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Lab-grown diamond production touches 4.2 million carats in 2 years

Production of laboratory-grown diamonds has gone up from 3.5 lakh carats to around 4.2 million carats in the last two years, with India, China and Singapore emerging as major manufacturing hubs. This was revealed in the world-wide study conducted by Bonas & Company Diamond Brokers and Consultants on behalf of Gems and Jewellery Export Promotion Council (GJEPC). The findings of the study were made public by Bonas & Company Diamond Brokers and Consultants during the inaugural function of the two-day long Diamond Detection Expo and Symposium (DDES) organized by the GJEPC in Katargam.

The GJEPC had initiated the first study on synthetic diamonds in 2013-14 and the second study in 2016-17 following an alarming increase in the figures of synthetic diamonds being mixed with natural diamond parcels. Parul Merchant of Bonas & Company Diamond Brokers and Consultants stated, “Synthetic diamonds account for 2.3 million to 4.2 million, which is three per cent of total natural diamond production volume of 127.4 million carats in the world. The US is a significant market for retailing synthetic diamonds while India, China and Singapore are production hubs. There is some commercial output from Russia (bigger pieces) too. There are some producers in Europe, but they happen to be in research and development.” Merchant added, “Federal Trade Commission (FTC) and International Organization for Standardisation (ISO) have created guidelines to regulate the business. However, trade is confused and looking for direction on synthetic diamonds and needs a lot of counselling and support.”

The study found that India is a major player in the production of laboratory-grown diamonds through chemical vapour deposition (CVD) technique. China is the hub for producing synthetic diamonds through high pressure high temperature (HPHT) presses. Singapore and India have the highest numbers of CVD reactors for producing laboratory-grown diamonds. There are around 420 reactors in India and Singapore. Most of the growers in India and Singapore have created their own recipe and machinery tweaks to produce the laboratory-grown diamonds. GJEPC chairman Praveen Shanker Pandya said, “The industry is flooded with sophisticated detection tools and techniques to safeguard ourselves against undisclosed mixing of synthetics. Mixing in any form is unacceptable. We intend to start a campaign to create awareness among people and trade in 21 cities across the country.”

Courtesy: Times of India