The Great Diamond Debate III: Passion vs Tension

VOICE OF THE AUSTRALIAN JEWELLERY INDUSTRY DECEMBER 2025

Th e

GREAT

DEBATE

Round III

Passion vs Tension

Diamonds were once an unchallenged symbol of luxury.

Lab-created diamonds have rewritten the rules and the industry is deeply divided -

nature at odds with nurture, tradition in conflict with innovation, romance colliding with science.

In a debate shaped as much by perspective as by fact, how do we define right and wrong?

SINCE 1996

Helping you shine

yesterday, today

& tomorrow.

YOUR LEADING SUPPLIER OF PINK ARGYLE, WHITE DIAMONDS & DIAMOND JEWELLERY

NEW SOUTH WALES

VICTORIA

QUEENSLAND

NEW ZEALAND

Suite 301, Level 3

70 Castlereagh Street

Sydney 2000

Suite 502, Wales Corner

227 Collins Street

Melbourne 3000

Unit 17, Level 111

138 Albert Street

Brisbane 4000

Suite 4K

47 High Street

Auckland

02 9232 3557

sydney@worldshiner.com

03 9654 6369

melbourne@worldshiner.com

07 3210 1237

brisbane@worldshiner.com

+64 9 358 3443

nz@worldshiner.com

worldshiner.com

SCAN HERE

TO CONTACT

& CONNECT

For over 15 years, Pink Kimberley has been devoted to crafting exceptional pink diamond jewellery, celebrating

the rare beauty of Argyle pink diamonds from the East Kimberley region of Western Australia. The latest Pink

Kimberley Collection celebrates the exquisite rarity of these natural treasures with captivating engagement ring

designs. Each piece is bold, distinctive, and uniquely beautiful – a striking fusion of contemporary design and the

rare allure of Argyle pink diamonds, crafted to make a statement as unforgettable as the stone itself.

02 9290 2199

pink@samsgroup.com.au

PinkKimberley.com.au

Become a stockist today!

Discover the delicate allure of the Blush Pink Collection, a tribute to Australian heritage and natural beauty.

Each piece in the Blush range showcases rare light pink diamonds, sourced from the renowned Argyle mine in

the Kimberley region of Western Australia. Thoughtfully designed and expertly handcrafted, these timeless

jewels blend elegance with history, creating wearable heirlooms that celebrate both grace and origin.

02 9290 2199


Pinkkimberley.com.au/collections/blush-pink


F OR C OLOUR

S INCE 1951

Unprecedented Gemstone Sale

Costs Down, Colour Up!

Up to 25% off ALL Stock

Shop at oagems.com now!

ROOM 405, 4TH FLOOR, WALES BUILDING

227 COLLINS STREET, MELBOURNE VIC 3000

PO BOX 397, FLINDERS LANE VIC 8009

03 9654 5200

sales@oagems.com

oagems.com

THE GREAT DIAMOND DEBATE III

Contents

The Big Picture

PUBLISHERS’S NOTE

What becomes of the broken-hearted?

Angela Han

EDITOR’S DESK

Diamonds: A small piece of a large puzzle

Samuel Ord

9

11

THE DE BEERS GROUP

Trust and transparency remain critical in an

evolving diamond industry

Sally Morrison

DIAMOND FOUNDRY

Consumers wisely opt for the

superior product: Lab-created diamonds

Martin Roscheisen

35

37

In-Depth Analysis

WORLD DIAMOND COUNCIL

Natural Diamonds: Nature’s Mic Drop

Feriel Zerouki

39

INDEPENDENT ANALYST

Will diamonds shine forever?

Eight steps to securing a brighter future

14

The Science

Robert Bouquet

RAPAPORT GROUP

Lab-created diamonds are in fashion

Joshua Freedman

18

WORLD JEWELLERY CONFEDERATION (CIBJO)

Strictly speaking, about synthetics

Gaetano Cavalieri

41

PAUL ZIMNISKY DIAMOND ANALYTICS

The Mark: Natural diamonds

need to be more easily identifiable

Paul Zimnisky

21

GEMMOLOGICAL ASSOCIATION OF AUSTRALIA

Natural or Synthetic Diamonds:

Education is more important than ever

Ian Dun

44

The Debate

HOLLOWAY DIAMONDS

Natural diamonds: Clean your house first!

Garry Holloway

22

GÜBELIN GEM LAB

Beauty & Flaw: Nothing lasts forever

Daniel Nyfeler

46

GEMOLOGICAL INSTITUTE OF AMERICA

CHATHAM CREATED GEMS

Diamonds & Ice: Nobody likes change

Tom Chatham

24

Legacy of Clarity: GIA updates

diamond reports to reflect market

GIA

50

NATURAL DIAMOND COUNCIL

Consumers hold an enduring

love for natural diamonds

30

Scan to explore the complete

Great Diamond Debate series: I, II & III

David Kellie

GROWN DIAMOND TRADE ORGANISATION

Seismic shifts that will shape

jewellery retail for the next 40 years

32

Marty Hurwitz

VOICE OF THE AUSTRALIAN JEWELLERY INDUSTRY

Published by Befindan Media Pty Ltd

PO Box 4197, Balwyn East, VIC 3103 AUSTRALIA | ABN 66 638 077 648 | Phone: +61 3 9696 7200 | Subscriptions & Enquiries: info@jewellermagazine.com

• Publisher Angela Han angela.han@jewellermagazine.com • Editor Samuel Ord samuel.ord@jewellermagazine.com

• Production Prince Bisenio art@befindanmedia.com • Digital Coordinator Riza Buliag riza@jewellermagazine.com • Accounts Julia Carvalho finance@befindanmedia.com

Copyright All material appearing in Jeweller is subject to copyright. Reproduction in whole or in part is strictly forbidden without prior written consent of the publisher. Befindan Media Pty Ltd

strives to report accurately and fairly and it is our policy to correct significant errors of fact and misleading statements in the next available issue. All statements made, although based on information

believed to be reliable and accurate at the time, cannot be guaranteed and no fault or liability can be accepted for error or omission. Any comment relating to subjective opinions should be addressed

to the editor. Advertising The publisher reserves the right to omit or alter any advertisement to comply with Australian law and the advertiser agrees to indemnify the publisher for all damages or

liabilities arising from the published material.

A Celebration of Colour – The New Spring Collection

We proudly unveil our Spring Collection, inspired by the earth’s awakening after winter. Discover exquisite

gemstones in soft pinks, vivid purples, lush greens, oceanic blues, and Pantone’s warm seasonal brown,

each radiating the vibrancy and beauty of spring. Set in Australian gold and accented with brilliant white

diamonds, these designs capture the joy of renewal and timeless elegance.

8 | December 2025

AUSTRALIAN OWNED & MADE

For all wholesale queries and orders,

call us on +61 8 9367 7712

or email workshop@soklichco.com

103 Mill Point Road, South Perth WA 6151

soklichco.com

p +61 (0)8 8221 5580

sales@timesupply.com.au | timesupply.com.au

exclusive distributor AU & NZ

Th e

GREAT

DEBATE

Round III

PUBLISHER’S NOTE

What becomes of the broken-hearted?

ANGELA HAN’s Key Points:

Ending ‘breach of promise’ laws may have evolved diamond rings into financial collateral beyond symbols of love.

Ongoing social and market change provokes a reworked value story for both natural and lab-created diamonds.

Natural diamonds come with a long legacy of security and status, while lab-created diamonds are still in its early stages of history.

Few people realise that ‘back in the day’, if a man

broke off an engagement to a woman, he could be

sued. A jilted woman could seek damages in court.

Broadly referred to as a ‘breach of promise to

marry’, the law allowed the abandoned person -

usually the woman - to take common law action.

Many societies around the world – including the

US, UK, and Australia – regarded a commitment to

marriage as a legally binding contract. These laws

have been documented as early as the Middle Ages.

Having promised to marry a woman, a man could

face harsh financial penalties should he change

his mind and did not honour his pledge.

This is undoubtedly an alien concept in

contemporary society; however, these laws

existed for several reasons; one being the

prevailing attitudes surrounding sexual purity

as a measure of a woman’s worth.

Chastity was considered a non-negotiable, and

romance outside an engagement or marriage

would destroy a woman’s ability to marry later in

life. These laws existed because, for an abandoned

bride-to-be, the prospects of finding a suitable

husband after an initial engagement were

practically non-existent.

These laws were also important because of the

status of women in society, particularly in the

professional workforce. While women have always

‘worked’, they have not always earned a living wage.

Abandoned marriage plans severely compromised

the financial security of women.

Women began to enter the formal wage-earning

workforce in the late 19th century. Numbers

surged around World War I (1914–1918) and

World War II (1939-1945). Around the same time,

attitudes towards romance before marriage began

to change. An increasing number of women

started living independently, and a ‘dating culture’

emerged.

Youth culture around the world began to

increasingly accept that teenagers and young

adults could experience multiple serious

relationships before settling down.

In the US, most states repealed or limited ‘breach

of promise to marry’ laws during the 1930s.

Australia followed suit with a federal abolition

in 1961, and similar laws were eliminated in

England in 1971.

Marriage was increasingly viewed as a personal

relationship rather than a binding contract. The

‘Century of the Self’ had begun, and the legal

system began to recognise that people should be

free to end engagements without legal intervention.

Around this time, another shift was unfolding.

Before World War II, diamond engagement rings

were widely available; however, they were not a

cultural cornerstone. This changed quickly, and

by the 1950s, the majority of engagement rings

sold in the US featured a diamond.

Many explanations for the remarkable rise of

diamond engagement rings have been proposed.

Rising income levels, changes in diamond prices

and availability, and shifts in consumer preferences

are often noted. Perhaps above all, credit is

traditionally afforded to the De Beers Group

and its legendary marketing campaigns.

But what if that’s only half the story? That was the

argument mounted by Professor Margaret Brinig

when she published ‘Rings and Promises’ in 1990.

Professor Brinig argued that the rapid rise of

diamond engagement rings did not happen

because of clever marketing. Instead, it happened

because of the widespread abolition of ‘breach of

promise to marry’ laws.

The abolition of these laws in the 1930s coincided

with a surge of diamond imports to the US.

Professor Brinig suggested that the remarkable

rise of diamond engagement rings is a cultural

reflection of a more profound institutional

transformation.

Indeed, while attitudes towards sexual purity and

marriage had started to change, most people still

held views that would be extremely conservative by

today’s standards. While women had entered the

professional workforce en masse, their earning

power was still weak.

The abolition of ‘breach of promise to marry’ laws

meant that a critical financial safety net had been

removed for women. Professor Brinig argued that

diamond rings became the standard as a substitute

for this legal protection.

If an engagement was unexpectedly broken, most

abandoned brides-to-be could no longer turn to the

legal system for support; however, they still had a

valuable diamond ring they could sell. The proceeds

provided financial safety when the courts could not.

Why does this history lesson matter? Well, it

represents an itch that lab-created diamonds

cannot scratch. Lab-created diamonds have little

resale value and don’t serve as a financial safety

net. The counter is that natural diamonds also

have limited resale value.

It could be argued that this story is another chapter

in the legacy of natural diamonds. Lab-created

diamonds are chemically identical to natural

stones; however, they don’t have a legacy of

their own upon which to build value - not yet.

More importantly, perhaps you might argue

that none of this really matters. Women can

live independently and outside of individual

preferences; most people are expected to have

multiple romantic relationships before they find

‘the one’. Getting abandoned at the altar isn’t the

social death sentence it once was. Maybe, no one

needs that kind of financial safety net in 2025.

Wherever you stand in this discussion, it stands as

evidence that the only constant in life is change.

As you will soon discover, change is the central

theme of the Great Diamond Debate III.

In some way, each contribution in this special issue

of Jeweller from diamond industry experts around

the world represents a discussion about change.

Some contributors are merely documenting

significant market changes, while others are

calling for a new approach or a new way of

thinking about important matters.

Diamonds might be the hardest naturally occurring

substance on Earth, but even they are powerless to

the winds of change.

THE BIG PICTURE «

December 2025 | 9

A Celebration of Colour – The New Spring Collection

We proudly unveil our Spring Collection, inspired by the earth’s awakening after winter. Discover exquisite

gemstones in soft pinks, vivid purples, lush greens, oceanic blues, and Pantone’s warm seasonal brown,

each radiating the vibrancy and beauty of spring. Set in Australian gold and accented with brilliant white

diamonds, these designs capture the joy of renewal and timeless elegance.

AUSTRALIAN OWNED & MADE

For all wholesale queries and orders,

call us on +61 8 9367 7712

or email workshop@soklichco.com

103 Mill Point Road, South Perth WA 6151

soklichco.com

Th e

GREAT

DEBATE

Round III

Th e

GREAT

DEBATE

Round III

EDITOR’S DESK

Diamonds: A small piece of a large puzzle

SAMUEL ORD’s Key Points:

The debate between natural and lab-created diamonds is a small part of a larger universal experience.

The reality of your customers is shaped more by images and stories than by the products themselves.

To keep your business relevant in a rapidly evolving market, it’s important to consider ‘big picture’ shifts in consumer perception.

The Great Diamond Debate evokes strong

emotions. Those who have firmly chosen a

side may struggle to see the broader picture.

Those caught in the crossfire between warring

factions can easily feel overwhelmed -

especially when there’s money on the line.

For decision-makers in jewellery businesses,

these broad debates can affect stock and pricing

decisions, as well as consumer relationships.

With that in mind, I would suggest that this

debate is just one part of a much bigger story.

Understanding it offers insight into how we

perceive and assign value in a changing world.

For retailers, the Great Diamond Debate might

guide strategy and anticipate market shifts.

Before we take that ‘big picture’ perspective,

let’s step back in time.

In 1982, a little-known Japanese company

achieved something remarkable. While the

development of lab-created diamonds had

been underway for more than 30 years,

Sumitomo Electric shattered a significant barrier.

The company created a lab-created diamond

weighing around 1.2 carats. At the time, it was

widely throught that synthesising diamonds of

that size was impossible. It was a landmark

acknowledged in the Guinness Book of World

Records. It was a milestone that hinted that one

day lab-created products might rival nature itself.

Meanwhile, more than 7,000 kilometres away,

British geologist Maureen Muggeridge had

recently discovered diamond deposits in

Western Australia. Power brokers were

weighing the commission of a new mine.

The Argyle Diamond Mine was given the green

light in 1983. It would evolve into one of the

world’s most important sources of gem-quality

diamonds and, in so many ways, reshape the

jewellery industry.

In hindsight, these developments, industrial

synthesis and natural discovery, set the stage

for the tension that defines the industry today.

Four decades later, retailers would find themselves

navigating a landscape where lab-created and

natural diamonds seemingly compete side by side.

These events were critical moments in the history

of diamonds. In another corner of the world,

around this time, something seemingly unrelated

was happening. French philosopher Jean

Baudrillard published Simulacres et Simulation,

otherwise known as Simulacra and Simulation.

The book was published in 1981 and translated

into English in 1983. Though abstract, his work

speaks directly to the intersection of value and

perception in the jewellery market.

“Instead, I’d rather readers

view lab-created diamonds

as a small piece of the puzzle

on a universal tapestry.”

To describe the book as ‘influential’ is an

understatement. In simple terms, it examines

the relationships between reality, symbols, and

society. It’s a study on how symbolism is used to

construct a shared understanding of existence.

It is this exploration of how symbols overtake

reality that makes Baudrillard unexpectedly

relevant to the Great Diamond Debate.

Since its publication, many artists, authors,

and academics have drawn inspiration from

Baudrillard’s work. Perhaps the most notable

example is The Matrix (1999), a film in which

a hacker discovers that reality is a computer

simulation controlled by machines.

The cast were given Simulacra and Simulation to

read during production. A copy of the book is also

visible in the protagonist’s apartment during the

opening minutes of the film.

Hilariously, Baudrillard actually hated The Matrix

and suggested that it amounted to a crude

misunderstanding of his ideas. That’s a story

for another day.

Signs & Symbols

It’s French philosophy, so you won’t be shocked to

hear that it is complex. I won’t bore you with the

nitty-gritty; I’ll keep it simple. Baudrillard argued

that in modern society, we often cannot tell the

difference between what is real and what is a copy.

Copies, otherwise described as symbols or

images, can become so convincing that they

begin to replace reality itself. It’s an idea worth

considering in any industry where perception,

presentation, and trust directly shape value.

Baudrillard outlines a four-stage process

describing how a copy relates to the real.

• Stage one is the simplest: a copy that reflects

a basic reality. Think of a straightforward staff

photo taken at your jewellery store — an honest

snapshot of the people who work there.

• Stage two is when the copy begins to reshape

what it represents. The photo still shows the

same staff; however, now there’s curated lighting,

strategic positioning, or a touch of editing to

create a more polished image. It remains real,

but it’s already edging toward idealisation.

• Stage three occurs when the copy masks the

absence of reality. People see the perfected

portrait and assume your staff looks that bright,

coordinated, and perfectly composed every hour

of every day. The edited image becomes the

expected truth.

• Stage four is the point where the copy cuts all

ties to reality. It creates a meaning of its own.

Over time, that edited staff portrait becomes

how customers, and even the staff themselves,

remember the store.

No one remembers the arguments, the late nights

and the slow days, or the difficult customers; they

remember the store as it is represented on that

day, captured in the perfect photograph.

THE BIG PICTURE « December 2025 | 11

Th e

GREAT

DEBATE

Round III

The real faces, real lighting, real atmosphere

fade from memory. The copy no longer imitates;

it defines.

Once you recognise how easily a simple

photograph can drift from truth to its own

self-contained ‘reality’, the next step becomes

unavoidable.

We must ask where else this pattern appears.

Because if something as mundane as a staff

portrait can slide through these stages without

anyone noticing, what happens when the object

in question carries real emotional, cultural,

and financial weight?

Tomorrow’s Consumers

If you’ve stuck with me this far, I’m sure you’d

agree that Baudrillard was ahead of his time. His

book was published in 1981, and the dominance of

the internet and, more importantly, social media

was still decades away; however, he believed

we were progressing toward a phenomenon he

described as ‘hyper reality’.

Baudrillard argued that through media,

advertising, and technology, we live our lives

surrounded by copies and symbols that appear

real but no longer represent anything original.

As another example, consider the social media

platform Instagram. People share images and

videos of their lives; however, most people limit

posts to the ‘highlights’ – travel, fancy food,

and time spent with friends and family.

These images and videos are usually staged,

filtered, and edited. These images and videos are

copies or symbols of reality, and they are refined

to look perfect.

Younger users tend to become deeply emotionally

invested in how they are portrayed on these

platforms because many people view these

accounts as a reflection of reality.

That archive of someone’s perfectly curated life

becomes the perception of who they are among

peers. By extension, it becomes the standard

of reality.

Why does this specific example matter to you?

Well, the generation raised on these curated,

hyper-polished versions of life will soon make up

the majority of the people standing in your store,

considering spending hard-earned money.

In many ways, they’ve been trained to forget

the bad days, the messy moments, or the

imperfections. Their sense of what is ‘real’

has been shaped by images engineered to

outshine the truth.

If that’s the filter they bring into every decision,

it’s worth asking how it will shape the expectations

they bring to your business.

Alright, where are you going with this?

During the research phase of the Great Diamond

Debate III, it became increasingly clear that

lab-created diamonds are an exceptional example

of the phenomenon described by Baudrillard.

These stones are a perfect copy that no longer

anchors itself with ‘reality’ – which in this instance,

would be natural diamonds.

Stage #1: In the early days, lab-created diamonds

were an honest ‘copy’ of a real object.

Lab-created diamonds were initially developed to

imitate natural diamonds for industrial purposes.

They were synthesised as a potentially inexpensive

alternative to natural diamonds, beginning in the

1950s.

It took around three decades for Sumitomo

Electric to shatter the barrier mentioned earlier,

and even then, the idea of using lab-created

diamonds in jewellery was still years away.

At this point, the relationship between the natural

and the synthetic was still straightforward.

Stage #2: At this stage, copies no longer faithfully

reveal reality; however, they can hint at the

existence of a reality the copy itself is incapable

of encapsulating.

