Myths and misconceptions about the diamond industry

There are two sides to every coin, or in the case of diamonds, four. As sales of man-made diamonds gathers momentum and its industry marketing them as the sustainable option for diamond jewellery, the UK’s Natural Diamond Council (NDC) is keen to bust some industry myths with alternative facts.

First and foremost, not all laboratory-grown diamonds are sustainable. Replicating the natural diamond creation process requires a mass amount of electricity, mostly derived from the national grid.

According to the NDC over 60 percent of laboratory-grown diamonds are mass-produced in China and India where 63 percent and respectively 74 percent of grid electricity results from coal. Temperatures required to produce these stones are similar to 20 percent of the temperature of the sun’s surface.

Value

All laboratory-grown diamonds can be detected using professional verification instruments. When produced under sustainable conditions they do not deplete the earth’s resources, but their value will not hold up over time. Without the rarity and uniqueness, a lab-grown diamond does not have the same properties of natural stone formed over billions of years.

From 2016 to 2023, the average price of a 1.5 carat laboratory-grown diamond has decreased by over 74 percent.

Still, the naked eye is not likely to see any differences.

Natural diamonds are a finite resource

Formation takes place across the span of millions, sometimes billions, of years and occurs in limited zones of the earth’s mantle at extreme temperatures and pressures. Global natural diamond recovery peaked in 2005 and has decreased by over 30 percent in the last 16 years.

Ethical sourcing

Under the Kimberley Process, a certification scheme launched in 2003 to eradicate conflict diamonds from the global supply chain, the trading of rough diamonds is strictly regulated to ensure it is conflict-free. This is mandated by the United Nations and the World Trade Organization.

While mining diamonds has associations of logging and removing tons of earth to find just that one rare diamond, it is the harmful carbons and chemicals released into the air from processes that affects workers and populations. This is in stark contrast to the 10 million people employed in the industry, many in local communities where diamond mining has supported infrastructure and other benefits.

“In an age where consumers are more inquisitive and enlightened than ever, they wish to know about the values and responsible business practices from the companies and indeed the wider industry from which they are purchasing,” says David Kellie, CEO of the NDC. “At the Natural Diamond Council, we want to support consumers in taking informed decisions by providing information transparently.”

About the NDC

The NDC is the authoritative publisher on all things natural diamonds. The Council supports the integrity of the natural diamond industry by providing transparency and insight on the progress of the sector and its commitments to further betterment. NDC is a global organization whose members’ operations span four continents and ten countries including Canada, South Africa, and Botswana.