Jeweller - July 2023

Editor’s Desk
Voices of reason rising above the diamond melee
The heated debate about the future of the international diamond industry
continues unabated. ANGELA HAN reflects on recent calls for civility.
It's been said by many important
historical figures that ‘the first casualty
of war is the truth’ and the conflict
between ‘natural’ and lab-created
diamonds supporters has been no
exception to this rule.
Which matters more: preserving the
reputation of diamonds as a scarce
resource worthy of luxury, or providing
consumers with more options when it
comes to jewellery?
If the chemical makeup is the same, does
it matter if one gemstone was formed over
millions of years deep within the Earth, and
another is created in a factory in India?
The raging ‘diamond debate’ is fought
over semantics, science, and philosophy
and at stake is a multi-billion dollar per
year industry.
It’s been an important few weeks for the
diamond industry, with calls for civility
between the ‘natural’ and lab-created
factions gaining significant momentum.
The future of the lab-created market
dominated headlines in June after
Lightbox Jewelry, the De Beers Group’s
brand, began trialling engagement rings.
The collection features 16 items ranging
between $AU895 and $AU8,950. CEO
Antoine Borde said the decision to
undertake the trial was based on
consumer demand. Naturally, reception to
the decision was divisive and indeed many
came out in support of Lightbox.
The detractors were quick to draw
attention to statements from De Beers
leaders in 2018 – when Lightbox was
launched – suggesting that the brand
would not offer engagement rings
because there was no ‘emotional value’
to the product.
In a special presentation at the Jewellery
and Gem ASIA Hong Kong trade show, Zulu
Ghevriya, CEO of Smiling Rocks, said it was
a decision that was years overdue.
Smit Virani, managing director of Ethereal
Green Company, joined Ghevriya on stage
and the pair discussed the significance
of India’s prime minister Narendra Modi
presenting the US first lady Jill Biden with a
7.5-carat green lab-created diamond.
Virani said he couldn’t imagine a larger
‘stamp of approval’ for the industry –
and it’s hard to disagree!
Hybridisation is coming
Each year, Pranay Narvekar and Chaim
Even-Zohar release a detailed review of
the international diamond industry across
the previous year.
This year’s report – Embracing Reality: The
Inevitable Rise of Hybrid-Diamond Jewellery
– is a doozy! The pair detail the increasing
significance of jewellery which features both
natural and lab-created diamonds.
The report predicts that in the future,
retailers will offer three distinct types of
diamond jewellery – natural, lab-created,
and hybrid. Hybrid diamond jewellery is
jewellery that features both natural and
lab-created diamonds.
The popularity of hybrid diamond
jewellery may steady the expansion
of lab-created diamonds and offer a
transparent in-between alternative.
Perhaps the most significant impact
this ‘blending’ of categories may have
will be arresting declining consumer
faith in the diamond industry.
“The day when consumers no longer aspire
to own a diamond, if it ever comes, would be
the death of the diamond dream,” the report
dramatically concludes.
Can’t we all just get along?
Prominent voices in the jewellery trade
have called for peace between the two
fractured factions for many years.
Among them is the new president of the
International Grown Diamond Association
(IGDA), Joanna Park-Tonks, who this month
signed a new partnership with the World
Jewellery Confederation (CIBJO).
As part of the agreement, the IGDA will
become a member of CIBJO’s Laboratory
Grown Diamond Committee.
This committee aims to define lab-created
diamond trading practices to improve
consumer education and confidence,
something which I’m sure both ‘sides of the
fence’ can agree is a good thing.
Park-Tonks said the purpose of this
agreement was to send a ‘clear signal’ to
the international jewellery industry that it’s
time to abandon personal agendas and egos
and work for the best interest of the trade.
She drew attention to the decision by some
to deride natural or lab-created diamonds
and said that approach is not conducive to
improving consumer education.
Which matters
more: preserving
the reputation of
diamonds as a
scarce resource
worth of luxury,
or providing
consumers with
more options
when it comes to
jewellery?
During our research for an upcoming project,
a member of the diamond industry told
Jeweller that he hasn’t seen the industry
‘feeling so lost’ in a very long time.
The panacea to this issue is leadership,
and it’s pleasing to see representative
organisations like CIBJO and the IGDA
coming together to send a clear message.
Meeting in the middle
Approaching the issue from a different
perspective is David Kellie, who features in
this month’s Soapbox column (see page 66)
as president of the Natural Diamond Council.
While Kellie and Park-Tonks undoubtedly
share different visions for the future of the
diamond industry, it’s interesting to note the
areas in which the pair are in agreement.
Kellie agrees that the most important
‘frontier’ for the industry to traverse is the
education of consumers.
Indeed, despite the considerable ‘evolution’
of the industry in recent years, many myths
about the diamond trade persist and the
wider public still knows very little about
where jewellery ‘comes from.’
He suggests that these myths and the
lack of clarity around the industry create an
erosion of trust in the businesses behind
diamond jewellery, which is a poor sign for
the road ahead.
Kellie also says that natural and lab-created
diamonds both have a part to play in a
prosperous jewellery industry; however, in
order to reach such a future protecting the
integrity of the industry is vital.
This sentiment is becoming more
widespread – that there is room for both
natural and lab-created diamond products
and that each will soon find its niche.
The bottom line? Consumers are gifted
with a chance to get more creative with
their designs, and jewellers are also
afforded a chance to boost their income.
It’s a shame that the road to this new
hybridised market has been filled with much
vitriol and mud-slinging; however, when there
are potentially billions of dollars at stake –
who can blame the factions for getting a little
hot under the collar?
The jewellery industry has never been
accused of being impassionate!
Angela Han
Publisher
July 2023 | 13