Another quarter-century would pass until the

Gemological Institute of America (GIA) rocked the

boat by introducing ‘Synthetic Diamond Grading

Reports’. Of course, this was important because

jewellery suppliers, retailers, and consumers

rely on certification.

As lab-created diamonds increasingly gained

traction in the jewellery market, advertising

frequently capitalised on the traditional

characteristics of diamonds as symbols

of love and value.

While natural and lab-created diamonds are

chemically identical, these claims ignore the fact

that this meaning is historically derived from

perceptions of scarcity and natural beauty

– two factors that cannot be rightly attributed to

lab-created diamonds. The copy had begun to

alter reality.

Here, marketing subtly nudged consumers

toward a new understanding of value, one less

tethered to geological origins. For retailers, this

meant adapting sales pitches and training staff to

navigate new customer questions.

Stage #3: The copy masks the absence of a

profound reality, where the symbol still appears

to be a faithful copy; however, it no longer has an

original.

In recent years, lab-created diamond

manufacturers have significantly increased

their production capacity.

In 2024, Ethereal Green Diamond showcased a

75-carat lab-created diamond certified by the

International Gemological Institute.

At the time, it was described as the largest

polished lab-created diamond in the world.

This diamond, known as the Pride of India,

broke a record set by the same company

less than a year earlier.

In this very magazine, Diamond Foundry’s Martin

Roscheisen suggests that his company will soon

create more diamonds each year than the

De Beers Group mines from the Earth.

These achievements signify a deep separation

between reality and the copy. Lab-created

diamond manufacturers have become so

advanced that they are not only outpacing natural

diamond production, but they are also producing

stones that are so large and perfect that, broadly

speaking, Mother Nature cannot compare.

At this stage, the ‘copy’ is no longer derivative

— it is competitive, abundant, and could even be

considered superior.

We also see this separation between reality and

the copy in the GIA’s recent decision to alter

grading reports for lab-created diamonds.

The GIA explained that, because 95 per cent of

lab-created diamonds fall within a narrow range

of colour and clarity, it is no longer appropriate

to use the standard nomenclature, which was

developed to describe natural diamonds.

Grown Diamond Trade Organization’s Marty

Hurwitz also inadvertently made this point in his

contribution to the Great Diamond Debate III.

He suggested that retailers and consumers can

choose between ‘perfect’ and ‘very good’ labcreated

diamonds, both of which are inexpensive.

Stage #4: The fourth stage is where the copy no

longer has any relationship with reality whatsoever.

At this point, lab-created diamonds exist

independently. They are no longer copies of natural

diamonds; the symbol has become its own reality.

In recent years, industry analysts and pundits have

inadvertently described this phenomenon.

The supposed ‘bifurcation’ of the diamond

market, where natural and lab-created diamonds

were predicted to separate into entirely distinct

categories, is one such example.

Other examples are found throughout this issue,

where contributors have stressed that natural and

lab-created diamonds both rightfully have a place

in the jewellery market; however, they must be

emphasised as distinctly different products.

Rapaport Group’s Joshua Freedman has

documented the widespread belief that labcreated

diamonds would find a final

‘resting place’ in the fashion jewellery market.

12 | December 2025

Th e

Th e

GREAT

GREAT

DEBATE DEBATE

Round III

Round III

In contrast, fine jewellery would be reserved for natural diamonds.

In contrast, fine jewellery would be reserved for natural diamonds.

Indeed, when it comes to lab-created diamonds, it would appear

Indeed, when it comes to lab-created diamonds, it would appear

that the transformation from copy to reality is all but complete.

that the transformation from copy to reality is all but complete.

Understanding

Understanding

these

these

shifts

shifts

isn’t

isn’t

just

just

philosophical;

philosophical;

it’s

it’s

critical

critical

to

to

keeping

keeping

your

your

store

store

relevant

relevant

in

in

a

a

rapidly

rapidly

evolving

evolving

market.

market.

So,

So,

what

what

does

does

it

it

all

all

mean?

mean?

If

If

you’ve

you’ve

made

made

it

it

this

this

far,

far,

you

you

have

have

my

my

gratitude.

gratitude.

You

You

might

might

outright

outright

disagree disagree with with Baudrillard Baudrillard –– that’s that’s fine, fine, you’re you’re not not alone. alone.

If If you’re you’re a a decision decision maker maker in in a a jewellery jewellery business, business, you you know know

that that every every choice, choice, every every display, display, and and every every customer customer interaction interaction

matters. matters. With With that that said, said, you you might might feel feel that that the the parallels parallels I’ve I’ve drawn drawn

between between Baudrillard’s Baudrillard’s philosophy philosophy are are too too forced forced or or pretentious pretentious for for a a

discussion discussion about about the the jewellery jewellery industry. industry.

Perhaps Perhaps it’s it’s an an ‘overintellectualisation’ of of what what is is largely largely an an

economic or or consumer-driven conversation. You You may may also also think think

that, that, whatever my my parents paid paid for for me me to to study study philosophy at at

university, it it was was a a waste waste of of money. Don’t Don’t worry, worry, they they agree agree with with you. you.

You You might feel feel that that these these parallels paint paint lab-created diamonds in in

a a profoundly negative light light –– and and that that I’ve I’ve portrayed these stones

as as ‘soulless clones’ that that have have stolen the the spotlight from from natural

diamonds.

Don’t get get me me wrong –– lab-created diamonds are are

a a testament to to the the relentless excellence of of innovation.

So, So, what does it it all all mean? Given that that Baudrillard was was a a French

philosopher, his his conclusion was unsurprisingly depressing.

He He suggested that we we live live in in a a state of of ‘hyper reality’.

It’s It’s a a condition in in which simulations, or or copies, don’t just just

represent the the real world; they replace it. it.

The final implication of of Simulacra and Simulation is is that we we live live in in

a a time after the the end end of of reality. It’s It’s not not just just that we we live live in in a a world of of

illusions, it’s it’s that illusion is is all all that’s left. left.

For For those at at the the coalface of of the the jewellery industry, this this is is

a a reminder that that perception often drives desire, and and the the reality

of of your your customers may may be be shaped more by by images and and stories

than than by by the the products themselves.

It’s It’s a a dark dark way way of of looking at at the the world, and and by by making this this point,

I don’t I don’t mean to to disparage anyone who who supplies, sells, or or buys buys labcreated

diamonds. That That is is not not my my intention.

Instead, I’d I’d rather readers view view lab-created diamonds as as a a

lab-

small small piece piece of of the the puzzle puzzle on on a a universal tapestry. The The so-called

‘Information Age’ Age’ is is a a never-ending spiral spiral of of symbols replacing

reality, reality, and and diamonds are are merely merely another another example.

And And with with that that in in mind, mind, let let me me leave leave you you with with this. this. Hypothetically,

if if Baudrillard Baudrillard is is right, right, and and my my application application of of his his philosophy philosophy to to the the

Great Great Diamond Diamond Debate Debate holds, holds, consider consider the the following: following:

If If a a copy, copy, a a lab-created lab-created diamond, diamond, can can evolve evolve into into an an independent independent

entity, entity, separate separate from from its its original, original, might might natural natural diamonds diamonds have have

once

once

done

done

the

the

same

same

—

—

centuries

centuries

before

before

Simulacra

Simulacra

and

and

Simulation

Simulation

was

was

ever

ever

written?

written?

After

After

all,

all,

how

how

does

does

a

a

simple

simple

mineral,

mineral,

carbon

carbon

atoms

atoms

locked

locked

in

in

a

a

perfect

perfect

crystal,

crystal,

become

become

the

the

universal

universal

symbol

symbol

of

of

love

love

and

and

commitment?

commitment?

At the end of the day, it’s still just a rock - isn’t it?

At the end of the day, it’s still just a rock - isn’t it?

December 2025 | 13

Th e

GREAT

DEBATE

Round III

INDEPENDENT ANALYST

Will diamonds shine forever?

Eight steps to securing a brighter future

ROBERT BOUQUET’S KEY POINTS:

The natural diamond industry has been severely impacted by the surge in lab-created diamond production and uptake.

The sale of the De Beers Group is a critical missing puzzle piece for the future of the diamond industry.

Natural rough demand has declined, and in some categories, it has been decimated.

The diamond industry finds itself in the midst of

an unprecedented era of upheaval, challenge, and

opportunity right now.

Following the COVID-19 pandemic, the natural

diamond industry experienced a significant

surge in 2021, which caught many by surprise,

with prices rising to record levels.

After this boom period, however, as the pipeline

was replenished and eventually overfilled with

goods, the diamond market entered the current

protracted and worsening slump, which has

persisted for the past three years.

More than a year ago, I wrote about the

challenges the industry faced and how we

might overcome them, in a bid to see the

natural diamond industry return to recovery.

I stated that the first thing needed was

a balanced market and suggested that

in 2024, “stability would be a success.”

Alas, this phase of market stabilisation did not

manifest itself. The supply of natural rough

diamonds continues to exceed market demand,

and prices of both rough and polished diamonds

have kept falling.

As always, it is never that simple, and I think

the situation deserves a fresh dive into the

causes of this continued slump that, in truth,

shows few signs of imminent recovery.

I have listed, in my declining order of impact

and importance, the most significant issues

and risks facing the industry right now.

And of course, it should be accepted that many

of these issues are heavily interlinked and are

not purely isolated factors.

A dark cloud that still hangs over the diamond

industry is the question of the future ownership

of the long-time leader, the De Beers Group,

which can and will have many far-reaching

implications across the trade. Several interested

parties have been reported in the trade press.

It would appear that, with the Anglo American

merger with Teck of Canada, the disposal of the

world’s most famous diamond company is soon

to accelerate. De Beers was once considered the

‘crown jewel’ of Anglo American.

Still, over the past 30 years, the company has

evolved from a dominant industry custodian

and leader into a ‘transactional orphan’ in

today’s bigger copper mining play.

I believe only the right buyer, one who

understands the diamond business in all its

complexity, has a chance to make such an

acquisition work. A market recovery is essential

for future profitability, and De Beers remains

the best-equipped vehicle to achieve it.

So, despite the clamour in some quarters for

greater resource nationalisation, ‘caveat emptor’

would seem prudent advice right now.

There are so many moving parts here, and

depending on who ends up with the asset,

things could evolve in many ways.

For me, there remains a huge question mark

over the wisdom of governments alone owning

De Beers, which should not be ignored.

Many, myself included, wait with bated breath.

As it stands, I must say it feels like the industry

will be forced to radicalise, not stabilise.

Perhaps, De Beers itself will be broken up

into separate parts? Time will surely tell.

I suspect that some very big news is imminent.

Another elephant in the room not to be forgotten

is the impact of sanctions on the Russian

diamond industry. While it is unquestionably

important, it does not top my list of pressing

issues facing the industry.

With that said, we should acknowledge that

Russia is still producing natural diamonds,

which are still being sold, either directly or

indirectly, to India’s traders and manufacturers.

And with that said, onto my list of the most

pressing issues facing the diamond business.

1. Lab-created diamonds

It should come as no surprise to readers that

lab-created diamonds are at the top of this list.

The natural diamond industry has been hugely

impacted by the surge in lab-created diamond

production and consumer uptake.

A large proportion of natural diamond consumers

have been swayed and now buy the cheaper

man-made alternative. We also need to accept

that the current and future generations of

diamond consumers will not be the same

as those of the past, with different desires,

aspirations and financial pressures.

Of course, there is still demand for natural

diamonds, and even increasing demand in

some quarters; however, intellectual honesty

should oblige us to admit that lab-created

diamonds have bitten a huge chunk out of

the natural diamond business.

This is the biggest industry issue for me. The

impact reverberates throughout the industry,

altering demand, prices, viability of mines,

consumer perception – everything.

Lab-created diamond production is still surging,

and many manufacturers in Surat have switched

to polishing while the natural trade continues to

decline and suffer.

Unbelievably, I hear that there is a waiting

list for lab-created diamond polishing despite

the production surge. So, while we wait for the

predicted market bifurcation, natural diamonds

still appear to be losing further ground.

The recent increase in in-fighting and aggressive

online debates between lab-created and natural

diamond camps does nothing to improve the

consumer perception of the whole category.

14 | December 2025 » IN-DEPTH ANALYSIS

Th e

GREAT

DEBATE

Round III

If anything, the large risk associated with this

negativity is that consumers lose interest in all

forms of diamonds.

Average Polished Index 2022 - 2025 : This graph highlights the continued decline in polished diamond prices over the past four

years. Compiled by I. Hennig & Co Ltd, from a number of proprietary & public sources; includes data to August 2025

The debate around cannibalisation and

incremental demand is one that merits greater

analysis. I remain unconvinced that lab-created

diamonds will drive demand for natural diamond

jewellery rather than replace it.

For now, one positive is that the brands

have not embraced lab-created diamonds;

however, many have remained committed to

using natural diamonds. And as lab-created

diamonds potentially shift to tech/semiconductor

applications, the existential threat to natural

diamonds might, by extension, dwindle.

2. Oversupply of natural rough diamonds

Because of the lab-created diamond effect and

other lesser factors, natural rough demand

has declined; in some categories, it has

been decimated. We have seen demand for

sub 2-carat natural diamonds - grainers and

melee, as they are referred to in the trade -

plummet with subsequent impact on prices.

Producers have suffered and continue to struggle.

Those with a greater proportion of these goods in

their production profile have suffered the most.

The majors, with the exception of Angola

- the new ‘major’ - have cut back production.

Some junior miners are, it is true to say, clinging

on for dear life. Retrenchments, refinancing,

and cost-cutting measures abound, and yet few

have actually gone to the wire - for now at least.

Global rough production still stands at more

than 100 million carats per annum; however,

it is still simply too much.

The top three producers - Alrosa, De Beers

and Angola - account for around 70-75 million

carats per annum.

To achieve a more balanced market in the short

term, production will have to be reduced further,

with the obvious difficult decisions this entails

for some producer companies and countries.

Long-term, we know there are no new mines on

the horizon, so unless new significant discoveries

are announced, there will naturally be fewer

natural diamonds around in the coming decades.

3. Weak rough prices

Hand in hand with the oversupply of rough, prices

have generally weakened. It must be stressed that

this does not apply to all diamond categories.

Natural diamonds above +5 carats have enjoyed

good demand, and even a strengthening of prices,

as production has been cut and volumes in this

range are generally low.

However, by my estimates, these stones only

account for around three per cent of global

production by volume, while above +2-carat

stones account for around 10 per cent of

global production.

For the rest of the goods, oversupply - relative

to actual demand - continues, and prices have

continued to slide. In 2024, rough prices fell

on average by 20 per cent; 2025 looks to be

a similar situation. Smaller sellers using

tenders and auctions have struggled to

perform. Predictions of ‘better times’ keep

getting pushed out further.

The split between +5-carat, and maybe +2-carat,

diamond demand and the smaller-sized

diamonds does not look likely to reverse anytime

soon, primarily due to the impact of lab-created

diamonds. That said, when things improve, we all

know how quickly things can turn around in the

rough diamond market.

4. Weak polished prices

At the polished level, prices have also fallen.

Excess supply, coupled with a notable shift to

lab-created diamonds for consumers and

retailers, has weakened polished prices across

2024 and 2025. Before any recovery in polished

can be seen, stability is required.

In the diamond business, increasing consumer

demand and scarcity of product drive polished

prices upwards, which in turn drives rough prices.

We are not at that inflection point yet. Stocks in

the pipeline remain high currently, except for

+1.5-carat polished.

Add to this the record price of gold, which has

increased by almost 50 per cent this year alone,

and is predicted to keep rising in the near term.

This impacts diamond jewellery costs and has a

detrimental effect on polished sales and prices.

The graph above, kindly provided by diamond

broker and consultancy firm I. Hennig & Co Ltd,

shows the continued decline in polished prices

over the past four years.

5. Ownership of De Beers

As mentioned previously, a huge unresolved

piece of the industry jigsaw puzzle is the future

ownership of De Beers.

Anglo America is the 85 per cent owner of

De Beers, and the company’s stated intention

is to divest De Beers either through a sale

or IPO, and it seems this process is now

gathering momentum.

Reports of several bids having been made,

including various signs of intent from both

the governments of Botswana and Namibia,

along with Endiama, the state-owned diamond

mining company of Angola, signal that interparty

negotiations are underway and that a resolution

on this matter is imminent. In fact, it is overdue

and essential for an industry that is struggling

without visible leadership.

What remains to be seen is who the final winner

of this process will be - and with whose actual

money - and what it actually means for the

various parties, and then what the outcome will

mean for the rest of the diamond industry.

It is important to recognise that the relevance of

this issue far exceeds the actual market share

of De Beers due to its breadth of activities outside

of its core role of mining.

With all that said, at the end of the day, Anglo

American wants to sell, and may be driven

to conclude a deal. The degree to which the

company is concerned with the broader future

of the diamond industry is unclear.

News of this should hopefully come soon.

IN-DEPTH ANALYSIS «

December 2026 2025 | 15

Th e

GREAT

DEBATE

Round III

Unless the right buyer prevails, De Beers could be

set up for a fail. Any new owner of De Beers will

face tough decisions to return it to profitability.

Underground mines require massive capital

investment. Added to this, I must stress that a

new owner of De Beers is unlikely to suddenly

make the natural diamond business a booming

financial proposition!

6. Lack of natural diamond marketing

It has been recognised industry-wide that the

lack of marketing expenditure and activity has

led natural diamonds to fall in the hierarchy

of consumer minds, consequently weakening

diamond jewellery sales.

Some steps have been taken to address this,

with several producer countries committing

to contribute to the Natural Diamond Council’s

marketing budget.

Although significantly, Alrosa has withdrawn its

funding in view of sanctions against Russian

diamonds. De Beers has also led some new

marketing initiatives, such as Origins and

Desert Diamonds. With that said, it is not enough.

The issue for me is resources, research,

and promotion. In terms of resources,

finance is critical; however, marketing ability

is also driven by deep consumer research to

allow well-targeted messaging and promotion.

Once upon a time, De Beers undertook category

marketing to the tune of $200 million per

annum, with a large global team spearheading

these efforts. Diamonds were marketed with an

emotional relevance and resonance that worked.

The world is changing so fast that the biggest

challenge for marketers in the diamond industry

will be finding a way to succeed with limited

resources amid rapidly changing consumer

attitudes and preferences. Provenance seems

to be such a big buzzword these days; however,

the truth is consumers do not care where

diamonds come from – not yet, at least.

Natural diamonds are competing against many

other products – lab-created diamonds, other

luxury and tech products, and an increasing

desire for ‘experience’ based spending.

The industry has lost momentum, and along

with it, potentially and critically, the diamond

consumers of the future; and this needs to be

redressed urgently. With that previous example

of the De Beers marketing expenditure in mind,

imagine how a $200 million annual budget,

inflated to today’s money, could be used.

7. Market Watch: India & China

Once the world’s second biggest consumer

market for diamond jewellery, Hong Kong and

China, have fallen out of love with diamonds.

In June 2025, the international diamond industry reached an agreement to create a collective marketing fund to support natural

diamonds. Funded by a range of key figures in the diamond industry, it is known as the Luanda Accord.

Perhaps, more importantly, the belief in diamonds

as a store of value has declined in this market.

This is a critical industry weakness. Although

India, newly promoted to second place, has great

potential - as long as lab-created diamonds do

not take a grip there, the issue is that we have

lost the all-important Chinese market.

Hopes are that the market has bottomed out and

that, as the Chinese economy revives, demand

for natural diamond jewellery will follow. The

most recent Hong Kong jewellery fair was still a

disappointment in terms of sales, so clearly, the

recovery is not yet happening. Marketing is key

here, and of course, the competition from labcreated

diamonds will be ever-present. If China

could rejoin India on a similarly positive trajectory,

it would better support industry fundamentals.

8. US tariffs & the American market

Adding to the already significant challenges

the natural diamond industry faces, the

recent imposition of substantial tariffs on

key polishing centre imports into the US has

created considerable uncertainty.

The immediate industry reaction was to ship

large volumes of polished to the US before the

tariffs kicked in, which now means that the US

is sufficiently stocked for the upcoming season.

The future remains uncertain as lobbying to

reduce or remove tariffs continues.

