While diamonds are a rarity coveted by celebs, newlyweds and more, the recent swing of the market has changed the tides for one of the world’s most sought after jewels. According to the latest Bain & Company Global Diamond Report 2019, rough diamond sales are expected to decline by 25% and polished sales by 10% by the end of 2019.
These statistics could be beneficial to the burgeoning lab-grown diamond market. DeBeers hopped onto the trend, unveiling their Lightbox jewelry line of all lab-grown stones.
“The efforts of DeBeers to price Lightbox diamonds at such a low price point are a very clear effort to denigrate the product,” says CEO of Ada Diamonds, Jason Payne. “Laboratory grown diamonds are superior to ‘dirt’ diamonds or mined diamonds that have come out of the earth.”
The Diamond Producers Association (DPA) has begun its “Real Is Rare” program as the latest strategy to market these rare gems.
According to Kristina Buckley Kayel, DPA’s Managing Director for North America in a statement to Forbes, “Geologists consider natural diamonds to be rare, often noting that recovering natural diamonds is like searching for a needle in a haystack. Natural diamonds obtain their value from their uniqueness and rarity as billion-year-old precious gems.”
“Lab-grown diamonds are currently sold at a slightly reduced price compared to natural diamonds, but the cost continues to decline due to mass production,” Buckley Kayel continued. “Lab-grown diamond prices have dropped significantly in 2018; the price of a 1-carat lab-grown diamond has fallen by almost 50% relative to the price of a comparable natural diamond.”
The more practical uses for lab-grown diamonds including as medical, industrial and computational resources. Lab diamonds of today have become screens on our cellphones, as well as the circuitry. Silicon is slated to be completely replaced by lab-grown diamonds as semiconductors in electronics.
“Diamond-based computers are significantly more efficient and better than silicon in handling high voltages and high frequency. Electrons move more freely through diamond than silicon and diamond is far more thermally conductive than any other known material,” Payne says.
According to Payne, “We are reaching the end of the road for silicon. Starting with power transformers, electric vehicles, satellites, and cell phone towers, diamond will gradually replace silicon in the decades ahead.”
Information originally sourced from Forbes.