|A study prepared by Bonas & Company diamond brokers and consultants finds that global production of gem-quality lab-grown diamond (LGD) has now reached 4.2 million carats a year, while only two years ago the LGD carat production was estimated by Bonas at 350,000 carats a year.
Speaking at the Indian Gem and Jewellery Export Promotion Council's (GJEPC) Diamond Detection Expo and Symposium (DDES) in Surat, India, Bonas' representative Parul Merchant revealed the findings of the study, which was prepared on behalf of the GJEPC, reports the Times of India (TOI).
Merchant explained to the audience that India, China and Singapore are the main LGD production hubs, with some commercial output from Russia as well, while the U.S. is a significant market for the retail of synthetic diamonds.
Merchant also noted that, "Federal Trade Commission (FTC) and International Organization for Standardisation (ISO) have created guidelines to regulate the business. However, trade is confused and looking for direction on synthetic diamonds and needs a lot of counselling and support," said Merchant, as quoted by the news source.
The GJEPC's Diamond Detection Expo and Symposium aims to aid the gem and jewelry industry in keeping up to date on information regarding synthetic diamonds and the various detection technologies that are now available.
GJEPC Regional Chairman Dinesh Navadiya has stated that Surat's diamond industry is firmly committed to taking all steps necessary to prevent undisclosed mixing of synthetic and natural diamond productions, and to establish separate footprints for natural and synthetic diamonds in order to help maintain consumer confidence in natural diamonds, reports the news source.
Navadiya also reportedly noted that the aim of the GJEPC, in addition to spreading awareness of the issue, is to make detection technology accessible to the small and medium enterprises which are an important part of the local industry. GJEPC Chairman Praveen Shankar Pandya told DDES participants that, "The industry is flooded with sophisticated detection tools and techniques to safeguard ourselves against undisclosed mixing of synthetics. Mixing in any form is unacceptable. We intend to start a campaign to create awareness among people and trade in 21 cities across the country," said Pandya, as quoted by the news source.