Modern Mining March 2020

“There is clear evidence that the education pro- cess, explaining the product differences and how a man-made stone is not the same as a natural dia- mond – is already starting to be successful in helping consumers make informed choices. As people increasingly understand properly what a lab-grown diamond is, and that it doesn’t have the uniqueness or enduring value of a natural diamond, prices for lab-grown diamonds have reduced accordingly.” Despite the widespread media interest in man- made stones, the lab-grown diamond market remains relatively small – about 2% of the size of the natural diamond market to date. “While the overall lab-grown market remains limited, there was a rapid growth in production of synthetic diamond material and a proliferation of misleading information. We had to act to prevent consumer confusion and to pro- tect the integrity and equity of the natural diamond, which we think we have achieved,” he says. Protecting the equity Explaining the ‘equity’ behind the natural diamond, Steenkamp says while the two share physical, chemical and optical properties, natural diamonds are unique, billions of years old with enduring value, while the synthetic stone is a mass produced techno- logical product, potentially limitless in supply, made in a factory. He reasons that part of the natural dia- mond’s equity emanates from its history – it is an artefact from before the dawn of the human race, a time capsule that contains secrets about the history of life on Earth. The naturally occurring diamond is one of the oldest and rarest gifts from mother Earth, and the eternal strength and longevity is linked to the notion that ‘diamonds are forever’. This is in direct contrast to lab-grown diamonds that can take six to 10 weeks to develop in a laboratory, depending on size. He says another difference is that each natural diamond is unique; no two natural diamonds are the same. “Each natural diamond is as unique as the per- son wearing it; man-made diamonds, however, are produced in uniform batches. The value of natural diamonds also endures over time due to their finite nature, and people want things with this inherent pre- ciousness to celebrate the most precious moments and emotions in their lives,” says Steenkamp. The sustainability card The evolution of the lab-grown market has, in recent years, been linked to the ‘sustainability card’ many of the suppliers played in order to appeal to the mil- lennial market. Riding on the growing trend where consumers, especially young people, are demanding more transparent and environmentally responsible practices from suppliers of everything they buy, the general message driven by lab-grown diamond suppliers was that their product was more environ- mentally-friendly than mined diamonds.

Steenkamp says it’s crucial that consumers are given reliable information on which to base their decisions, rather than just marketing messages that don’t stand up to scrutiny; in fact, the Diamond Producers Association (DPA) – whose seven mem- bers (including De Beers) are mining companies, together representing 75% of the world’s diamond production – partnered with Trucost, a reputable

Lightbox Jewellery – lab-grown diamonds by De Beers Group.

Employee sorting and analysing rough diamonds, Kimberley.

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