The EU achieved a significant result in

September, as tariffs for natural diamonds

processed in Europe were cancelled; however,

this is a small manufacturing hub compared

to the industry behemoth that is India, which,

at the time of writing, has a 50 per cent tariff.

Indeed, the broader issue of tariffs for diamond

manufacturers outside the EU remains.

However, it should be noted that the US market

shows remarkable resilience in natural diamond

jewellery sales and is now estimated to account

for up to 60 per cent of the global market by

value. A strong US economy is a critical pillar

for the industry going forward.

So, what happens next?

The natural diamond industry faces significant

challenges, and the next 12-24 months will likely

prove pivotal in shaping how the industry will be

structured and operate going forward.

There are many challenges to the business.

There are also positives to be found in all the

doom and gloom. The US and Indian consumer

markets are performing well, and natural

diamonds still have a good chance to recover.

With reduced production volumes, improving

global macroeconomics, and calmer geopolitical

tensions, the industry recovery can happen.

In the short term, rough and polished prices need

to stabilise. De Beers will eventually emerge in

its new form, with new owners and a strategic

direction. I have long held the view that a strong

De Beers is vital to the global industry; I still do.

My belief is that it is not the ‘Kodak Moment’ for

the natural diamond business. The industry will

eventually emerge smaller, more resilient, more

profitable, and less volatile. With that said,

we are certainly not at that stage – not yet.

ABOUT THE AUTHOR

Robert Bouquet is a diamond industry veteran with

more than 30 years of experience in diamonds,

working across mining and exploration companies,

marketing firms, and as a consultant.


December 2025 | 17

Th e

GREAT

DEBATE

Round III

RAPAPORT GROUP

Lab-created diamonds are in fashion

JOSHUA FREEDMAN‘S KEY POINTS:

Lab-created diamonds are increasingly accepted in fashion jewellery, shifting consumer perceptions.

Retailers are differentiating between everyday lab-created pieces and natural diamonds for milestone, luxury-focused purchases.

Demand for smaller natural diamonds is weakening, while lab-created diamond prices are encouraging broader consumption.

One of the most common debates in the diamond

market is whether or not lab-created diamonds

are reaching their resting pointin the lower-cost

and lower-emotion sphere.

While previously lab-created diamonds stole

market share from natural diamond engagement

rings, the situation with one particularly

prominent US retailer, Signet Jewelers,

appears to indicate that lab-created diamonds

are very much… in fashion.

Take the company’s second fiscal quarter as

an example. The largest retailer of diamond

jewellery in the US reported better results

than it expected for the three months that

ended 2 August.

Sales increased by 3 per cent year-on-year

to $USD1.54 billion, while same-store sales

increased 2 per cent.

Operating profit came to $USD2.8 million,

compared with a loss of $USD100.9 million

a year earlier.

With that said, Signet still incurred a net loss

of $USD9.1 million; however, this was down

from the past year’s deficit of $USD98.5 million.

At the time of writing, its share price had gained

around 40 per cent in the past six months.

Recipe for success

Central to this success has been a shift toward

lab-created diamonds in fashion jewellery.

Fashion jewellery overall saw a 2 per cent

increase in same-store sales for the quarter.

Joan Hilson, the company’s chief financial and

operating officer, said these figures were driven

by performance at key gifting price points.

The average product selling price, also known as

average unit retail (AUR), increased 12 per cent

in fashion, compared with 4 per cent in bridal.

Lab-created diamond fashion pieces carry a

threefold AUR premium over other fashion

jewellery, Hilson elaborated.

Signet Jewelers is the world’s largest retailer of diamond jewellery, operating more than 2,700 stores across a range of brands.

The chart above documents fluctuations in the company’s share price [NYSE:SIG] over the past five years.

Synthetics expanded to 14 per cent of fashion

sales for the quarter — double what they

were a year earlier.

Signet CEO J.K. Symancyk explained that

fashion jewellery was important given the

category’s size and suggested that the

company was focused specifically on

expanding its assortment of lab-created

diamond jewellery.

The emphasis on ‘everyday wear’ is a central

plank of the company’s ‘Grown Brand Love’

strategy, which was introduced by Symancyk

after the departure of Virginia Drosos in

November 2024.

The strategy was described as an effort to

reorganise the company’s key brands, which

include Blue Nile, James Allen, Zales, and Kay.

The brands would be refocused into four

distinct customer categories: milestone

and romantic gifting, style and trend,

inspired luxury, and digital ‘pure play’.

As part of a broader corporate strategy,

increased emphasis on fashion jewellery,

a significant reduction in Signet’s senior

leadership, and the closure of around

150 stores would be priorities.

The company also suggested that a clearer

distinction between natural and lab-created

diamond products would be critical.

It has also been reported that Signet lacked

the inventory needed to meet strong demand

for lab-created diamond fashion jewellery

during the 2024 holiday season.

It has since tripled its ownership of pieces

below $USD1,000 in that category, especially

under $USD500 and with a particular focus on

$USD250 to $USD500, Symancyk revealed.

The invisible bridal boom

Signet has faced many challenges over the years,

from difficulties embedding its acquisitions

to a highly volatile share price.

One of its most significant problems since

COVID-19 was its reliance on an expected

post-pandemic engagement boom, which

did not fully materialise.


Th e

GREAT

DEBATE

Round III

KEY FIGURES

Signet Jewelers:

Case Study

Bridal sales slid 8 per cent to $USD2.87 billion

in the most recent full fiscal year, which ended

1 February 2025.

Going big on sub-$USD400 lab-created diamond

pendants in sterling silver makes the business

less seasonal and not as reliant on bridal and

pricing trends.

It also gets Signet’s brands onto more necks,

fingers and wrists without ‘eating the lunch’

of natural diamonds, according to Symancyk.

He described it as an expansion of overall

consumption.

Despite what Symancyk said, natural diamond

suppliers are feeling a sharp pinch from the

lack of demand for small stones that feed

into fashion jewellery.

The major US retailers, including Signet,

purchased less and later than usual for the

holiday season.

This is partly because of uncertainty over tariffs;

however, it’s also because they have less

demand for natural diamonds in that size.

If it ain’t broke...

This is not to suggest that Signet is abandoning

the engagement jewellery segment.

Bridal same-store sales were flat in the second

fiscal quarter, with ‘positive signs’ ahead of the

holiday. The company has upgraded its bridal

assortment to support AUR.

Prices of lab-created diamonds have stabilised,

while some natural goods have gone up in price,

it reported.

The company continues to collaborate with

the De Beers Group on a promotional campaign

for the mined product, targeting couples that

are about to get engaged. This includes the

‘Worth The Wait’ marketing campaign

launched in October 2024.

A company spokesperson explained that natural

diamonds are rare and unique and tend to

keep their value over time. By extension, when

it comes to celebrating milestone moments,

natural diamonds remain the preferred product

among consumers.

Hilson has publicly confirmed that penetration

of lab-created diamonds into the company’s

engagement business has increased

year-on-year.

2,700

Number of jewellery stores operated by

Signet Jewelers. The company also owns

brands such as Blue Nile, James Allen,

Zales, and Kay Jewelers.

3%

Percentage increase of sales for Signet

Jewelers in the second quarter of this

financial year, which ended 2 August.

8%

Percentage decrease of bridal jewellery

sales for Signet Jewelers across the past

financial year, which ended 1 February.

50%

Percentage increase for the share

price of Signet Jewellers [NYSE: SIG]

over the past six months.

200%

Percentage increase of product

ownership priced below $USD1,000

for Signet Jewelers in the lab-created

diamond fashion jewellery category.

12%

Percentage increase in average product

selling price, also known as average unit

retail (AUR), in fashion jewellery for

Signet Jewelers in the second quarter of

this financial year.

Blue Nile

The category accounted for 40 per cent of its

bridal business this year, while in fashion,

penetration doubled to 15 per cent, she said

in December.

With that said, based on the overall tone

of Signet’s messages, it wants to further

differentiate its engagement and fashion

segments by using different materials.

So far, this appears to be working.

What did we learn?

When discussing the figures outlined in this

report, Rapaport Group CEO Dan Mano has

identified a clear trend.

Lab-created diamonds are delivering stronger

short-term profitability, with lower cost of goods

sold acting almost like an engagement-season

gift straight to the bottom line.

“The open question — for the entire industry —

is how the continued decline in synthetic prices

may influence long-term customer spending

patterns, and whether average basket sizes

could be harder to lift in the future once

they shift downward,” Mano suggests.

This is also why Rapaport has maintained

its long-standing position of not pricing or

promoting lab-created diamonds.

They are not scarce and do not preserve value,

and while the short-term benefits are evident,

we believe it’s important to consider the

long-term implications for retailers and

consumers alike.

ABOUT THE AUTHOR

Joshua Freedman is Senior Analyst at Rapaport,

covering global diamond markets and providing

analysis across a variety of platforms.

Learn More: rapaport.com

IN-DEPTH ANALYSIS « December 2025 | 19

Long live rings for

every occasion

For life’s celebrations, everyday

gestures of love, or those moments

you’re dressing to impress, our latest

rings are made for every occasion.

Australian crafted with care, designed

to be treasured for a lifetime.

On behalf of everyone at BECKS

we wish everyone a safe and happy

festive season.

Long live love.

Styles shown L-R: 2T5338BB, J5327, 2TJ5309AC,

J5319, ZR5346SAA, J5321.

Pops of Colour: HR4772, J4690, J4719, HR4772,

HR4238, J4690, J4782

20 | December 2025

Th e

GREAT

DEBATE

Round III

PAUL ZIMNISKY DIAMOND ANALYTICS

The Mark: Natural diamonds

need to be more easily identifiable

PAUL ZIMNISKY‘S KEY POINTS:

There is a clear need to improve consumer confidence and assurances around luxury product purchases.

The diamond industry may benefit from physically marking individual diamonds as ‘natural’.

Despite recent challenges, it’s clear that natural diamonds are still widely desired by consumers compared with competitors.

It could benefit the natural diamond industry

to physically mark its diamonds as a form

of authentication. If done right, a universal

identifier could become synonymous with

the authenticity and associated luxury

of natural diamonds.

Ideally, the ‘mark’ would be simple and easily

identifiable without distracting from the

diamond’s eye clarity – perhaps only visible

with a 10x loupe.

It’s important that consumers can relatively

easily identify the authenticity of a diamond

on their own.

Despite the moderate success of proprietary

diamond brands in recent decades, the

general marketing and branding of diamonds

as a category remains imperative to the

product’s relevance.

At the end of the day, diamonds are still

competing with other colour gemstones – and

these days, especially with lab-created diamonds.

The key would be for every natural diamond

to have the same mark, including all branded

jewellery that features natural diamonds.

Any diamond bearing this mark that is not

a natural diamond would be considered a

counterfeit, much like sparkling wine, which,

in order to be marketed as champagne, must

originate from the appropriate region in France.

Another way to achieve universal marking

could be through a proprietary microscopic

chip embedded in all natural diamonds.

The key here would be a network of verification

machines that could theoretically be scaled

economically and made widely available to

consumers.

However, a mark that consumers could

visually see for themselves would arguably

resonate the best.

In a similar vein, the Natural Diamond Council

released a line of proprietary jewellery designs

in 2021, which were made publicly available

to manufacturers and retailers, provided the

jewellery was set with natural diamonds.

The idea was to associate specific and identifiable

designs with natural diamonds. Theoretically,

if you are wearing one of these designs, people

would know it is natural diamond jewellery.

The campaign didn’t really gain traction;

however, it was conceptually well-founded.

“Despite the volatility over the

past decade and a half,

diamonds remain an incredibly

relevant consumer product.”

More recently, the De Beers Group debuted its

first new ‘beacon’ in years, Desert Diamonds.

The collection includes diamonds ranging in

colour from off-white to semi-nudes, yellows,

and browns.

The idea behind the initiative is to presumably

highlight natural diamonds that can easily be

visually differentiated from lab-created diamonds,

which all seem to be headed towards colourless

VVS or better.

At the end of the day, it seems quite clear,

at least, all-else-equal (price), that most

consumers would prefer a natural diamond

to a lab-created diamond – or even another

colour gemstone alternative.

The perception of a natural diamond still

holds currency in the minds of consumers

around the world.

Current challenges highlight the need to give

consumers confidence that what they are paying

a premium for is, in fact, a natural diamond.

Easily distinguishing a natural diamond from

other lesser alternatives elevates the favourable

legacy perception of just a ‘diamond’ to ‘natural

diamond.’ Luxury consumers like logos and

authenticity; it could serve the natural diamond

industry and the category as a whole if the

standard practice of shopping for a diamond

included “looking for the mark.”

Despite the volatility over the past decade and

a half, diamonds remain an incredibly relevant

consumer product. This is true even with cultural

shifts and the emergence of new generations

that were never exposed to the industry when

it was at the ‘top of its game’.

This is a testament to the power and resonance

of marketing and product positioning efforts

when they are successfully executed over

a sufficiently long period of time.

It also helps that diamonds are one of the

most interesting and naturally beautiful

geological souvenirs.

Diamonds have the fundamental underpinnings

to keep them in vogue perennially; however,

as with any discretionary product, especially

a luxury product, strategy around marketing

and merchandising needs to not only remain

active but also evolve.

ABOUT THE AUTHOR

Paul Zimnisky, CFA, is a New York area-based

independent diamond industry analyst and

consultant. He publishes a leading monthly

industry report called ‘State of the Diamond Market’

and maintains the widely tracked Zimnisky Global

Rough Diamond Price Index.

Learn More: paulzimnisky.com

IN-DEPTH ANALYSIS « December 2025 | 21

Th e

GREAT

DEBATE

Round III

HOLLOWAY DIAMONDS

Natural diamonds: Clean your house first!

GARRY HOLLOWAY‘S KEY POINTS:

Natural diamonds will become more expensive, which means that consumer confidence is crucial.

Diamond grading reports are flawed and must be improved to ensure consumer confidence in the industry.

As an industry leader, the GIA needs to step up and improve its game, particularly in diamond grading reports.

Six years ago, when Jeweller most recently hosted

the Great Diamond Debate, I suggested that

anyone blaming lab-created diamonds for the

woes of natural diamonds was misguided.

Lab-created diamonds were always going to be

here to stay. The natural diamond industry has

consistently done a better job of harming itself

than any of its supposed competitors.

I’ve also been consistent in my belief that you

should never bash the competition, and that

telling consumers they are foolish for choosing

one product over another is a losing strategy.

It’s easy to see that 80 per cent of natural

diamonds are purchased by 20 per cent of

consumers, typically those who are wealthy.

It’s also easy to accept that 20 per cent of

consumers who purchase a lab-created

diamond today may one day become wealthy

and wish to upgrade to a natural diamond.

This is hardly a unique phenomenon among

consumers! Chances are, the vehicle you drive

today is more expensive than the first car you ever

owned. The same could be said of home ownership

– most people start small and upgrade to a larger

house as their careers and incomes improve.

Younger consumers have lost interest in natural

diamonds due to cost-of-living pressures and, to

a lesser extent, environmental beliefs. The demand

for natural diamond rings has decreased.

This has led to a steady decline in wholesale prices

of between 30 and 40 per cent over several years.

As a result, a few diamond mines have closed,

while others have laid off staff and planned to

retire mines early. Several of those miners are

facing financial difficulty, and prospecting has

ground to a halt.

When prices fall and supply declines, eventually a

tipping point is reached, and prices begin to rise.

Add to this equation that smaller and lower-quality

diamonds, which are far more abundant, typically

make up around half the value of a mine’s output.

These smaller, lower-quality diamonds have

been more likely to have been replaced by

lab-created diamonds. In the future, there will

be a real shortage of larger, high-quality

commercial diamonds because the smaller

diamonds have fallen in value the most.

Despite what some people may believe,

I love anyone who loves diamonds, even those

who choose to buy and sell lab-created diamonds.

With all that said, I think that the ‘natural diamond

camp’ must focus on repairing and improving its

own processes and issues before worrying about

the impact of lab-created diamonds.

The key objective should be to improve consumer

confidence in natural diamonds, beginning with

honest diamond grading reports, also known

as certifications.

In recent years, the International Gemological

Institute (IGI) has all but taken over the labcreated

diamond grading business. Meanwhile,

the Gemological Institute of America (GIA) has all

but divorced itself from lab-created diamonds.

Case Study: A Dull Diamond

The GIA is an invaluable organisation and resource

in the gemmology and jewellery industry.

Due to internal graining and clouds, this is a relatively dull

diamond that lacks sparkle. Critical factors that would alert

consumers and retailers to this fact are not mentioned

in the GIA grading report.

As the leading grading body for natural diamonds,

it must bear the responsibility for consumer

confidence.

As the organisation explains on its website:

“the GIA’s mission is to ensure the public trust

in gems and jewellery by upholding the highest

standards of integrity, academics, science, and

professionalism through education, research,

laboratory services, and instrument development.”

It goes without saying that any changes to the

70-year-old grading system run the risk of

unintended consequences, especially in the

litigious society we live in today. The changes

I propose in this article must be carefully

considered to avoid negative outcomes.

With that said, the current grading system is so

flawed that I wrote a book – How To Select The

Best Diamonds (2024) – highlighting these issues

to help consumers and retailers.

With that in mind, consider the following example

of a diamond and its accompanying GIA grading

report. This ‘cert’ is likely to mislead retailers

and consumers.

The first thing to note is that the diamond is ‘milky’

or ‘hazy’. Those experienced with high-definition

diamond videos, made by stitching hundreds of

still photos into a movie, will likely agree.

Furthermore, the seller noted that this stone is

“Light Milky” on the RapNet business-to-business

trading platform.

When a diamond has reduced transparency,

the GIA grading report comments section

usually states: “Clarity is based on clouds not

shown” and “Clarity is based on Internal Graining

not shown”.

Indeed, this diamond has strong internal graining;

however, there are no such comments made in

this grading report. There is no warning to a buyer

that this diamond is, for lack of a better term, dull

and lacks sparkle.

Second, the depth of this diamond is 63.4 per cent.

The GIA has stated that the maximum depth of an

excellent-cut graded diamond is 63 per cent of its

average diameter.

22 | December 2025 » THE DEBATE

Th e

GREAT

DEBATE

Round III

Graining is not mentioned on the GIA grading report below

the diamond image. The hazy milky appearance, likely a result

of both the clouds and internal graining, is probably the

reason for the diamond being downgraded to SI1.

Consumers wishing to sell such a diamond at

some future time will discover that most trade

buyers would reject their diamond.

Third, diamonds with greater depth percentages

are smaller for their carat weight. Deep diamonds

return less light near the edges or periphery,

so they look even smaller still.

As a fourth point, deeply cut slightly tinted

diamonds show more colour when viewed

face-up than ‘ideal’ proportioned diamonds

of the same color grade.

This diamond likely faces up a colour grade lower

than the grade assigned based on its upside down

or pavilion colour assessment.

An additional colour grade performed face up

on a report would benefit consumers.

Finally, I traced this actual diamond to online

vendors and affiliate businesses selling it.

While sellers naturally try to show products in

the best light, I would ask readers, based on the

stone’s grading report, if they believe that this

diamond has been fairly portrayed to consumers.

Reduced Transparency

GIA grading reports do not mention diamond

transparency as a characteristic.

Diamonds in the very slight to slightly included

(VS-SI) clarity category with reduced transparency

most commonly have scattered and widely

disseminated clouds or internal graining that

are not easily visible with ten times magnification.

As mentioned, this is usually notated in the

comments section, lower left on a report:

“Clarity is based on clouds that are not shown”

and “Clarity is based on internal graining

that is not shown”.

The use of such terminology could be classified

as ‘jargon’: special words or expressions used

by a profession that are difficult for others to

understand.

Savvy trade buyers and sellers know that the GIA

downgrades the clarity of milky hazy stones, and

this is reflected in reduced business-to-business

(B2B) prices.

However, many online and brick-and-mortar

sellers offer these diamonds as ‘lucky finds’.

They appear to have fewer inclusions than

expected for their grade, potentially leading to

misinterpretation.

This lab practice has increased the number of

dull milky diamonds being polished and sold.

A solution would be to add a transparency

grade that would prevent unscrupulous

sellers from taking advantage of consumers.

