views on synthetic diamond marketing.
First, he emphasized that synthetic diamonds are a certified diamond – it differs from natural diamonds only in its source. Like natural diamonds, it is formed from the same substance, and the production process simulates a natural-drilling environment.
From a marketing perspective, Silber said he would give consumers the opportunity to choose. In particular, he pointed out that the laboratory synthesis of colored diamonds is a good opportunity for retailers, and it is far from the price of natural colored diamonds. For example, he estimates that a laboratory-synthesized, certificated, good-quality, 0.50-carat, fresh-colored pink round diamond costs about $3,500 per carat; and the same quality natural diamond costs as much as $80,000 per carat.
He stressed: "This is a huge business opportunity for retailers, because this is a high-quality color diamond of parity."
Silber estimates that the price of synthetic white diamonds in commodity quality laboratories will be 50% to 60% lower than equivalent natural diamonds. He added that the more expensive the natural diamond is, the greater the price difference between the two.
But if you sell to consumers, the selling point should not be only on the price. The laboratory synthesis list is that they are completely environmentally friendly and take social responsibility, trying to change the values ​​of consumers.
Silber pointed out that consumers are more accepting of this concept than jewelers or industries. He said that consumers with certain education are quite able to accept synthetic diamonds, and a new generation of young people are especially excited about the development and innovation of technology.
Jewelry designer Reena Ahluwalia emphasized the importance of technical elements when launching her own brand. “This is the first designer jewellery brand that features synthetic diamonds and blends them with wearable technology and fashion. "Nurtureby Reena's 'Moments Collection' will be unveiled at the JCK Las Vegas show. She said: "This expresses the change in consumer values ​​today."
“Innovation, environmental friendliness, social responsibility and parity†are undoubtedly the highlights that appeal to today's consumers. But despite the market's development, this is still only a small part of it, and Silber does not believe that synthetic diamonds pose a threat to the natural diamond market. On the contrary, he firmly believes that both markets will develop. He said: "If synthetic diamonds can attract 10% to 15% of the natural diamond market share, the synthetic diamond market shows great potential."
However, the natural diamond industry should not be complacent. Although synthetic drills may not pose a threat, it represents competition, which forces the natural diamond industry to prove its superiority.
Harry Levy, president of the London Diamond Exchange, also highlighted this in an interview with industry consultant Ya'a kov Almor, which was published in the recent Ray-Banbo news.
“Our first priority is to protect the natural diamond industry, and our industry pioneers should also prove that natural diamonds are better than synthetic drills,†Levy said. “Of course one of the strong arguments is that natural diamonds are rare and can only be mined, and because of their origin and quality, each diamond is unique...but the supply of synthetic diamonds is endless! Aesthetic values, emotional characteristics, and historical values ​​are not found in synthetic drills."
It seems that this point of emotion has been recognized by most people, including practitioners in the field of synthetic diamonds. These two markets need to be distinguished from each other, whether it is their product disclosure or the way diamonds are marketed.
Despite the attractiveness of the synthetic drill industry, the value of natural diamonds still deserves our emphasis.
Martin Rappenbo, chairman of the Ray-Banbo Group, said that as a consumer goods, the more popular diamonds are, the higher the price. “Branding has created the concept of a diamond dream,†explains Ray-Bonbo. “The value of natural diamonds is much higher than synthetic diamonds, but you have to buy them. If you have beautiful diamonds on your hands, you should sell them.â€
Low price is one of the competitive advantages of synthetic diamonds, but the high price of natural diamonds is also a manifestation of its high value. Synthetic diamonds are not attractive to consumers because they are cheap. In addition, those who buy synthetic drills also hope to buy natural diamonds one day.
After all, no one wants to buy cheap diamonds because the value of diamonds is tied to true love. The difference between synthetic and natural diamonds lies in the dream of diamonds.
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