Natural or lab-grown, diamonds are diamonds: FTC

retailj
By retailj August 3, 2018 17:25

Natural or lab-grown, diamonds are diamonds: FTC

Diamantaires in Surat and Mumbai will be facing a direct competition with the lab-grown diamonds in America. Reason: the Federal Trade Commission (FTC) in the United States has expanded its definition of ‘diamond’ to include those ‘diamond’ to include those grown in a laboratory.

As part of several changes to its jewellery guidelines for the American consumers, the FTC has removed the word natural from its earlier definition of mined diamonds.

India is the largest exporter of polished diamonds to the US. According to the figures from Rapaport group, India exported $8 billion worth of polished diamonds to the US in 2017, which is almost 40 per cent of its total export.

Talking to TOI, diamond analyst Aniruddha Lidbide said, “The word natural has been removed from the earlier definition by FTC. This means that all the diamonds, be it natural or lab-grown, will be known as diamonds.”

According to Lidbide, the FTC’s decision has come as a direct advantage for the lab- grown diamond industry. Recently, De Beers announced its lab-grown diamond jewellery brand, Lightbox, which will be launched September-2018. The popularity of lab-grown diamonds will further increase in the US as the word ‘natural’ has been removed.

Asked whether there is a threat to natural diamond exports from India, Lidbide said, “Certainly, it will affect the natural diamond industry in India. US is the world’s biggest diamond jewellery consumer market and there are many stores selling exclusively lab-grown diamond jewellery.”

The FTC’s previous definition of a diamond stated: “A diamond is a natural mineral consisting essentially of pure carbon crystallized in the isometric system.” This is no longer applicable, the commission said. The new listing does not include the word ‘natural’.

“When the commission first used this definition in 1956, there was only one type of diamond product in the market — natural stones mined from the earth,” the FTC said.

“Since then, technological advances have made it possible to create diamonds in a laboratory. These stones have essentially the same optical, physical and chemical properties as mined diamonds. Thus, they are diamonds.”

Courtesy: Times of India/ Image: area-info.net

retailj
By retailj August 3, 2018 17:25
Write a comment

No Comments

No Comments Yet!

Let me tell You a sad story ! There are no comments yet, but You can be first one to comment this article.

Write a comment
View comments

Write a comment

Your e-mail address will not be published.
Required fields are marked*

 

Subscribe to Our Mailing List

MAGAZINE

Middle East Edition

----------------------------------------------

India Edition

 

Social Follower & Like

Instagram @ Retail