Interestingly, the manufacturer noted this diamond

as milky on the RapNet B2B diamond trading

platform. There is a drop-down menu for

self-reporting milky grades, ranging from

none to light, medium, and heavy.

Many manufacturers use this drop-down to

maintain trust when dealing with regular clients.

As always, it’s important to remember that around

90 per cent of the world’s diamonds are cut and

polished in India.

On 21 October 2024, 2.83 per cent of diamonds

listed on RapNet in India were declared by the

vendors as milky as compared with 0.64 per cent

in the rest of the world.

There are many other examples indicating that

Indian companies, for lack of a better term,

have more integrity than wholesalers in different

countries further down the diamond pipeline.

Several large online vendors, that I have audited,

also do not pass this milky information on

to consumers. This included the very large

business-to-consumer (B2C) company that sold

the diamond I have discussed as an example.

It is worth noting that, along with the deletion of

milky notation once diamonds are on-sold from

India, high-resolution 360-degree videos rotating

around a vertical axis are often no longer available.

Consumer or B2C videos are lower resolution and

shot with the stone resting on a pavilion facet,

making inclusions and features harder to see.

Excellent Cut Diamonds

As mentioned previously, at 63.4 per cent

depth, this diamond is deeper than the GIA’s

self-proclaimed maximum depth of 63 per cent

to be graded as ‘excellent’ cut quality.

The calculation for diamond depth percentage is

simple, and the actual result is always displayed

in the centre of the GIA proportion graphics:

Depth divided by average diameter, rounded to

0.1 per cent.

• 6.29 + 6.38 = 12.67 / 2 = 6.335mm

• 4.01 / 6.335 x 100 = 63.3 per cent

The 0.1 per cent difference is presumably due to

measurement rounding.

Naturally, one must ask why the GIA doesn’t

comply with its own standard. The stated reason

is strange: The GIA Facetware cut-grade software

adds crown height, girdle thickness, and pavilion

depth to arrive at a total depth percentage.

These are respectively 15 per cent, 4 per cent

and 44 per cent, adding to a total of 63 per cent;

however, these figures are rounded to 0.5 per cent.

The GIA actually reports the depth as 63.4 per cent.

I ‘blew the whistle’ on this scheme in 2019, which

led to an article in Rapaport Diamond Magazine.

“That said, the fact that there are around 37,000

diamonds on RapNet with a depth ranging from

63.1 per cent to 65 per cent and an Excellent GIA

THE DEBATE « December 2025 | 23

Th e

GREAT

DEBATE

Round III

cut grade has prompted some, like Holloway,

to voice concern,” the report noted.

The article includes an explanation from a

GIA representative of the inaccurate method of

“estimating” total depth percentage, as mentioned.

On 21 September 2025, there were 47,767 GIA

excellent cut quality round brilliant cut diamonds

from 63.1 per cent to 64.3 per cent depth listed on

RapNet. Sadly, this is 7.3 per cent of the total.

As an additional point, diamonds with greater

depth percentages measure and face up small

for their carat weight. Deeper cut diamonds

leak more light with less returned as brilliance

and sparkle.

Not only do they spread or measure smaller, but

the reduced light return is most noticeable at the

edges or periphery of the diamond, resulting in an

even smaller apparent size or spread.

On the Holloway Cut Adviser (HCA), the best cut

diamonds score below 2.0, and the worst score 10.

The diamond used as an example in this

article scores HCA 5.0 and appears small

for its carat weight.

Any consumer wanting to sell one of those

diamonds will be sadly disappointed by the

industry’s refusal to consider the stone.

Six years later, the GIA still has the hen house

door open. Clever cutters are taking advantage

of this glitch to increase profits at consumers’

expense.

Cut Quality & Face-Up Colour

The GIA developed the D-Z colour grading

system in the 1950s, grading the colour

through the pavilion.

However, the face-up colour of poor light

performance diamonds can be substantially

more apparent than the upside-down colour grade.

Much larger diamonds also often face-up lower in

colour than their lab-assigned colour grade.

Consumers want to know the colour they will see

in a diamond when it is set in jewellery, not what

it looks like through the pavilion!

It is difficult for a human to assess a diamond’s

body colour face-up, through the table, because of

the distracting sparkles. However, digital grading

instruments can be designed to perform this task.

Today, the GIA diamond grading lab, and likely

all other labs, use colourimeters to colour

grade almost all diamonds. Digital colour

grading instruments have been designed

to grade pavilion colour.

Designing an instrument for face-up colour

grading should not be a problem.

Surely it is possible for labs to offer both

the traditional upside-down and a face-up

colour grade.

Improved Fancy-Shaped Cut Quality

There would be an unexpected benefit to providing

a face-up colour grade, especially concerning

fancy-shaped diamonds. Fancy-shaped, near

colourless diamonds with better cut quality

face up whiter. This can drive a commercially

aligned improvement in cut quality.

In the absence of the GIA’s cut quality gradings

for fancy shaped diamonds, there is a ‘Wild West’

like opportunity for diamond cutters.

They are free to produce diamonds that achieve a

high carat weight yield from each rough diamond,

resulting in poor brilliance.

KEEP YOUR EYES OPEN

Internal Graining

The internal graining in this diamond was graded as

flawless by the GIA. Graining is commonly seen in

high-resolution videos of diamonds that are often

missed by the GIA.

As you can see in the slightly tilted diamond image

from a video capture below, this 1.59-carat stone,

said to be flawless and Type II, is clearly not ‘flawless’.

Indeed, people with normal vision could see this

graining with their unaided eyes.

In my opinion, internal graining is often not detected

because the GIA and its IBM AI clarity grading system

rely predominantly on dark-field or backlit illumination.

The left image, captured using GIA-developed hardware, trains IBM Research’s artificial intelligence (AI) software to recognise

inclusions and reflections of inclusions. In the right image, the AI system has identified inclusions (marked green) as distinct from

the blue-marked reflections. The AI was trained by matching the grades assigned by human graders. Most human lab grading is

performed with dark field backlighting.


Th e

GREAT

DEBATE

Round III

On the Holloway Cut Adviser (HCA) the best cut diamonds

score below 2.0 and the worst score 10. The diamond referenced

in this article scores HCA 5.0 and is shown to be small

for its carat weight.

These two DiamCalc ray trace images show an ideal Tolkowsky

proportioned model on the top, with most of the ray being

returned after two pavilion reflections. In the model at the

bottom of the stone discussed in this article, almost all light has

completed multiple internal reflections before exiting as leakage

via the pavilion. The virtual rays have been directed into the same

leakage spot.

The better a diamond’s light return, the more

sparkle, and the better the face-up colour. Adding

a face-up colour grade will incentivise cutters to

produce sparklier diamonds because they can

sell a better-looking diamond for a higher price.

In almost all fancy-shaped diamond cuts, there

are parts of the stones that have some crushed

ice zones that show more colour. Ovals, pear

shapes, and marquise shapes, for example,

concentrate colour in the regions halfway

between the centre and the tips. Even most

emerald cuts have smaller virtual facets

around the corners.

Proposed Solutions

Trust is a vital factor in selling diamonds

and diamond jewellery. The industry has a

responsibility to advise, and in some cases,

warn consumers of an individual diamond’s

qualities and deficits.

That is why consumers demand grading reports

when buying diamonds. This would add value to

more desirable diamonds. Giving the same

colour grade to a diamond that faces up with

a less desirable colour devalues superior stones.

To gain trust and consumer confidence, labs

should grade face-up colour and transparency.

As noted, the GIA is a vital organisation and an

essential resource for the diamond, gemstone,

and jewellery industry. Altering a grading system

that has been in place for 70 years carries

the possibility of unintended consequences,

particularly in today’s highly litigious environment.

With that said, the GIA is the organisation capable

of introducing changes to convey information

about individual diamond characteristics

more honestly for consumers. If the GIA were

to implement such changes, consumers and

honourable retailers would demand natural

diamonds with GIA reports. This could force other

diamond grading labs to adopt similar standards.

This is important to understand, because in

reality, should they be so inclined, there is very

little that natural diamond ‘supporters’ can do

to tackle lab-created diamonds.

Complain all you like, lab-created diamonds

are here to stay. You don’t change anyone’s mind

by bashing the competition. This is especially true

for lab-created diamond consumers, who will not

suddenly begin to desire natural diamonds more

often as a result of this approach.

Instead, it’s essential to acknowledge that many

lab-created diamond consumers may one day

wish to upgrade to natural diamonds.

When that day comes, the natural diamond

industry must be ready to ensure that these

consumers will be confident in their purchase

- and that begins with strong diamond grading

reports.

The key to securing a brighter future for the

natural diamond side of the jewellery business

is to improve practices, such as diamond grading

reports, to ensure consumers feel confident when

shopping for jewellery, and that natural diamonds

remain an appealing option for generations

to come.

ABOUT THE AUTHOR

Garry Holloway is an author, lecturer, jewellery store

owner and all-round ‘cut-nut’. He is the inventor

of the Ideal-Scope and Patented Holloway Cut

Advisor and is a qualified geologist.

Learn More: hollowaydiamonds.com.au


Th e

GREAT

DEBATE

Round III

CHATHAM CREATED GEMS

Diamonds & Ice: Nobody likes change

TOM CHATHAM‘S KEY POINTS:

The rise and fall of the natural ice trade shares many common themes with the evolution of the diamond industry.

Social attitudes, economic implications and effectiveness of communication about benefits and risks shape market acceptance.

People naturally tend to resist changes; however, efficient and cost-effective products tend to win out.

Travel back in time to the mid-1800s,

where two people have begun a voyage

of immense implications. One of them is

Cecil Rhodes, who was starting his diamond

company by taking over an out-of-control

mine in Africa.

The first mine was located on a farm owned by

two Dutch settler brothers, Diederik Arnoldus

de Beer and Johannes Nicolaas de Beer.

Prices were all over the board, and control was

impossible. Rhodes came in and bought out,

shut out, or murdered fellow miners so he

could control the flow of diamond rough

and stabilise the market.

His moves were both masterful and diabolical;

however, without it, where would the diamond

industry be today? Or perhaps I should say,

where would the diamond industry have

been, up until the year 2000?

As this unfolded, another mission was taking

place at the same time, led by a man named

Frederic Tudor. He had the wild idea of farming

natural ice and selling it worldwide.

Mechanical refrigeration was still about

100 years away, so this idea had real merit.

Many places on Earth do not experience freezing

temperatures in winter. The use of ice was a very

novel idea and became a billion-dollar industry

operating from the East Coast of the US.

As with the diamonds Cecil Rhodes wanted to

control, natural ice was free for the taking

from any body of water in cold winter zones.

Diamonds and ice may be readily available;

however, marketing and distribution were at

the core of the success of Rhodes and Tudor.

From the early 1800s to the 1860s, the natural

ice business became the largest farmed crop,

second only to cotton.

Thousands of tons of natural ice were delivered

all over the world in ships and by train, and

Frederic Tudor became a very wealthy individual.

Diamonds in the early 1800s may have been free

from the ground; however, without the art of

faceting developed in other countries, there

was little use for rough diamonds in Africa,

so Rhodes was able to control production easily.

Natural ice was also free; however, if it did not

occur naturally in the winter where you lived, it

was an unknown product, only used occasionally

by those who lived in the appropriate climate.

And even then, it was a case of chipping some

ice off a pond or lake and using it immediately,

because there was no way to preserve it yet.

When taken inside, it melted.

The advent of commercial ice gave rise to many

claims, some of which we still hear today when

discussing diamonds.

Cecil Rhodes (1853–1902) changed the world in many ways,

including launching the De Beers Mining Company in 1888.

From the Natural Ice Association of America,

consumers were told that ‘natural’ ice is better

for you than any form of ‘artificial’ ice that is

created by a machine.

It was even said that natural ice is far superior

at killing bacteria in the water, unlike the germs

in artificial ice.

The Natural Ice Association wanted every dealer

to be proud of the word ‘natural’, which can

only be produced by Mother Nature. Does this

approach to marketing sound familiar to you?

That all-important qualifier, ‘natural’, was only

to be used to create demand for the superior

natural ice product.

The Association went on to boldly state that,

“man can imitate Nature and make artificial

Frederic Tudor (1783–1864) was a US businessman, known

as the ‘Ice King’, as the founder of the Tudor Ice Company.


Th e

GREAT

DEBATE

Round III

ice, but he cannot improve upon the works

of Nature.”

Ice, like diamonds, would become a worldwide

product enjoyed by consumers who had never

seen either ice or diamonds before, thanks to

the influence and control Tudor and Rhodes

brought to the table.

Ice was harvested in the winter and stored in

special houses that delayed melting. However,

in the effort to sell ice in many remote hot areas

of the world, losses from melting could reach

90 per cent of the original volume. With that

said, in many places, including Indian, Europe,

and the Caribbean, it was a godsend!

Drinking a cold brew was especially enjoyed in

the US during the yearly hot spells that no one

could escape. The harvesting and storage of

‘natural ice’ also brought about the preservation

of fruits and vegetables, allowing merchants to

sell to consumers far more distant than anyone

had before.

The same held for preserving meat - butchered

in Chicago and shipped by railcar to the West

Coast, with the help of stored natural ice.

The invention of mechanical ice was a thorn in

the side of natural ice producers, just as the

advent of lab-created diamond production

has been for mined diamond companies.

Every marketing tool was used to upend the

emergence of artificial ice. This battle began

in earnest around 1900, when newspapers and

magazines were used to attack the new upstart.

Most of the arguments were based on the

assumed superiority of ‘natural’, as anything

made by Mother Nature must automatically

be considered to be better.

Consumers were told that machine ice was made

from exhaust steam, which was blended with

grease as it passed through the engines’ chests.

That grease was usually a paraffin-based product

and indigestible. On the other hand, natural

ice was much purer because of the natural

freezing process. Through careful manipulation,

chemist reports were made public that suggested

that the purity of natural ice was higher than

that of any ice made in a machine.

Advances in biochemistry later proved these

claims to be entirely wrong, showing that

freezing water did not kill all harmful

bacteria in pond water, no matter how

long the ice was stored.

The success and control of the natural ice

business were achieved by inventing and

Ice harvesting at Arlington, Massachusetts, in 1852, showing the railroad line in the background used to transport the ice.

building numerous ice houses, designed

and owned by Tudor worldwide.

Even if a market had access to natural ice,

as was the case in Norway, the ice houses were

not easy to duplicate. This meant that, one way

or the other, Tudor was always one step ahead

of the competition.

Rhodes didn’t invent a better mining method;

however, he did create a better method of grading

and distribution. Today, that creation is so

complicated that nobody can duplicate it.

The De Beers sorting system of classifying

rough has 17,000 different grades of rough.

And with the well-worn truism that nobody

knew diamonds better than De Beers, very

few have successfully operated without

the company’s ‘guidance’.

To say De Beers set the pricing system up is

an understatement. All major producers follow

the lead of De Beers, even if they don’t do

business together. That was the case until

the successful launch of lab-created diamonds.

House of cards

The natural ice business, once a thriving industry

in the 19th and early 20th century, faced a rapid

decline due to a combination of factors.

The development of mechanical refrigeration

and the ability to produce artificial ice were the

primary drivers behind the demise of the natural

ice business.

The reliability of natural ice was dependent on

weather patterns and environmental conditions,

leading to fluctuations in supply and price.

Natural ice was often sourced from lakes

and rivers, raising concerns about potential

contamination and impacting its perceived

quality. Modern medicine was in its infancy.

As artificial ice became more readily available

and affordable, consumers began to prioritise

convenience and reliability over the traditional

methods of ice sourcing.

The rise of commercial ice was supported by many marketing

claims that ‘natural’ products were always superior to those

created by machines. Many of these claims mirror those made

about diamonds today.


23rd

SOUTHPORT SHARKS

CNR OLSEN & MUSGRAVE AVENUE, SOUTHPORT QLD 4216

ADD E VENT

TO CALENDAR

» WED 5 AUGUST 2026

» THU 6 AUGUST 2026

9.00AM - 5.00PM

9.00AM - 4.00PM

+ 61 427 920 474 • MAIL@AUSTOPALEXPO.COM.AU

PO BOX 731, LIGHTNING RIDGE NSW 3834 AUSTRALIA

S AV E TH E DATE

AUGUST 5 & 6 2026

@ Southport Sharks

Th e

GREAT

DEBATE

Round III

Th e

GREAT

DEBATE

Round III

ice,

In

but

essence,

he cannot

the rise

improve

of artificial

upon the

ice

works

production

of

and

Nature.”

the advancements in mechanical

refrigeration technology ultimately led to the

Ice, replacement like diamonds, of natural would become ice with a more worldwide reliable,

product affordable, enjoyed and by readily consumers available who alternatives.

had never

seen either ice or diamonds before, thanks to

the

So,

influence

with all

and

that

control

said, where

Tudor

do

and

we

Rhodes

stand today

brought

in the

to

diamond

the table.

industry? Because of the

tremendous acceptance of lab-created diamonds,

Ice the was industry harvested is in in a the period winter of spiralling and stored price in

special reductions, houses aided that delayed indirectly melting. by consumer However, rejection

in the due effort to natural to sell diamond ice in many prices. remote hot areas

of the world, losses from melting could reach

90

Additionally,

per cent of the

there’s

original

a fundamental

volume. With

truth

that

to be

said,

considered:

in many places,

All diamonds

including

are

Indian,

created

Europe,

equal,

and regardless the Caribbean, of source. it was Lab-created a godsend! diamonds

are fundamentally identical to natural diamonds

Drinking every a cold measurable brew was way. especially enjoyed in

the US during the yearly hot spells that no one

could Ironically, escape. all The diamonds harvesting fall and into storage four major of subcategories:

ice’ also 1A, brought 2A, 1B and about 2B. the This preservation is based on

Rhodes entered the diamond trade in 1871 and began systematically buying out and consolidating diamond mines.

‘natural

of fruits trace and impurities vegetables, of nitrogen allowing and merchants boron. Almost to

Over the next two decades, he gained a near-complete monopoly of the diamond market.

sell all to natural consumers diamonds far more fall distant into the than 1A group, anyone while

had most before. lab-created diamonds fall into the 2A group.

Ice harvesting at Arlington, Massachusetts, in 1852, showing the railroad line in the background used to transport the ice.

This distinction is a measurement of nitrogen

Additionally, industry pundits coined a few new There are many other examples of revolutionary

The same held for preserving meat - butchered

atoms floating around the lattice structure of all terms, such as calling lab-created diamond products that did not start out well. Bicycles,

in Chicago and shipped by railcar to the West

diamonds. Many diamond experts like to use this producers ‘parasites’, suggesting they were automobiles, and aeroplanes were each

Coast, with the help of stored natural ice.

building numerous ice houses, designed

The reliability of natural ice was dependent on

as an example of their differences.

and responsible owned by Tudor for introducing worldwide. worthless imitations weather dismissed patterns as impractical and environmental or dangerous conditions, fads.

The invention of mechanical ice was a thorn in to the market, such as cubic zirconia.

leading Surely, to nothing fluctuations could in improve supply and on the price. horse!

the Indeed, side of many natural machines ice producers, have been just as invented the to Even if a market had access to natural ice,

separate diamonds based on this distinction, These growers were even demonised for

advent of lab-created diamond production as was the case in Norway, the ice houses were Natural The Horse ice was Association often sourced of America from lakes actively

has so been it can for be mined said that diamond “see, companies. diamonds can be not supposedly easy to duplicate. taking the This bread meant from that, the one mouths way and campaigned rivers, raising against concerns tractors, about touting potential the virtues

separated in a matter of seconds.”

or of the hungry other, Africans. Tudor was always one step ahead contamination

of horses as

and

being

impacting

more economically

its perceived

efficient.

Every marketing tool was used to upend the

With that said, they are not really separating the

of the competition.

quality. Modern medicine was in its infancy.

