Mr. Martin Rapaport, on May 21, 2019, wrote an article on Synthetic Ethics. Here’s a link for the same https://library.rapaport.news/synthetics/synthetic-ethics. Rapaport is holding a RapNet vote on synthetic diamond issues before the Las Vegas show. All the details are mentioned on the diamonds.net website. However, before you vote, I would like you to read my commentary on his article to understand my perspective over synthetic diamonds and the current market situation.
I agree to so much of Mr. Rapaport’s perspective on Synthetic Diamonds. He is accurately describing Synthetic Diamonds as a threat due to many factors like its identity, to begin with, followed by its pricing, value and value retention and profit margins to its manufacturers and marketers. This threat was forecasted in 2015 that it would actually take face in coming 10-15 years, however, it is down upon us a lot earlier. It has appeared before its projected timeline. In times like these, what stance are manufacturers supposed to have?
I also strongly agree with his recommendations like US FTC and other Trade organizations to play a vital role in creating a transparent identity of synthetics by legitimizing the synthetic diamond sales on condition that there is full disclosure regarding nature and attributes of buying this product.Aggressive, effective marketing and awareness generation is the key to it.
However, Synthetics can be looked like more of a business opportunity. It can be seen as a non-core line of business, enhancing the Diamond community’s bottom line. To rightfully put, Synthetic diamond business can run parallel to our current business. At the moment, forecasting Synthetic's future can be difficult and however the conditions, the business has to go on. We are morally indebted to society and our workforce. The skilled labors have to be brought back to polishing.
Diamond jewelry is not always purchased on with fundamental rational thought, it is purchased with certain emotion and appeal to its user. The “Diamond Story” holds more prominence here. Synthetic Diamonds may not have this story or legacy as it’s a mass generated, lab-grown (unreal, if I may say) product. Generations of the future will hold Natural Diamond’s true identity and value due to its traditional quality of scarcity, rarity, and less accessibility. In short, Natural diamonds presence will be felt always while sharing some of that space with Synthetic diamonds.
For everything in the world, in the consumer market, the consumer has options as real fur and man-made fur. There are options of real meat and artificial meat, similarly, I feel consumers have the option to choose between natural and man-made diamonds and both will have a different following. Someone buys for emotion, while someone buys diamonds for investment or someone wants it just for the glamour with no returns, that is where man-made diamond enters.
If you see history, diamonds were meant only for the Royals. Eventually, everyone in the world started having an aspiration to wear something royal and grand like diamonds and jewelry. Tomorrow, with the new technology building, we will have 3D made diamonds as well. We have to be ready for everything. And why a cap to one million workers across the globe. Let them become 5 million and let us come out with the nicest article from Nature Diamond.