Presidents meeting in Dubai set to tackle lab-grown diamonds

Lab Grown Diamond

The Presidents Meeting of the World Federation of Diamond Bourses (WFDB) and International Diamond Manufacturers Association (IDMA), scheduled for September 24-25 in Dubai, will take “an in-depth look at the issue of synthetic diamonds, according to Rough & Polished.

The Presidents Meeting will hold a panel on synthetics featuring industry experts. Ernie Blom, President of the WFDB, commented: “What distinguishes natural diamonds from lab-created diamonds, apart from the whole love element, is that natural diamonds are a non-renewable source. The supply of natural diamonds is limited by nature. Importantly, more expensive natural diamonds have historically maintained resale value after purchase which is tied to the inherent rarity of higher-quality natural diamonds. Synthetic diamonds will not hold value. Natural diamonds do”. Blom concluded by calling “the diamond trade to unite around a campaign to stress as much as possible the rarity of natural diamonds”.

In July, the Israel Diamond Exchange (IDE) launched a global campaign to promote natural diamonds in cooperation with the World Federation of Diamond Bourses (WFDB). So far, two videos were released in the “We love natural diamonds” series. The international campaign is aimed at differentiating natural diamonds from lab-grown and other synthetic stones. It is intended to show consumers the significant differences between natural diamonds that are billions of years old and whose value and beauty are preserved forever, and synthetic factory- produced diamonds.

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