The advent of electricity sparked fears of death

emergence of artificial ice. This battle began

in earnest diamonds around based 1900, on physical when newspapers properties. and They are Rhodes didn’t invent a better mining method; As and artificial injury ice by became electrocution. more readily The telephone available was

being separated based on their classification, “Diamonds and ice may be

magazines were used to attack the new upstart. however, he did create a better method of grading and initially affordable, viewed consumers as an expensive began and to prioritise unnecessary

and to make matters even more confusing, and distribution. readily Today, available; that creation however, is so

convenience invention that and could reliability never over possibly the traditional replace the

Most the of very the best arguments and biggest were natural based on diamonds the

complicated telegraph.

are all type 2A.

marketing

that nobody

and

can duplicate

distribution

it.

methods of ice sourcing.

assumed superiority of ‘natural’, as anything

made by Mother Nature must automatically The were De Beers at sorting the core system of classifying the success Mechanised looms were attacked by textile

be And considered as was to the be case better. with the natural ice trade,

rough has 17,000 different grades of rough.

workers who believed that they would lose their

sellers of natural diamonds were quick to defame of Rhodes and Tudor.”

And with the well-worn truism that nobody

Consumers

jobs to machinery. Finally, Mikimoto cultured

and ridicule were the told sellers that of machine lab-created ice was diamonds. made

knew diamonds better than De Beers, very

from exhaust steam, which was blended with

pearls revolutionised the entire pearl industry.

Words such ‘synthetic’ were introduced, few have successfully operated without

grease as it passed through the engines’ chests.

with some even respelling the word to ‘sinthetics’ the company’s ‘guidance’.

There are always more changes on the horizon,

That whenever grease was discussing usually this a paraffin-based new threat to product natural Negative propaganda soon emerged from the for example, lab-created salmon and meat

and diamonds. indigestible. On the other hand, natural

To say De Beers set the pricing system up is

lab-created diamond industry as well: Blood products. Will you eat it?

ice was much purer because of the natural an understatement. All major producers follow

diamonds, slave traders, and allegations of

freezing This occurred process. even Through though careful it had manipulation,

previously the lead of De Beers, even if they don’t do

The lab-created diamond industry is about to

‘market manipulation and phony shortages’ are

chemist been established reports were that made the public word ‘synthetic’ that suggested business together. That was the case until

revolutionise the diamond industry by replacing

all thrown around to offset this negative press.

that was the problematic purity of natural following ice was a Federal higher Trade than the successful launch of lab-created diamonds. – yes, I mean replacing – the natural diamond,

that Commission of any ice made (FTC) in court a machine. decision in 1962.

What did we learn?

House of cards

as the choice of consumers around the world.

Advances It was a in case biochemistry involving my later father, proved these These examples demonstrate that the path

claims Carroll to be Chatham.

The natural ice business, once a thriving industry

entirely wrong, showing that

of innovation is rarely smooth. New ideas and

in the 19th and early 20th century, faced a rapid

freezing At the water time, the did use not kill of the all word harmful ‘synthetic’ products often face resistance from various

ABOUT THE AUTHOR

decline due to a combination of factors.

bacteria was demanded in pond water, by the no natural matter gemstone how trade, sources, and their acceptance or rejection

Tom Chatham is the owner of Chatham Created

long while the Chatham ice was stored. felt it was demeaning and The is development shaped by a complex of mechanical interplay refrigeration of factors, The rise Gems of commercial and has worked ice was in supported the jewellery by many industry marketing

equal to ‘fake’. After a three-year court battle, and including the ability social to produce attitudes, artificial economic ice were implications the claims that ‘natural’ products were always superior to those

for more than 50 years.

The success and control of the natural ice

created by machines. Many of these claims mirror those made

Chatham prevailed, and while ‘synthetic’ was primary and effectiveness drivers behind of communication the demise of the and natural

Learn More: chatham.com

business were achieved by inventing and

about diamonds today.

not banned, ‘created’ could be used in its place. ice education business. about their benefits and risks.


Th e

GREAT

DEBATE

Round III

NATURAL DIAMOND COUNCIL

Consumers hold an enduring love

for natural diamonds

DAVID KELLIE‘S KEY POINTS:

Natural diamonds are now appearing more frequently than ever in popular culture and the mainstream media.

Consumers in the West are not aware of price fluctuations in the diamond industry and are highly influenced by marketing.

To ensure the success of natural and laboratory-created diamonds, the industry must market them as two independent categories.

Natural diamonds are among the most ancient,

precious and real treasures any of us will

ever own. Their creation and voyage to us is

incredibly serendipitous - up to 3.5 billion years

old, these rare stones were created by nature’s

extreme heat and pressure, deeper within the

Earth than any other precious gemstone.

These geological marvels embody Earth’s

ancient history and unparalleled authenticity,

keeping these secrets within each piece of

natural diamond. Volcanic eruptions carried

these treasures closer to the surface, where

they awaited discovery.

Today, diamonds are found in the remnants of

ancient volcanoes known as kimberlite pipes.

An aspirational purchase, they have always

fascinated our world with their rarity, purity,

and symbolic power. A stone encapsulating

pure origins, it embodies both eternity and

excellence. These are values that no other

luxury item can lay claim to.

The value of a diamond comes from its

symbolism, status and rarity as a finite,

natural stone. Their rarity is unmatched.

In fact, the supply of diamonds is so limited

that all diamonds over one carat unearthed

in a year could fit inside a single exercise ball.

This scarcity contributes to their lasting worth,

with natural diamonds appreciating by an

average of about 3 per cent per annum

over the past 50 years.

The first diamonds were found in India more

than 4,000 years ago in the Golconda region,

immediately capturing the interest of the world’s

royalty, collectors and historians – including

Cardinal Mazarin, who brought the magnificent

diamonds to enrich the French Crown Jewels,

significantly enhancing their value and prestige.

This discovery set the stage for a legacy that

would span millennia.

The French Crown Jewels, witnesses to royal

splendour and the Napoleonic reappropriation,

embody the symbolic power and cultural

influence of natural diamonds. They remind

us how much this precious stone has marked

our collective memory and continues to

inspire contemporary creation.

From there, diamonds spread across cultures

and continents, symbolising eternal love,

power, and enduring value. For centuries,

natural diamonds have been woven into human

culture, from royalty to cinema, fashion to sports.

“Our collective success

depends on the admiration

and trust of consumers.”

They have a timeless brilliance and versatility

that transcends trends. Diamonds commemorate

life’s milestones, and their value remains from

one generation to the next.

Cultural relevance and increased popularity

Natural diamonds are now appearing more

frequently than ever in culture and media,

transcending genders, decomposing and

recreating new styles.

Influencers, sports figures, singers and actresses

— from Elizabeth Taylor to Taylor Swift, Selena

Gomez, and Zendaya — have long influenced

engagement ring trends. Some rings inspire

generations, others redefine jewellery itself.

The engagement announcement of Taylor Swift

and Travis Kelce earlier this year was certainly the

‘Super Bowl’ for the diamond industry, predicting

a boost in demand for similar diamonds and cuts.

The extensive global coverage of their news

was primarily focused on the choice of ring.

We were delighted to see it’s a shape that

beautifully blends vintage elegance with

modern sophistication.

The choice of an antique diamond also reflects

an interest in story and provenance, which is

characteristic of Taylor Swift’s generation.

Many old-cut diamonds have been re-fashioned,

which means their rarity increases by the year,

providing an important node to the secondary

market and the story of the value of natural

diamonds.

In a similar fashion, the wedding of Selena Gomez

and Benny Blanco featured a very well-curated

diamond jewellery collection, helping them

express themselves, their love and their unique

sense of style. Selena Gomez’s jewellery choices

represented a true reflection of her singular

sense of style, but equally, the groom stood

his ground, representing the rise of an

entire generation of men’s jewellery globally.

The likes of actor Timothée Chalamet, rapper

A$AP Rocky, actor Colman Domingo, Formula 1

race car driver Lewis Hamilton, multi-talented

Pharrell Williams, much-acclaimed footballer

Cristiano Ronaldo, extremely popular actor

Deng Wei and many more are the strongest

ambassadors for a new male-centric approach

to buying natural diamond jewellery.

The vague promises of synthetic stones

As shared in one of our latest reports,

a diamond is something to behold from all

angles, with its brilliance arising from how

it reflects light in all directions.

Sadly, claims about the diamond industry are

often polarising, shedding light on single facets;

however, they fail to reflect the full picture.

This is especially the case when laboratorycreated

diamonds are discussed or marketed.


Th e

GREAT

DEBATE

Round III

Laboratory-created diamonds, also known

as synthetic diamonds or laboratory-grown

diamonds, have been on the market since the

1970s, with gem-quality products and commercial

manufacturing having dramatically increased

in the past decade.

This has spurred myths, false claims, and

oversimplifications about what they are and

what they mean for the diamond industry.

Natural and laboratory-created diamonds are

two different product categories. Both have a

place in the market. To ensure the long-term

growth of both markets, the industry must avoid

comparing them on value, meaning, or impact.

As they are not identical products, they are driven

by different economic factors and offer very

different value propositions to consumers.

Any comparisons only perpetuate misinformation,

consumer confusion, and long-term mistrust.

The US is the leading consumer market for

diamond jewellery. It has reached a certain

maturity for laboratory-created diamonds,

based on very low prices. This, of course,

has had a significant impact on business

turnover, prompting many retailers to rethink

their marketing strategies and sales practices.

Recent data from industry analyst Edahn Golan

on the US market shows that unit sales of

laboratory-createddiamonds above $USD10,000

have decreased by almost 31 per cent year

to date. The average cost of goods sold at

the retail level in the US has decreased

by 7 per cent in October 2025 alone.

Prices of lab-created diamonds have been

continuously falling both at the retail level and

even more so at the wholesale level. Consider,

for example, a 1-carat round near colourless

(FGH) high-clarity (VS1) lab-created diamond.

Data supplied by two analysts, Edahn Golan for

wholesale prices and Paul Zimnisky for retail

prices, reveals that the wholesale price for this

product is now just 5 per cent of what it was

seven years ago. In other words, it has fallen

by 95 per cent in seven years.

Meanwhile, the retail price is 24 per cent

of what it was in 2018, representing a

76 per cent decline in seven years.

In a competitive global market fuelled by

technological advances and economies of scale,

it is safe to say that the cost of manufacturing

lab-created diamonds will continue to fall,

pushing overall prices down.

Charting the decline of natural diamond production worldwide

from 2004 through 2023.

Analysis by Zimnisky for the past five years

shows that the average retail margin on

laboratory-created diamonds has increased

over the period from 46 per cent to 84 per cent.

Put another way, this means the average

mark-up on synthetic diamonds has increased

from 85 per cent to more than 500 per cent.

This explains the expansion of the laboratorycreated

diamond market, the push of laboratorycreated

diamond jewellery and the lack of

proper marketing.

This is a very short-term approach, as, on the

flip side, consumers who would view a natural

diamond piece of jewellery as an aspirational

and emotional luxury purchase will be educated

to focus on price.

With this price only going lower and lower

for laboratory-created stones, will also impact

total income.

As jewellery is an infrequent purchase,

consumers are not fully aware of or attentive

to price fluctuations and are highly influenced

by marketing.

With that said, this is eventually going to catch

up, and the industry will need to be prepared for

the backlash by consumers realising that some

jewellers have exploited their trust in an honest

pricing policy.

What comes next?

Historically, December is a month that

distinctively favours natural diamond jewellery

purchases, signals analyst Edahn Golan.

This highlights once more the meaningful

purchase that natural diamonds represent.

I am hopeful that, with the current appeal and

popularity of this real gift from nature, it will be

the primary choice during this holiday season.

Purchasing a diamond is more than a transaction.

It is one of the very few items that creates a

lifelong endorphin rush, bringing meaning to

people every day for years. The role of the

Natural Diamond Council is to communicate

to consumers the value of natural diamonds

and the stories they spark, celebrating these

beautiful creations for generations to come.

The physical magnificence of natural diamonds

is enhanced by their responsible journey,

marked by ethical sourcing practices that

benefit communities. The modern natural

diamond industry supports the livelihoods

of 10 million people worldwide.

Up to 80 per cent of the rough diamond

value remains with local and indigenous

communities through local purchasing,

employment benefits, social programmes,

healthcare, and infrastructure investment.

In Botswana, it contributes a quarter of the

country’s Gross Domestic Product (GDP).

Through protecting threatened species like

the African elephant and rhinoceros from

extinction and conserving land, each natural

diamond contributes to a stronger future.

Consumer demand for natural diamond

jewellery is key to a prosperous diamond

industry. Our collective success depends

on the admiration and trust of consumers.

It is encouraging that young consumers are

enthralled by them; however, this must be

sustained by an ongoing and appropriate

promotion. The Natural Diamond Council is the

only not-for-profit entity that is also brand and

retailer agnostic – and it relies on the support

of many stakeholders to expand the reach and

impact of its all-important message.

ABOUT THE AUTHOR

David Kellie is the CEO of the Natural Diamond

Council. He has more than 30 years of experience

leading marketing campaigns for some of the

world’s most influential brands.

Learn More: naturaldiamonds.com


Th e

GREAT

DEBATE

Round III

GROWN DIAMOND TRADE ORGANISATION

Seismic shifts that will shape

jewellery retail for the next 40 years

MARTY HURWITZ‘S KEY POINTS:

Lab-created diamonds offer three things young consumers want: small environmental impact, price transparency, and savings.

A record wave of store closures suggests the jewellery industry is in the midst of significant change.

Lab-created diamonds take the guesswork out of the jewellery business, as inexpensive quality stones are available on demand.

The Baby Boomer generation (1946-1964)

has long been the bedrock of fine jewellery

sales. This generation is ageing out of their

peak spending years and is steadily shrinking

in numbers.

The Millennial generation, those born between

1981 and 1996, officially surpassed the

Baby Boomers as the largest US adult

cohort in 2019.

According to the Pew Research Centre,

Gen Z, those born between 1997 and 2012,

are close behind and will enter the labour

force en masse throughout the mid-2020s.

Bain & Company estimates that Millennials

and Gen Z will drive virtually all luxury market

growth and represent roughly two-thirds

of purchasing power by 2025.

These consumers prize sustainability,

transparency, and digital fluency, and these

values are already reshaping every corner

of discretionary spending.

Parallel product revolution

As demographics tilt younger, lab-created

diamonds have raced from curiosity to category.

The Knot’s 2025 ‘Real Weddings’ study shows

that 52 per cent of US engagement rings now

feature a lab-created diamond centre stone,

increasing six points in a single year and

quadruple their share in 2019.

Market analysts, such as Research and Markets,

value the global lab-created diamond segment

at about $USD28 billion in 2025, with double-digit

annual growth projected through the decade

Indeed, lab-created diamonds deliver three

things that ‘next gen’ consumers love:

a smaller environmental footprint, radical

price transparency, and savings of between

30-70 per cent per carat.

How next gen consumers want to shop

Today’s luxury consumers don’t merely want a

product; they want a story, a shareable moment,

and the power to co-create.

Surveys across consumer sectors show that

well over half of shoppers will pay a premium

for businesses and brands that mirror their

values on sustainability and social impact.

They also expect an omnichannel glide path —

moving fluidly from TikTok discovery to virtual

try-on to an in-real-life (IRL) appointment —

all while their wish list and ring size follow

them in the cloud.

“With the Baby Boomers

exiting the market and the

Millennials and Gen Z beginning

to dominate spending,

lab-created diamond

jewellery is exploding. “

Shake Out: Legacy storefronts are disappearing

Any lingering doubts about the urgency of

reinvention should evaporate with the latest

retail store closure data.

Record-setting store shutdowns: More than

5,800 US retail locations closed in the first half

of 2025, up from around 3,500 during the same

period in 2024.

Coresight Research now projects 15,000 total

closures by year’s end, which is more than

double last year’s tally and the most since the

pandemic peak, as reported by JCK Online.

Jewellery is not immune: The Jewelers Board

of Trade reports 167 US jewellery stores ceased

operations in the first quarter of 2025 alone.

This represents a 21 per cent increase on a

year-on-year comparison, with only 68 new

stores opened during the same period,

again reported by JCK Online.

In short, the traditional ‘big box jewellery

retailer with rows of glass cases’ model is

under structural siege.

Lease liabilities, heavy inventory, and

transactional selling floors are millstones in a

world where younger shoppers buy online first.

Indeed, these young consumers are visiting

stores for inspiration, expertise, and those

‘Instagram-worthy’ moments, and not to

browse endless trays of the same merchandise.

How big is bespoke?

The gulf between what consumers want and

what retailers think they want is massive.

The jewellery industry is experiencing a

renaissance, driven by the increasing demand

for custom-made and bespoke pieces.

Consumers, particularly Millennials and Gen Z,

are increasingly seeking unique, personalised

jewellery that reflects their individual styles

and values.

THE MVEye‘s research demonstrates that the

disconnection between what consumers want

and what retailers think they want is massive.

In July, we asked jewellery retailers:

Will consumers pay a premium for bespoke

and/or custom jewellery experiences?

• 34.3 per cent said they ‘did not know’

• 25.7 per cent said ‘maybe’

• 20 per cent said ‘no’


Th e

GREAT

DEBATE

Round III

At the same time, we asked consumers:

Would you pay a premium for a custom and/or

bespoke fine jewellery creation made exactly

to your specifications?

• 68.7 per cent said ‘yes’

• 19.4 per cent said ‘maybe’

Of those consumers who answered ‘yes’,

we asked this all-important follow-up question:

What percentage over the retail price would

you be willing to pay for a custom and/or

bespoke fine jewellery creation made

exactly to your specifications?

• 30.4 per cent said they would pay

30 per cent over the retail price







Why is this happening now? It’s because the

stars have finally aligned, with three factors

in particular contributing.

CHART 1: Will consumers pay a premium for

bespoke/custom jewellery experiences?

Don’t Know

Maybe

Yes

No

20%

20%

25.7%

34.3%

Results of a survey conducted by MVI Marketing LLC

highlighting general uncertainty among jewellery retailers

about the preferences of consumers, particularly as it

concerns custom-made and bespoke fine jewellery.

Rapid CAD/CAM design: Remember when getting

a custom sketch into production felt like sending

smoke signals across the Pacific?

Those days are dead! Now, you send us a sketch,

we scan it, and our overseas partners crank out a

CAD rendering overnight.

It’s literally an overnight process; we’re talking

by tomorrow morning, you’re looking at a

3D model of your ring.

Lab-created diamonds: This is a game-changer.

Back in the day, you’d spend hours picking

diamonds, weighing the pros and cons of

clarity, colour, and cost.

Now? Lab-created diamonds are a plug-and-play

solution. Everyone is given two categories

to choose from, great ($USD200 per carat)

and perfect ($USD300 per carat).

There are no surprises, no guesswork, just two

stunning diamonds that show up exactly how you

want them.

Factories that get it: It’s like the universe finally

decided to let manufacturers in on the secret.

We now have partners – not enough, but we’re

working on it – with the infrastructure to turn

out bespoke pieces in 10 business days.

These are not semi-custom pieces or ‘assemble

it yourself’ kits. This is genuine, custom-made

jewellery in your hands in under two weeks.

These businesses are saying, “bring us your

ideas and we will make them real.”

Why does acting now matter?

When Jeweller last hosted the Great Diamond

Debate in 2019, I encouraged readers to answer

a simple question: What business are you in?

I explained that jewellers must remember that

they are not in the investment business. If your

customers want investments, they should go

to a stockbroker or financial advisor.

Jewellers are, or at least should be, in the love

business. If your customers want to give a gift

that symbolises their love for someone, they come

to you. You need to focus on and remember which

business you trade in, or you’ll become obsolete.

That was my message at the time, and while

the jewellery industry may have changed a

great deal over the past six years, these facts

remain relevant.

With the Baby Boomers exiting the market

and the Millennials and Gen Z beginning to

dominate spending, lab-created diamond

jewellery is exploding.

CHART 2: Would you pay a premium price

for a custom/bespoke fine jewellery creation

made exactly to your specifications?

Yes

Maybe

Don’t Know

No

7.5%

19.4%

7.5%

68.7%

Results of a survey conducted by MVI Marketing LLCwhich

showcases the willingness to pay premium prices

for custom-made and bespoke jewellery. Research indicatates

that modern consumers, particularly those who are younger,

prioritise individualisation as part of the shopping experience.

With a record wave of store closures clearing

the retail landscape, the jewellery industry finds

itself at a once-in-a-generation inflection point.

Businesses that cling to the old ‘glass case,

mined diamonds’ orthodoxy risk becoming

the next Blockbuster.

Those that pivot to experience-driven,

low-inventory business models with

lab-created diamond jewellery can ride

the 40-year wave of demand that is coming.

These businesses won’t just own a share of

wallet, they’ll own a share of heart.

The blueprint is ready: Modern product,

modern place, with modern process. Get those

three Ps right, and the fourth, profit, will follow.

ABOUT THE AUTHOR

Marty Hurwitz is the executive director of the

Grown Diamond Trade Organization, which aims to

provide lab-created diamond grower, manufacturers,

and retailers with a single voice. Hurwitz is also the

co-founder of THE MVEye, which provides research

and communication services to a global client list

in the gemstone, jewellery, and watch industries

Learn More: gdto.org


Supporting the

Independent

Jeweller for over

40 years.

FULL PAGE AD

xxx

ATHAN

Benefit from our wealth of knowledge and expertise essential

for the modern independent jewellery retailer. We offer support

services in marketing, finance, administration, retail, training

and education. Our members also enjoy generous discounts

from our diverse network of preferred suppliers.

Join a community of like-minded peers to connect and grow

together.

To find out more, contact us today.

Email: enquiries@showcasejewellersgroup.com

Phone: (02) 8566 1800

Visit: showcasejewellers.com.au

34 | December 2025

Th e

GREAT

DEBATE

Round III

THE DE BEERS GROUP

Trust and transparency remain critical

in an evolving diamond industry

SALLY MORRISON‘S KEY POINTS:

Lab-created diamond prices have plummeted, shifting opportunities toward fashion jewellery and emerging high-tech applications.

Declining prices are challenging retailer profitability, prompting a focus on consumer education and natural diamond differentiation.

The De Beers Group is committed to strengthening consumer confidence through verification and transparency initiatives.

The lab-created diamond market has changed

rapidly over the past few years, and in many

ways has reflected the same trajectory that

we have seen in man-made colour gemstones,

for example, emeralds and rubies.

The lab-created diamond market has changed

rapidly over the past few years, and in many




This price evolution in lab-created diamonds has

been charted by industry analyst Edahn Golan,

who recently highlighted the consolidation of

prices around $USD100 a carat, or lower,

across sizes up to three carats.

The implication is clear: The market has changed

and lab-created diamonds are in a new place.

To date, lower lab-created diamond prices have

provided retail jewellers with new opportunities,

particularly in affordable, fashion-forward

jewellery, which can now offer flexibility in design

(for example with innovative approaches to cutting

that wouldn’t be economic with natural diamonds)

at very appealing prices for customers.

However, even more exciting are the opportunities

in the high-tech field, where current production

costs make lab-created diamonds for technical

applications an economic reality.

Already, we have seen a number of growers shift

focus to that new market with an eye towards

industrial applications, including quantum

computing. In the US, these changing economics

have had implications for retailers. While margins

on lab-created diamonds have remained sizeable,

they have not been able to keep pace with

the large drops in base prices. As a result, many

retailers have seen pressure on topline sales,

and shrinkage in overall profit. As the average

cost of lab-created diamonds continues to drop,

this situation is set to become more challenging.

Retailers will have to sell even more diamonds

to maintain profits, with the additional risk of

having returning customers ask why something

they purchased not long ago has dropped so

significantly in value.

Additionally, broader industry trends point to

key entities changing the way they approach

lab-created diamonds. The GIA has stopped

grading lab-created diamonds using the 4Cs

traditionally used to grade natural diamonds.

HRD Antwerp has ceased grading lab-created

diamonds altogether.

All of these changes are leading many forwardthinking

retailers to pivot their focus back to

natural diamonds; however, many are uncertain

how best to do so. From my point of view,

education and staff training will be crucial.

While consumers are increasingly aware that

natural and lab-created diamonds are different,

making sure that they understand what the

differences are and how those differences

translate in terms of value is critical. Our

research highlights that most consumers arrive

in stores planning to buy natural diamonds.

At the point of sale, however, many have been

converted to buying lab-created diamonds

because sales associates have implied that the

two products are exactly the same, with

lab-created diamonds being less expensive.

Such an approach is not economically sustainable

for jewellers. For retailers interested in investing

in natural diamond training, there is an excellent

range of resources available on the Natural

Diamond Council website and the De Beers

Group’s Education App.

Additionally, another effective way to educate

consumers is to clearly demonstrate that

lab-created diamonds and natural diamonds

are fundamentally different and that this

difference can be verified with confidence.

At De Beers, we have leveraged decades of

expertise in diamond verification and innovation

to develop DiamondProof: a state-of-the-art

diamond verification instrument explicitly

designed for use at the retail counter.

With a zero per cent false-positive rate,

DiamondProof ensures that no lab-created

diamond is mistaken for a natural one, delivering

accurate results within seconds. DiamondProof

is being used in key retail environments to

empower consumers with real-time information,

reinforcing trust in the buying experience.

Finally, we all have a role to play in telling better

stories about natural diamonds. De Beers

has recently launched ORIGIN, a new branded

polished diamond offering. It is designed to

enable retailers to tell the individual stories

of natural diamonds sourced by De Beers,

strengthening the connection between a

diamond and the individual who wears it.

Each ORIGIN diamond is ethically and responsibly

sourced, polished to perfect symmetry, and fully

traceable from the place it was discovered to

the lives it helped transform. Powered by Tracr,

De Beers’ industry-leading blockchain platform,

ORIGIN offers end-to-end transparency.

We are also investing significantly in category

marketing, including launching our first ‘beacon’

in more than a decade, Desert diamonds.

Launched in October, this campaign has

been informed by a shift in consumer desire,

where more people are seeking jewellery

that expresses individuality.

ABOUT THE AUTHOR

Sally Morrison is the Natural Diamonds Market

Lead (US) at the De Beers Group. She has

worked in the diamond industry since 2022.

Learn More: adiamondisforevermarketing.com


Contemporary Australian Designs,

Swiss Precision Movement

ClassiqueWatches.com Become a stockist today 02 9290 2199

36 | December 2025

Th e

GREAT

DEBATE

Round III

Th e

GREAT

DEBATE

Round III

THE DIAMOND DE BEERS FOUNDRY GROUP

Trust Consumers and transparency wisely opt for remain the critical

in superior an evolving product: diamond Lab-created industrydiamonds

SALLY MARTIN MORRISON‘S ROSCHEISEN‘S KEY KEY POINTS: POINTS:

Lab-created diamonds prices now have dominate plummeted, the sub-$10,000 shifting opportunities market, driven toward by affordability, fashion jewellery technology, and emerging and changing high-tech consumer applications. attitudes.

Declining Falling retail prices prices are challenging and efficient retailer production profitability, have made prompting lab-created a focus diamonds consumer a stable, education profitable and category natural diamond for jewellers. differentiation.

The Emerging De Beers innovations, Group is committed such as cryptocurrency-backed strengthening consumer diamonds, confidence highlight through intersections verification between and transparency technology and initiatives. consumer investment.

The Six lab-created years ago, diamond we anticipated market that has consumers changed

rapidly would over rapidly the past embrace few years, lab-created and in diamonds. many


It was predicted that if trends continued,


one category (lab-created diamonds) would


represent 99 per cent of the market, while

The the lab-created other (mined diamond diamonds) market would has represent changed

rapidly 1 per over cent the of the past market. few years, and in many


we

As

have

of today,

seen in

we

man-made

have reached

colour

more

gemstones,

than the

for

halfway

example,

mark

emeralds

of this

and

in the

rubies.

US market.

This

It was

price

also

evolution

said that

in lab-created

jewellers would

diamonds

start

has

been

to notice

charted

that

by

they

industry

sell jewellery

analyst Edahn

products,

Golan,

who

not

recently

raw materials.

highlighted

Diamonds,

the consolidation

like gold

of

prices

and steel,

around

are

$USD100

materials,

a carat,

not products.

or lower,

across Jewellery sizes is up something to three carats. different - just as

The flour, implication butter, and is clear: eggs are The not market patisserie. has changed

and Indeed, lab-created the jewellery diamonds business are will a new remain place. alive

To and date, well lower for lab-created the foreseeable diamond future, prices using have quality

provided components, retail jewellers including with lab-created new opportunities, diamonds.

particularly The allure in of affordable, diamonds fashion-forward

holds; however,

jewellery, US consumers which can do now not care offer to flexibility pay to support in design

(for foreign example miners with for innovative a product approaches that is literally to cutting

that atomically wouldn’t identical. be economic These with consumers natural diamonds) see

at through very appealing the marketing prices for claims customers. of supposed

However, scarcity even that more have never exciting been are true. the opportunities

in

They

the high-tech

instinctively

field,

know

where

that

current

mined

production

diamonds

costs

support

make

bad

lab-created

regimes and

diamonds

autocrats

for technical

who

applications

abuse their

an

population.

economic reality.

Already,

Diamond

we have

Foundry

seen

is

a

now

number

months

of growers

away

shift

focus

from

to

producing

that new market

more carats

with an

each

eye

month

towards

industrial

than the

applications,

De Beers Group

including

is mining.

quantum

computing. In the US, these changing economics

have Its had technology implications has scaled for retailers. by factors While of ten margins

on in lab-created multiple dimensions diamonds have - ten remained times lesssizeable,

they energy have consumed not been able per to carat, keep ten pace times with

larger rough, ten times larger reactors,

the large drops in base prices. As a result, many

the list goes on.

retailers have seen pressure on topline sales,

and Diamond shrinkage Foundry’s in overall production profit. As uses the average

cost zero-emission of lab-created energy diamonds resulting continues a to drop,

this negative situation carbon is set footprint to become overall. more challenging.

Retailers Soon, the will Federal have to Trade sell even Commission more diamonds (FTC)

to can maintain assume profits, that with lab-created the additional diamonds risk of

having are the returning default customers expectation ask for why consumers, something

they to purchased be called just not ‘diamonds’. long ago has dropped so

significantly in value.

This would mirror the practice for cultured

Additionally,

pearls, which

broader

no one

industry

labels

trends

‘cultured’

point

any

to

longer.

key entities changing the way they approach

lab-created Retailers continue diamonds. to The be intensely GIA has stopped profitable

grading with man-made lab-created diamonds, despite using the 4Cs

traditionally ever-present used negative to grade commentary natural diamonds. from the

HRD industry’s Antwerp trade has ceased press and grading analysts lab-created who, at the

diamonds end of the altogether. day, mislead the industry.

All of these changes are leading many forwardthinking

retailers to pivot their focus back to

natural diamonds; however, many are uncertain

“That original purpose got lost

in today’s retail-priced diamond

ring, barely fetching a small

fraction when truly needed.”

how best to do so. From my point of view,

education and staff training will be crucial.

While consumers are increasingly aware that

natural and lab-created diamonds are different,

making sure that they understand what the

differences are and how those differences

translate in terms of value is critical. Our

research highlights that most consumers arrive

Because retail overhead and digital marketing

in stores planning to buy natural diamonds.

expenses are real and fixed, retail pricing

At for the lab-created point of sale, diamonds however, has many reached have been a

converted sustainable to buying level. lab-created diamonds

because sales associates have implied that the

two The products diamond are jewellery exactly the market same, for with products

lab-created under $10,000 diamonds has been being lost less to expensive. mined

diamonds in favour of a better product,

Such an approach is not economically sustainable

lab-created diamonds. Is there a future for

for jewellers. For retailers interested in investing

mined diamonds in the jewellery market for

in natural diamond training, there is an excellent

products more expensive than $10,000?

range of resources available on the Natural

Diamond Sure, there Council are website still buyers and willing the De to Beers spend

Group’s more Education for a ‘special App. occasion’ piece. And since

Additionally, not everyone another wants effective or can wear way to a educate very large

consumers diamond - is especially to clearly demonstrate for fine-boned that fingers

lab-created smaller in diamonds diameter and than natural a 20-carat diamonds polished

are stone fundamentally - mined diamonds different may and that continue this to

difference appeal to can this be group. verified with confidence.

At This De Beers, is where we VRAI’s have leveraged innovation decades with Bitcoin of

expertise Diamond in diamond comes in. verification It’s a VRAI and lab-created innovation

to develop diamond DiamondProof: with a value backed a state-of-the-art

by Bitcoin.

diamond verification instrument explicitly

Cryptocurrency, of course, is the asset

designed for use at the retail counter.

that diamonds have always wanted to be –

With genuinely a zero per scarce. cent false-positive It is liquid and rate, transparently

DiamondProof priced, just not ensures tangible. that no lab-created

diamond is mistaken for a natural one, delivering

The tradition of gifting diamond ring for an

accurate

engagement

results

is

within

rooted

seconds.

in romance,

DiamondProof

love and

is being

caring;

used

however,

in key

it

retail

is also,

environments

specifically,

to

the

empower

cold utility

consumers

of a source

with

of

real-time

funds for

information,

when a

reinforcing

rainy day

trust

comes.

in the buying experience.

Finally, And those we all do have occur a role for to many play couples in telling for better all

stories kinds about of reasons. natural That diamonds. original De purpose Beers got lost

has in recently today’s retail-priced launched ORIGIN, diamond a new ring, branded barely

polished fetching diamond a small offering. fraction It when is designed truly needed. to

enable retailers to tell the individual stories

of natural Many people diamonds say that sourced lab-created by De Beers, diamonds

strengthening have no resale the value. connection Well, natural between diamonds a

diamond

priced

and

at retail

the individual

have very

who

little

wears

either.

it.

Each

If historical

ORIGIN diamond

trends continue,

is ethically

VRAI’s

and responsibly

Bitcoin

sourced,

Diamond

polished

will yield

to perfect

even more

symmetry,

than the

and

original

fully

traceable

purchase

from

price.

the

It

place

is instantly

it was discovered

liquid with

to

transparent pricing available to anyone,

the lives it helped transform. Powered by Tracr,

with no questions asked.

De Beers’ industry-leading blockchain platform,

ORIGIN It’s another offers end-to-end example of the transparency. lab-created

diamond category presented as a superior

We are also investing significantly in category

product.

marketing, including launching our first ‘beacon’

in more That raises than a an decade, interesting Desert question: diamonds. Would you

Launched rather get in October, engaged this to someone campaign who hasloves to

been splurge informed on consumption by a shift in consumer or to someone desire, who

where makes more savvy people investments? are seeking jewellery

that expresses individuality.

ABOUT THE AUTHOR

ABOUT THE AUTHOR

Martin Roscheisen is CEO of Diamond Foundry,

Sally Morrison is the Natural Diamonds Market

the leading producer of gemstone-quality labcreated

diamonds in the US. He holds a PhD from

Lead (US) at the De Beers Group. She has

worked in the diamond industry since 2022.

Stanford University. Learn More: df.com

Learn More: adiamondisforevermarketing.com


DGA are proud to partner with some

of the world’s top diamond jewellery

manufacturers to bring you high quality

finished diamond jewellery

at exceptional price points.

Since 1962, Duraflex Group Australia have been proudly distributing international

(02) 9417 0177 | dgau.com.au jewellery and watch brands. (02) 9417 0177 | www.dgau.com.au

38 | December 2025

Th e

GREAT

DEBATE

Round III

WORLD DIAMOND COUNCIL

Natural Diamonds: Nature’s Mic Drop

FERIEL ZEROUKI’S KEY POINTS:

Natural diamonds symbolise authenticity and rarity, formed over billions of years through immense geological pressure and time.

Lab-created diamonds rely on marketing tactics that distort truth, misleading consumers about ethics and environmental impact.

Africa’s diamond industry fosters development, creating jobs, infrastructure, and prosperity while empowering local communities.

Far beneath the earth’s surface,

under conditions of unimaginable heat

and pressure, carbon atoms transform into

something extraordinary, a natural diamond.

Most formed billions of years ago, long before

life existed on our planet. No factory, no machine,

and no marketing claim can replicate that

moment. It is nature’s mic drop, a reminder

that some things are created not by man,

but by time, truth, and nature’s magic.

Every natural diamond is a fragment of

the earth’s deep memory, born in silence,

carried upward through rare geological events,

and shaped by human hands into something

that holds meaning across generations.

It is where nature’s creation meets human

craftsmanship, where science and emotion

intertwine. No manufactured object can

bridge that same space between the earth

and the human heart.

Let us get one thing straight: the correct term is

‘natural diamonds’ and not ‘mined diamonds’.

The fact is, not all natural diamonds are mined.

Many are recovered without the mining process

at all. Yet ‘mined diamonds’ has become the

preferred phrase of the lab-created diamond

industry, and this is not by accident, but by design.

It is used to make ‘natural’ sound harmful and

‘synthetic’ sound pure. That is not the truth,

that is marketing dressed up as morality.

Language matters because it shapes perception.

When we allow marketing to redefine truth,

we lose sight of the facts. These diamonds

are not even grown in laboratories, they are

made in factories that recreate, with machines,

the same extreme heat, energy, and carbon

that occur naturally in the earth’s centre.

To call them ‘ethical alternatives’ is misleading.

Their existence does not threaten natural

diamonds; it threatens clarity.

As a consumer, I understand the desire for

meaning and transparency. I, too, want to

know that the products I buy reflect my values.

I also know that integrity cannot be claimed; it

must be earned - proven through action, through

the people and principles behind every product.

Anyone claiming ethics based purely on a

product is missing the point, perhaps deliberately.

A product cannot be good or bad. It is people

and practices that create good or cause harm.

That is why the conversation about responsibility

must focus on behaviour, not branding. If you

claim ethics, show your work. What are your

labour practices, energy sources, and community

contributions? What is your impact? Anything

less is a shortcut, and at worst, greenwashing.

“The future of our industry

depends on our ability to protect

what is real, not by attacking

others, but by elevating truth.”

As a woman, I have always understood the

emotional language of diamonds. They are not

symbols of status, but of strength, milestones

of love, loss, hope, and renewal. Each diamond

marks a moment of truth in a woman’s life,

a reminder of resilience and self-worth.

As an African, I have seen first-hand what

responsible diamond recovery can achieve.

However, for too long, the story of my continent

has been told by others. With all its countries,

more than two thousand languages, and a

tapestry of faiths and cultures, it pains me

when the narrative is reduced to one of

poverty, conflict, or chaos.

Africa is not a single story. It is a continent of

brilliance and complexity, of nations that have

faced hardship, yes, but also of those that have

built stability, innovation, and progress.

In Botswana, diamonds transformed one of the

poorest countries in Africa into one of its most

stable. In Angola and Sierra Leone, diamonds drive

new chapters of rebuilding and growth, supported

by frameworks such as the Kimberley Process

and the World Diamond Council’s System of

Warranties.

These are not slogans; they are schools,

hospitals, roads, and jobs. This is not theory,

it is reality. And more importantly, it is a story

that needs to be told, Africa’s success written

in its own words.

And yes, natural and lab-created diamonds

are not the same. That is not an opinion;

it is a scientific fact. The Gemological Institute

of America, the leading authority that protects

consumers through research and reporting,

not marketing campaigns, makes that distinction

clear. In their own words, we could not separate

them if they were identical, and we can.

A natural diamond is the result of deep time

and human craftsmanship. It is finite,

irreplaceable, and filled with story. It carries

the weight of history and the light of emotion,

passed down through generations, tied to

personal and national milestones, from

economies to emotional connections.

The future of our industry depends on our ability

to protect what is real, not by attacking others,

but by elevating truth. Natural diamonds are

not just stones; they are symbols of human

progress and partnerships that build education,

healthcare, and independence. They prove that

business and purpose can coexist, and that

development rooted in integrity endures far

beyond trends.

Nature has already made her point. A billion

years in the making, under unimaginable

pressure, she created perfection. That is the

story worth telling, the story of something real,

rare, and enduring. That is nature’s mic drop.

ABOUT THE AUTHOR

Feriel Zerouki is the president of the World

Diamond Council. She has spent more than two

decades working in the diamond industry.

Learn More: worlddiamondcouncil.org


ENROLMENTS NOW

OPEN

Enrol in a

GAA Gemmology

course today!

Learn about the scientific

study of gemstones

with Australia’s leading

industry educator

DIPLOMA COURSES

Diploma in

Gemmology

Confidence and knowledge sells

Now more than ever, we need to know the

facts about what we are buying and selling.

Customers are trying to educate

themselves using the internet and want

to buy gemstones from someone more

educated than themselves.

Make a difference to your career and

experience the rewards with an education

that will last a lifetime.

Have great fun with a wonderful group of

passionate people and open up another

world for yourself.

Become a Fellow of the Gemmological

Association of Australia FGAA with a

40 | December 2025

Diploma in Gemmology

gems

Introduction to

&

gemmology

Dip your toe into the water to see if

you want to dive in!

Introduction to Gems & Gemmology is

designed to teach the basic gemmology

of gemstones. This course is ideal

for gem enthusiasts as well as those

considering a career in the jewellery

and gemstone industries.

For more details and other

courses, call 1300 436 338

or visit: gem.org.au

SHORT COURSES

Passionately educating the industry, gem enthusiasts

and consumers about gemstones

Th e

GREAT

DEBATE

Round III

WORLD JEWELLERY CONFEDERATION (CIBJO)

Strictly speaking, about synthetics

GAETANO CAVALIERI’s Key Points:

CIBJO is not concerned with the products that people create, sell or buy - only that the industry operates transparently.

Natural and synthetic diamonds were paired together in the broader jewellery industry; however, in recent years, a separation has begun.

CIBJO is in the process of an exhaustive and comprehensive review of the recommended language around lab-created diamonds.

It was in October 2004, almost 21 years ago to

this day, as I figuratively put pen to paper, when

a district court in Munich issued a restraining

order against the German distributor of the

US-headquartered synthetic diamond producer

Gemesis Corporation, from using the term

‘cultured diamonds’ when marketing its

products to the public.

The plaintiff in the case was Rudi Biehler,

a long-time CIBJO officer and a veteran of the

country’s diamond industry, who appealed to

the court to prevent the company from using

what he claimed was deceptive language.

The court granted the injunction, agreeing

that the word ‘cultured’ was misleading.

In reaching its decision, the judges relied on the

terminology and definitions contained in CIBJO’s

Diamond Blue Book. In so doing, the court set

a precedent in the European Union.

As some may remember, in 2004, Gemesis

was one of the world’s largest producers of

gem-quality synthetic diamonds.

With a factory located outside Sarasota, Florida,

the company, which was established by a retired

United States Army brigadier general, then

had the world’s largest facilities for growing

man-made diamonds for jewellery.

The introduction of gem-quality synthetic

diamonds into jewellery’s product mix was a

source of considerable anxiety in the industry,

and there had even been calls in some quarters

that the trade in them be banned.

But the World Jewellery Confederation, or

CIBJO as we are often better known, did not

join in the campaign.

It’s not our role to decide what people create,

sell or buy. Our mission is to ensure that the

industry operates with complete transparency,

and that all products are accurately and

unambiguously described.

This mission is undertaken so the consumer

can make a reasoned, informed, and hopefully

rational purchasing decision.

Birth of a new jewellery category

The concept of man-made diamond was

hardly new in 2004. The mass production of

synthetic diamonds for industrial purposes

dated back to December 1954, when General

Electric produced the world’s first batch of

non-natural stones.

But it was not until the 1970s that the technology

had been refined to the point where it was

possible to create a diamond of a quality that

could be set in jewellery.

“It’s not our role to decide what

people create, sell, or buy.”

And even then, given the massive pneumatic

presses and energy requirements that were

required to produce such goods, economically

viable gem-quality synthetics remained an

elusive dream.

What changed things was the collapse of the

Soviet Union in the early 1990s, and the importing

to the West of previously unknown high-pressure,

high-temperature presses that were smaller

and less expensive to operate.

Some years later, Chemical Vapour Deposition

(CVD) processes were also developed to

mass-produce synthetic diamonds of a

quality suitable for the jewellery sector.

Changing the rules

Before 2004, there was very little debate as to

how man-made gemstones should be described.

‘Synthetic’ was a universally accepted and

non-controversial term, which did not

discount the fact that the chemical and physical

composition of the stones indeed involved the

same material as the stones created geologically,

but at the same time explained that they had

been made artificially by chemical synthesis.

Our opposition at the time to the use of the

word ‘cultured’ had more to do with a long and

unsuccessful battle we had fought over how best

to define pearls that had been created in oysters

with human intervention.

But, predominantly in the US, some well-financed

new players were becoming involved in the game.

They were setting up factories to produce highquality

synthetic diamonds, not only for jewellery,

but possibly more importantly for the electronics

sector, where artificial diamond wafers were seen

as an alternative to silicon in computer chips.

They lobbied the U.S. Federal Trade Commission

(FTC) for a less restrictive set of terminology

to describe the products they are producing.

In the late 2000s, the FTC was revising its

guidelines intended to protect consumers

from fraud and unfair business practices

and to ensure fair competition.

Appealing to the federal body, the new synthetic

diamond producers contended that, even though

the word ‘synthetic’ did not relate to the physical

composition of the product, but rather the way it

was produced, polling evidence suggested that

consumers equated the term ‘synthetic’ with the

term ‘fake’, albeit incorrectly. They recommended

that the less emotive ‘laboratory-grown’ or

‘laboratory-created’ terms be used instead.

The FTC accepted the synthetic diamond

producer’s appeal, and the revised document,

while not banning the use of the word

‘synthetic’, nonetheless recommended that

‘laboratory-grown’ or ‘laboratory-created’

be the preferred descriptive terminology.

This set off a fierce debate in CIBJO, with many

of our European members strongly opposed to

replacing an accurate term with one that they

THE SCIENCE « December 2025 | 41

Th e

GREAT

DEBATE

Round III

Prepared by the CIBJO Diamond Commission,

the 2025 Diamond Special Report proposes a reevaluation

of how synthetic diamonds are being

described in the marketplace, so that they are

clearly distinguishable from natural diamonds.

In 2019, CIBJO established a working group that later became the CIBJO Laboratory-Grown Diamond Committee. Its goal was to prescribe

clear rules and standards for differentiating natural diamonds from synthetic stones.

CIBJO’s Laboratory-Grown Diamond Guide

is intended to assist all professionals handling

laboratory-grown diamonds. It is non-judgmental,

and the definitions and clauses are designed to

enhance consumer confidence while preventing

unfair or deceptive trade practices.

The CIBJO Blue Books are definitive sets

of grading standards and nomenclature

for diamonds, used worldwide to ensure

consistent industry communication.

felt, at the very least, was deceptive.

Man-made diamonds, they noted, are not

created through a laboratory process, but

rather industrially in factories. If one were to

be accurate, they said, such diamonds should

be called ‘factory-grown’ or ‘factory-created’.

But the tides of history had clearly turned, and in

2010, at the CIBJO Congress in Munich, Germany,

we amended the CIBJO Diamond Blue Book so

that it now included the terms ‘laboratory-grown’

and ‘laboratory-created’.

However, we did not insist that these were preferable

to ‘synthetic’, and indeed stated that in a language

where ‘laboratory-grown’ and ‘laboratory-created’

could not be properly translated, ‘synthetic’ should

remain the preferred term.

And so it has been in certain countries, like France,

for example, whereby by decree only ‘synthetic’ can

be used to describe a man-made diamond.

Deliberately coupling natural and synthetic

As the new man-made product gained traction

in the marketplace, it became clear that the

companies marketing it sought to blur the

distinction between what they were selling

and their natural counterparts.

At the same time, without substantiating their claims,

these companies emphasised that their products

carried considerably less ethical baggage, as they

had never been associated with bloody conflicts in

Africa and had a smaller environmental footprint.

It was a business plan that made economic sense,

in both the short and medium terms.

Like most mass-manufactured products, as

production of synthetics ramped up to scale,

the cost per item of producing them fell

dramatically, and eventually exponentially.

But, because at that time they were being sold in

the same way as natural diamonds, as long as the

discount being provided for them on standard

price-list prices fell at a slower rate than the cost

of production, profit margins rose accordingly.

A similar understanding existed in the retail markets,

where jewellers learned that as long as consumers

were ready to accept artificially inflated prices for

‘laboratory-grown’ diamond jewellery, simply

because they were considerably less expensive

than pieces set with natural stones of similar sizes

and quality, there was good money to be made.

But the coupling of natural to man-made diamonds

was inherently problematic over the long term.

Because even though it temporarily offered

lucrative profits to synthetic producers and traders,

the inevitable price decline caused by a glut of

cheap synthetics in the marketplace would likely

drag down the value of natural goods as well.

The effects of that could be devastating, especially

in countries like Botswana and Angola, where their

natural diamond industries are anchors of their

national economies.

Decoupling naturals from synthetics

The De Beers Group entered the fray in 2018.

Already one of the world’s largest producers

of synthetic diamonds for industrial purposes,

it launched Lightbox Jewelry, a synthetic diamond

brand for jewellery.

In creating the new company, De Beers intended

to be a disruptive force in the new sector.

Its goods would be sold at fixed prices, rather than at

discounted price-list prices, initially for $USD800 per

42 | December 2025 » THE SCIENCE

Th e

GREAT

DEBATE

Round III

carat, be they colourless or pink

or blue fancy colours.

The aim was to separate synthetics from the

company’s natural diamonds, and to demonstrate

that man-made stones should be marketed like

fashion accessories, and not heirlooms.

De Beers would eventually wind down the

Lightbox operation seven years later, explaining

that wholesale lab-created diamond prices

had fallen by about 90 per cent since the

brand’s launch and suggesting they would

continue to decline.

In announcing its decision, it said it would

reallocate investment toward campaigns

that are “focused on reinvigorating desire

for natural diamonds.”

CIBJO has also been active in the decoupling

effort. In 2019, we established a working group

that later became the CIBJO Laboratory-Grown

Diamond Committee. Its goal was to prescribe

clear rules and standards for differentiating

natural diamonds from synthetic stones.

After three years of deliberations, we released

our Laboratory-Grown Diamond Guidance

document in June 2021.

It prescribed clear principles for describing

laboratory-grown diamonds, as well as due

diligence measures that companies handling

such merchandise and attending events at

which they are displayed, such as trade shows,

should follow, to ensure that laboratory-grown

goods and natural goods are not mixed.

A key section of the document related to

the services provided by gem labs to the

laboratory-grown diamond sector.

It held to the principle that the confidence of

consumers will be served by their receiving

an accurate and objective report of the

characteristics of the laboratory-grown

stone that they are buying, in the same way

that a consumer should always be informed

of the ingredients or components of any

product they buy.

We recommended that it not even be referred

to as a ‘grading’ report, because that would

assume that the quality of the stone was

randomly decided by natural processes.

We suggested that it instead be referred to

as a “Laboratory-Grown Diamond Product

Specification.”

Following the publication of our Laboratory-

Grown Diamond Guidance document,

we approached some leading gem labs

that at the time were introducing services

for the increasing marketing for synthetic

diamond jewellery.

Our appeals met with very limited success,

although what is probably the world’s most

celebrated gem lab – the Gemological Institute

of America (GIA) - did agree to change the name

of its ‘Laboratory-Grown Diamond Grading

Report’ to ‘Laboratory-Grown Report.’

Interestingly, that same lab recently announced

that it will no longer issue such reports using

the traditional 4Cs system and will instead use

simplified descriptors — broadly categorised as

either ‘premium’ or ‘standard’, or no grade at all

if the quality is subpar.

These, the GIA stated, are more appropriate for

products whose appearance is a factor of quality

control in the factory, rather than as a function

of geological circumstance.

Back to the future

In September of this year, CIBJO released its

2025 Diamond Special Report, ahead of this

year’s CIBJO Congress, which was scheduled

to take place in Paris from 27-29 October.

In it, the commission’s president, Udi Sheintal,

suggested revisiting and revising the Diamond

Blue Book, removing the terms ‘laboratorygrown’

and ‘laboratory-created’ as synonyms

for ‘synthetic’.

“A synthetic diamond should be labelled clearly

and consistently as such — just as we do with

synthetic emeralds, sapphires, and rubies,”

Udi wrote.

The special report caused quite a stir in industry

circles. Without revealing my opinion, I would

note that the subject is certainly worthy of

discussion, given our experience of the past

15 years. With that said, I would point out that

no final decision is imminent.

CIBJO does not take decisions of such magnitude

lightly. Our due process demands an in-depth

discussion about the subject and the formulation

of an amended definition that will first be

discussed by our Diamond Commission

Steering Committee.

It would, in turn, make a recommendation to

the full Diamond Commission. If that approves

the proposal, it would be considered by CIBJO’s

Sector A, which is responsible for all gem

materials, and would be the body responsible

for making the proposal to the CIBJO General

Assembly. If the General Assembly approves

the resolution, it would be put before the

CIBJO Board of Directors for final approval.

Assuming that this process of deliberation

gets underway in Paris, it is still unlikely that

any amendment to the Diamond Blue Book will

be completed before the 2026 CIBJO Congress,

in September next year.

As is clearly apparent, CIBJO takes all issues

related to terminology and nomenclature

very seriously.

CIBJO Congress 2025: The panel discuss the current challenges facing the diamond industry. From left: Avi Krawitz (moderator)

Mahiar Borhanjoo, (De Beers Group); David Kellie (Natural Diamond Council); Brijesh Dholakia (Hari Krishna Exports) Ravi Bhansali

(AWDC) Yoram Dvash (WFDB); Wafa Jaffery (Dubai Diamond Exchange); Didier Backaert (Bonas Group).

ABOUT THE AUTHOR

Dr Gaetano Cavalieri has served as president of the

World Jewellery Confederation (CIBJO) for the past

25 years. CIBJO is the industry’s oldest international

organisation, founded in 1926. It covers the entire

jewellery, gemstone and precious metals sectors

from mine to marketplace. Learn More: cibjo.org


Th e

GREAT

DEBATE

Round III

GEMMOLOGICAL ASSOCIATION OF AUSTRALIA

Natural or Synthetic Diamonds:

Education is more important than ever

IAN DUN‘S KEY POINTS:

The GAA has expanded training options in recognition of the need for informed understanding of the innate qualities of diamonds.

The rise of lab-created diamonds has prompted the GAA to continually develop and deliver educational opportunities.

Accepted and precise terminology protects and informs consumers, and facilitates transparent, rational interactions and transactions.

As the country’s premier educator in the field

of gemmology, the Gemmological Association

of Australia (GAA) and its members have

witnessed more change in the 80 years

of operation than most participants in

the local jewellery industry.

From its inception, the concept of objectively

understanding and identifying gemstone

materials using accessible instruments and

techniques is as relevant now as when the

Association was first established.

The skills of the trained gemmologist are more

essential than ever, and we continue to develop

and deliver the fundamental competencies and

knowledge that add credibility and confidence

to the decisions made by valuers, jewellers,

traders and purchasers.

The steady flow of new gemstone materials

into the jewellery trade from both natural

and man-made sources has consistently

been directed at broadening supply options

for potential purchasers of high-value,

high-status gemstones, in greater quantity

and at lower prices.

Colour gemstones have been regularly

synthesised and imitated by cheaper alternatives.

Until recently, diamonds have been immune.

Most imitants are structurally and chemically

distinct and can be easily identified, such as

cubic zirconia and moissanite.

As is well known and widely reported, this is no

longer the case. We are observing exponential

growth in the supply of synthesised diamonds,

manufactured en masse and promoted to

purchasers as ‘Lab-Grown’ Diamonds.

Fortunately, the GAA has no say in the economics

of supply and demand. Our position allows our

training and learning resources to concentrate

on the core issues: that of identity, interventions,

treatments, nomenclature and disclosure.

What has changed at the GAA?

As a registered educational charity, with

negligible external funding sources, we

consciously focus our attention on delivering

affordable training to the community that

is focused on accessibility, accuracy and

understanding.

In the period since the first and second editions

of the Great Diamond Debate, we have expanded

our training options in recognition of the need

for informed understanding of the innate

qualities of diamonds, both natural and synthetic.

“The presence and importance

of diamonds of all types are

unlikely to diminish.”

A specialised course called the Laboratory Grown

or Natural Diamond short course was developed

for the GAA by Bill Sechos in New South Wales

in 2022. This new course teaches a full range

of identification techniques using both

handheld and specialised instrumentation.

With both theoretical and practical concepts

taught in this course, small class groups use

microscopy, polarised light, ultraviolet light,

other forms of specialised illumination,

and advanced instrumentation to analyse

and identify a broad range of samples

collected by the GAA for training purposes.

Recognising the desire for prompt attainment of

basic levels of practical understanding, we have

restructured our traditional Diamond Technology

course and made tailored mini-course options

available for industry training.

The micro-credentials that this program delivers

are focused on efficiently demonstrating to staff

the basic levels of understanding in gemstone

handling, diamonds, colour gemstones,

pearls and aspects of manufacturing,

with plenty of opportunity for discussion

and more detailed insights.

The goal here is to ensure that staff from

outside the jewellery community are given

quality information as early as possible.

The GAA Diploma of Diamond Technology,

which was historically run as a singleyear

intensive part-time course, has been

modularised to enable practical sessions

to be delivered more frequently and across

more teaching centres.

Practical Diamond Grading and Advanced

Practical Diamond Grading are now delivered

in all states on a regular basis, and completion

of these satisfies the practical requirements

of the Diploma of Diamond Technology course.

The theoretical component is delivered on a

less regular basis as the intensive focus

required to participate in lectures and

complete coursework limits the number

of potential candidates at any given time.

The Board of Studies and Examinations

is overseeing a revision of the theoretical

components to include an updated curriculum

that is more accessible and able to be

delivered by a range of specialist presenters.

It is anticipated that the revised Curriculum

will be ready for delivery in the near future.

With both theoretical and practical concepts

taught in this course, small class groups use

microscopy, polarised light, ultraviolet light,

other forms of specialised illumination,

and advanced instrumentation to analyse

and identify a broad range of samples

collected by the GAA for training purposes.

This specimen collection and newly developed

testing instruments are continually reviewed and


Th e

GREAT

DEBATE

Round III

supplemented as the need arises and resources

are made available.

Donations and support from within the jewellery

trade have greatly facilitated the identification of

new specimens and their incorporation into the

teaching collections.

What’s happening behind the scenes?

In conjunction with the Jewellers Association of

Australia (JAA), the GAA maintains a consistent

presence at the World Jewellery Confederation

(CIBJO) and adheres to the accepted gemstone

nomenclature as laid out in the various

Blue Books.

Consistency of terminology and accuracy

of description underpins the training that

the GAA offers alongside identification.

The purpose of accepted, clear terminology

is to protect and inform consumers and

facilitate transparent, rational interactions

and transactions. While not a certifying

body per se, the GAA regularly reviews

certificates of many types for accuracy and

is occasionally called upon to adjudicate

or clarify misunderstandings.

Alongside the traditional descriptions well

known as the 4Cs, the GAA also teaches the

terminology and characteristic features of

growth types, crystal morphology, inclusions

and treatments, applicable to diamonds

of natural and synthetic origin.

Observations, both visual and with the assistance

of instruments, are the foundation of the

practical coursework.

Growth types, the physical structure, and

chemical composition are essential elements

of a nuanced identification process. It’s no

longer satisfactory to simply identify diamond

as a material. Its origin must be determined to

establish whether it was naturally-occurring or

synthetically produced.

The understanding of diamond categorisation

into Type Ia, Ib, IIa, and IIb according to the

presence of nitrogen in the crystal structure

and how it incorporates into the lattice formation

is used extensively in determining the origin

of a diamond, as well as the crystal growth

forms, as implied by either external or

internal growth features.

Crystal structure and morphology, the presence

of growth features such as twinning, hardness

variations, and the presence and location

of cleavage planes all inform the level of

understanding of a gemmologist.

The range of classic crystallisation forms

of diamonds varies according to the growth

environment.

The less controlled natural environment produces

predominantly octahedrally formed crystals.

High Pressure High Temperature (HPHT)

diamonds grow with the cubo-octahedral faces

dominant, while Chemical Vapour Deposition

(CVD) diamonds grow vertically from the seed

plate, and the growth patterns reflect this.

Deep-UV imaging is used to help observe

these characteristics.

Inclusions and their association with natural or

industrial processes are essential contributors

to a complete understanding of a diamond.

Whether grading for clarity by loupe or analysing

in greater detail using microscopy, inclusion

analysis is a fundamental activity.

“Continuing our legacy,

the GAA remains committed

to delivering and developing

relevant training for all aspects

of gemmological knowledge.”

When studying by loupe, it’s very important to be

aware that many inclusions can look very similar

to others. Therefore, we teach and demonstrate

that hand lens analysis is best undertaken

in conjunction with other tests. The simple

presence of magnetism or a girdle inscription

can also be useful.

Trigons and external etch marks, twinning

wisps, and varied crystalline inclusions in natural

diamonds need to be distinguished from metallic

flux and graphitised inclusions in HPHT and

CVD synthetic diamonds, respectively.

Treatments and their resultant effects are

identified by a range of techniques.

Alongside the emerging treatments such as

radiation and High Pressure Heat Treatment,

previously prevalent modifications to diamonds,

such as drilling by laser, fracture bleaching,

fracture filling, cutting and polishing

techniques, are among those identified

by instrumental techniques.

This ranges in complexity, from comprehensive

microscopic analysis to reactions to illumination,

covering the full range from the ultraviolet to

near infrared ends of the spectrum.

The need for advanced laboratory testing to

identify colour alteration of natural type IIa

brown diamonds is another situation that

students are taught to recognise.

Where is the GAA headed in the future?

Looking forward, it seems inevitable that

synthetic and naturally occurring diamonds

of all grades, in old, new and emerging cutting

styles, small and large, will become increasingly

intermingled and presented for assessment,

as loose stones or set in jewellery.

These gemstones, with their provenance and

certification lost by dissassociation, time, and

incomplete narratives, will still represent value

and importance to the owner, trader, or wearer.

The need for the GAA to continually develop

and deliver educational opportunities for the

conscientious handler of diamonds will remain.

Evolutions in testing equipment, variations and/

or improvements in quality due to manufacturing

and mining advances, and the development of

new techniques and treatments are inevitable.

The contribution of informed individuals

who can independently describe gemstone

materials accurately is essential to maintaining

trust and fairness.

The presence and importance of diamonds of

all types are unlikely to diminish. This is courtesy

of their enduring historical relevance and

negligible potential for natural attrition.

Continuing our legacy, the GAA remains

committed to delivering and developing

relevant training for all aspects of

gemmological knowledge.

The desire for knowledge and the proliferation

of opinions and information from seemingly

infinite sources ensure that the capacity to use

validated judgement, supported by primary

observations, expert use of instruments,

and the ability to consider, interpret, and

collaborate will be valued by students.

Indeed, satisfying these needs will remain

the focus of the GAA’s education for many

years to come.

ABOUT THE AUTHOR

Ian Dun is the federal president of the

Gemmological Association of Australia. He is

also the owner of Genesis Jewellery and has

worked in the industry for more than 40 years.

Learn More: gem.org.au


Th e

GREAT

DEBATE

Round III

GÜBELIN GEM LAB

Beauty & Flaw: Nothing lasts forever

DANIEL NYFELER’S KEY POINTS:

In a market where perfection can be endlessly replicated, the traditional appeal of natural diamonds has been minimised.

Attempts to challenge, regulate, and stigmatise lab-created diamonds have not stopped the shift in consumer demand.

Inclusions lend individuality and charm while contributing to a diamond’s story and must be embraced in marketing.

The development of the 4C grading system

for colourless diamonds has been instrumental

in facilitating communication about diamond

quality around the world.

Over time, however, this system did more than

define value - it accelerated commoditisation.

The entire narrative of a diamond’s worth became

reduced to measurable quality parameters.

A simple “1ct D/IF 3Ex” describes a diamond

exhaustively, sufficient to close a transaction

at any level, including with the final customer.

Quality and perfection, seasoned with the

notion of rarity, have long been the story the

diamond industry told its clients, and it worked

for decades. The historic monopoly, and later

oligopoly, of diamond producers showed little

interest in making provenance part of the

marketing message.

External disruptions, such as the film

‘Blood Diamond’ (2006), prompted industry

initiatives such as the Kimberley Process;

however, they failed to inspire a deeper

rethinking of the diamond narrative.

Diamonds continued to be presented as

the epitome of flawless perfection.

Now, with the advent of industrial-scale

production of lab-created diamonds, the

very same material is available in unlimited

quantities, in top quality, and at a fraction

of the price.

In a market where perfection can

be endlessly replicated, the old tale of

diamond perfection has lost its sparkle.

Reaction of the natural diamond industry

The immediate response of the natural

diamond industry was, and largely still is,

to stress the differences between natural and

lab-created stones, highlighting the shortcomings

of the new competition.

Emphasising the relative rarity of the natural

product is legitimate, and challenging misleading

claims about the environmental or ethical

advantages of lab-created diamonds is

both justified and necessary.

However, this can also be read as a deflection

from its own shortcomings, in particular

the persistent intransparency of the natural

diamond supply chain, and the industry’s

inability or unwillingness to disclose precise

provenance.

In other consumer sectors, such as food,

detailed information about source, provenance,

energy consumption, and CO 2

footprint is

often available, verified by third parties and

accompanied by trusted labels.

When purchasing a diamond, by contrast, one

can expect little: provenance data are either

absent, patchy, or based on self-declaration.

Faced with increasing competition,

emotions within the natural diamond industry

understandably run high. Yet attempts to

challenge, regulate, or sometimes even

stigmatise lab-created diamonds have not

stopped the shift in consumer demand.

The advantages of the lab-created product are

simply too convincing: a material identical

to the natural one, combined with perfection,

endless availability, and low price. It seems that

the old diamond narrative, built on perfection,

rarity and eternal value, has reached its end.

The gem lab’s perspective

These are inclusions buried

within emerald. Em erald is a

member of the beryl family, its

chemical composition being

beryllium aluminium silicate.

Gem labs, as service providers to the trade,

ideally maintain an agnostic stance toward

natural and lab-created diamonds. Our role is

to test material the client considers valuable

enough to warrant independent verification

of its identity, authenticity, origin (wherever

determinable), and potential treatments.

From a materials science perspective, both

natural and lab-created diamonds are —

quite simply — diamonds. One is a natural

product with limited supply; the other, an

industrial product with virtually limitless

production capacity.

Both deserve accurate identification and

transparent disclosure of their provenance,

which are core responsibilities of gem labs

and a foundation of consumer confidence.


Th e

GREAT

DEBATE

Round III

Another lively debate concerns the description

of material properties.

The 4Cs have established themselves as

the universal language of diamond quality,

understood worldwide. These parameters

describe the quality of the material, they do

not directly assess rarity, but only correlate with it.

Hence, it is entirely reasonable to apply the

same system to lab-created diamonds.

To illustrate, consider an analogy from another

field where synthetic alternatives are emerging.

Soon, grocery stores will offer synthetic meat,

such as meat grown from cell cultures in

a controlled lab environment rather than

derived from living animals.

As a consumer, I want such products clearly

labelled as synthetic, yet described using the

same metrics as traditional, animal-based meat:

weight, nutritional value, fat and protein content,

all described in terms equally applied to both.

Lessons from colour gemstones

The diamond industry might take a valuable

lesson from its smaller sibling, the colour

gemstone sector. Here, synthetic competition

has existed for over a century: synthetic rubies,

sapphires, emeralds, spinels, and others are

available in perfect qualities for a fraction

of the price.

Yet synthetics have remained a niche product.

Defined as crystalline aluminium

oxide Al 2

O 3

, called corundum, with

traces of the elements iron and

titanium, a delicate balance of the

right chemic elements is required

to supply the growing crystal with

the ingredients that finally lend it

an appealing blue colour.

Perhaps this resilience lies in the narrative

of colour gemstones.

These gemstones have always been tied to

provenance: the deep green of Colombian

emeralds, the inner glow of Burmese rubies

caused by UV fluorescence and subtle silk,

or the soft, velvety blue of Kashmir sapphires,

created by microscopic particles scattering

the light.

These visual traits are inseparable from

their sources, and those origins - Colombia,

Burma, Kashmir - have themselves become

brands commanding premium prices.

Perhaps the most interesting point of all is

that the most valuable rubies, sapphires, and

emeralds often do not meet the highest clarity

and transparency standards.

Ruby is defined as

crystalline aluminium

oxide, called corundum,

with traces of the chemical

element chromium,

which is responsible for

its red colour.

Inclusions, ‘flaws’ in diamond terminology,

can enhance the stone’s character and colour,

producing softness, glow, or intensity that

connoisseurs prize.

For many decades, the gemstone trade has

regarded inclusions as hallmarks of natural

growth, witnesses of geological history,

offering clues for determining origin and

distinguishing natural from synthetic.

To the layperson, inclusions lend individuality

and aesthetic charm while contributing to the

storytelling of a gemstone’s country of origin

and its culture and people.

A buyer of a colour gemstone acquires more

than a red, blue, or green sparkle. Through its

inclusions and what they reveal, the gemstone

possesses uniqueness, even personality —

a tangible link to the mine, the landscape,

and the history from which it emerged.

When looking at diamonds, gemstones,

or humans, everyone admires perfection.

But over time, perfection becomes dull.

After all, we fall in love with the minor

imperfections — the inclusions — that give

character and individuality, and ultimately

instil a subjective perception of beauty

in humans, diamonds, and gemstones.

ABOUT THE AUTHOR

Daniel Nyfeler is the managing director

of Gübelin Gem Lab. He has more than

20 years of experience in the industry.

Learn More: gubelingemlab.com


Th e

GREAT

DEBATE

Round III

INTERNATIONAL GEMOLOGICAL INSTITUTE

Diamonds from Earth and Lab:

Facts, Opportunities, & Transparency

TEHMASP PRINTER’S KEY POINTS:

Natural and lab-created diamonds differ in origin but share brilliance, value, and rightful place in today’s market.

Certification ensures transparency, accuracy, and consumer confidence, allowing informed choices regardless of diamond origin.

Industry progress depends on education, transparency, and responsible practices to build long-term trust and sustainability.

Diamonds have been an integral part of my

professional life, and their story continues

to evolve in fascinating ways. Diamonds are

symbols of love, achievement, and resilience.

Traditionally, we’ve known diamonds as

natural creations formed deep within the Earth.

Today, technology allows us to produce diamonds

in laboratories under controlled conditions,

resulting in an exciting new chapter.

At IGI, we provide the origin for both, whether

it be a mined or a lab-created diamond. As an

independent certification authority, our role

is to provide unbiased grading parameters to

assess the value of every diamond. Whether it

originates from the Earth or a lab, our focus is

on maintaining global standards and helping

consumers make informed decisions.

Natural diamonds are formed over billions

of years under intense heat and pressure.

Each diamond carries its unique characteristics,

visible through inclusions and internal growth

patterns. This geological origin gives natural

diamonds a sense of depth and rarity that

many people value.

Beyond their intrinsic beauty, the natural

diamond industry supports communities

and economies worldwide. Over the past few

decades, responsible mining practices have

become central to the trade. Efforts such as the

Kimberley Process and sustainability initiatives

have improved traceability and ethical sourcing.

Progress is ongoing, and while challenges

remain, transparency and accountability are now

critical parts of the natural diamond narrative.

Lab-created diamonds are produced using

advanced technologies such as High Pressure

High Temperature (HPHT) and Chemical Vapour

Deposition (CVD). These processes replicate

the conditions under which diamonds form,

producing lab-created stones that are chemically

and physically identical to natural diamonds.

Lab-created diamonds are typically more

affordable and accessible, and hence are

adding more consumers to the fray.

The category also offers various customisations,

in terms of unique shapes and cuts, and now

some lab-created fancy colour diamonds are

available. It’s also worth recognising that

diamond cultivation in labs requires energy

and resources — so just like natural diamonds,

lab-created diamonds have their own footprint.

Many growers are making conscious efforts

to be sustainable by using solar power.

No matter the origin, buyers deserve clarity

and trust. Our certificate represents a promise

of accuracy. Our labs evaluate diamonds using

advanced instruments and expert analysis,

examining key attributes — cut, colour, clarity,

carat weight — and confirming whether a stone

is natural or lab-created.

This process removes doubt and ensures

full disclosure. Our work allows both trade

and consumers to have confidence that every

diamond’s story is precisely documented.

Certification doesn’t influence value;

it ensures fairness and informed choice.

That’s the cornerstone of our approach.

When I think about natural and lab-created

diamonds, the discussion isn’t about competition;

it’s about understanding what each offers.

Both are diamonds with measurable brilliance

and purity. What differs is their journey.

Natural diamonds represent history and rarity.

They appeal to those who appreciate the idea

of something formed deep within the Earth

over an extraordinary timescale. Lab-created

diamonds, on the other hand, represent progress

- human capability and innovation meeting

demand for accessible, high-quality stones.

The difference doesn’t diminish either. In fact,

together they expand what the industry can offer.

Whether someone values the legacy of nature

or the forward-thinking innovation of technology,

both have a place in today’s market.

At IGI, we believe education drives empowerment.

Our responsibility is to share verified information,

not opinions. Consumers should know what

they’re purchasing - its origin, formation,

characteristics, and pricing differences.

When people are equipped with facts, their

choices become meaningful and transparent.

We work with retailers and end consumers to

explain key aspects such as diamond formation,

ethical sourcing, and grading standards.

Consumers today are more informed than

ever, and clarity builds confidence. Whether

it’s a natural or lab-created diamond, our goal is

for every customer to feel assured of authenticity.

The evolution of the diamond market is one of the

most interesting developments in recent decades.

Demand is diversifying, technology is advancing,

and conversations around sustainability and

transparency are reshaping the industry.

In this changing environment, IGI continues to

uphold its core principles - accuracy, consistency,

and transparency. As the Great Diamond Debate

continues, our position remains consistent:

diamonds, whether formed by nature or by

technology, deserve equal respect.

Our role is to certify, not classify preference; to

inform, not influence. Ultimately, every diamond’s

brilliance stems from transparency and trust.

That’s where our commitment lies - helping

people understand, appreciate, and choose

their diamonds confidently.

ABOUT THE AUTHOR

Tehmasp Printer is the CEO of the International

Gemological Institute. He has more than

25 years of experience in the diamond industry.

Learn More: igi.org


December 2025 | 49

Th e

GREAT

DEBATE

Round III

GEMOLOGICAL INSTITUTE OF AMERICA

Legacy of Clarity: GIA updates

diamond reports to reflect market

GIA’S KEY POINTS:

GIA’s description of laboratory-grown diamonds has evolved in tandem with the product, consumer interest, and the market.

Recent changes will benefit both retailers and consumers, providing them with the necessary information to make informed decisions.

The beginning of a clearer separation between markets for natural and laboratory-grown diamonds has been identified.

Earlier this year, the Gemological Institute

of America (GIA) announced changes to its

laboratory-grown diamond evaluation services.

The jewellery industry was informed of these

changes in early June, and the changes came

into effect in early October.

In particular, the revised Laboratory-Grown

Diamond Quality Assessment uses descriptive

terms to characterise the quality of laboratorygrown

diamonds and no longer employs the

colour and clarity nomenclature developed

by GIA for natural diamonds.

GIA’s services confirm that the submitted item

is a laboratory-grown diamond and determine

whether it falls into one of two categories,

‘premium’ or ‘standard.’

The categories are defined by a combination

of metrics related to colour, clarity and finish.

If the man-made diamond fails to achieve the

minimum standard for quality, it does not

receive a designation from GIA.

Each submitted diamond’s girdle will be laser

inscribed with the term “Laboratory-Grown”

and the GIA quality assessment number.

GIA developed the universally accepted

colour and clarity scales for natural diamonds

in the 1940s to communicate their characteristics

and reduce consumer confusion.

The iconic ‘4Cs’ as we know it today were

created by GIA founder Robert M. Shipley.

A former jewellery retailer, Shipley was intent

on professionalising the US jewellery industry.

GIA was established in 1931 and Shipley

was a tireless advocate for improved knowledge,

ethics, and standards in the industry.

Shipley created the 4Cs as a mnemonic device

to help students remember the four factors

that characterise a faceted diamond:

colour, clarity, cut, and carat weight.

The concept was simple, but revolutionary.

GIA has been grading laboratory-grown

diamonds since 2007. At the time, these reports

were known as ‘Synthetic Diamond Reports’

and used descriptive terms. This was changed

to ‘Laboratory-Grown Diamond Reports’ in 2019,

acknowledging the Federal Trade Commission’s

decision to remove ‘synthetic’ from its list

of recommended descriptors.

Further alterations followed in 2020, when the

reports were changed and the traditional 4Cs

were used to communicate the characteristics

of laboratory-grown diamonds. After five years,

these services have undergone further change,

with the reintroduction of descriptive terms,

namely, ‘premium’ and ‘standard’.

It is important to understand that how GIA

has described laboratory-grown diamonds

has evolved as the product, consumer interest,

and the market have evolved. Whether there

will be further changes in GIA’s evaluation

services will depend on those factors.

Since 95 per cent of laboratory-grown

diamonds in the market fall within a narrow

range of colour and clarity because of advances

in manufacturing, it is no longer appropriate

to use the nomenclature developed by

GIA to describe the broader spectrum of

those qualities in natural diamonds for

laboratory-grown diamonds.

The GIA 4Cs scales are based on observations

of the range of colour and clarity that naturally

occurs in natural diamonds.

The scales that describe the broad variation of

colour and clarity in natural diamonds do not

apply to the very narrow range of colour and

clarity of laboratory-grown diamonds.

Therefore, it is more appropriate to use

descriptive terms rather than grades for

such small differences in colour and clarity.

This change will help differentiate natural

diamonds and laboratory-grown diamonds,

providing a greater understanding of their

differing origins, characteristics, and qualities.

This will benefit both retailers and consumers,

providing them with the necessary information

to make informed decisions.

GIA expected a variety of reactions to these

changes. However, the overall response

has been mostly positive. Overall, our clients,

retailers, and consumers seem to understand

the changes and our reasoning.

Speaking broadly, GIA has identified the beginning

of a clearer separation between markets for

natural and laboratory-grown diamonds,

similar to what has historically occurred

with natural and man-made colour gemstones.

These changes are not a matter of distancing

oneself from any one product or segment

but rather promoting trust and transparency.

GIA is a mission-driven organisation.

We work every day to help ensure that

everyone in the gemstone and jewellery

industry, especially consumers, has a clear

understanding of what they are purchasing.

This is crucial for maintaining the trust that

our industry relies on. Using this updated

nomenclature for laboratory-grown diamonds

will help differentiate them from natural

diamonds, alleviate confusion among consumers,

and build upon the legacy of GIA more broadly:

Advocating for improved knowledge, ethics,

and standards in the jewellery industry.

ABOUT THE AUTHOR

Established in 1931, the Gemological Institute of

America (GIA) is the world’s foremost authority

on diamonds, colour gemstones, and pearls.

Learn More: gia.edu


Wishing you a safe and happy holidays!

We look forward to seeing you at Australia’s

#1 Jewellery Trade Events in 2026!

. .

19 – 20 April, 2026

Adelaide

Convention Centre

jewelleryfair.com.au/ajf

International

Jewellery Fair

22 – 24 August, 2026

ICC Sydney

Darling Harbour

jewelleryfair.com.au/ijf

Organised by

Supporters of the 2026 Jewellery Fairs

Sapphire Dreams Australia was founded from a deep respect for the natural brilliance of Australian

sapphires, stones born of ancient landscapes and alive with unique colour. From deep ocean

blues and unique teals to enchanting greens, golden yellows, and fiery oranges. As a tribute to

exceptional Australian craftsmanship, every creation is thoughtfully designed and meticulously

crafted, transforming each sapphire into a timeless work of art.

Proudly designed in Australia and set with ethically sourced Australian sapphires, each piece is set in

premium 9ct or 18ct gold and features ethically sourced, origin-certified sapphires, a commitment

to both beauty and integrity. With every creation, we celebrate the richness of our country’s

resources and the craftsmanship that brings them to life.

02 9290 2199


SapphireDreams.com.au


The Great Diamond Debate III: Passion vs Tension

Transform your PDFs into Flipbooks and boost your revenue!

Delete template?

Save as template ?