The Natural Diamond Council (NDC), an organization comprising six global members, released a report titled “Diamond Facts: Addressing myths and misconceptions about the diamond industry” on April 22. The report aims to dispel common misconceptions about the diamond industry, including the belief that professional verification instruments cannot detect lab-grown diamonds.
According to the report, lab-grown diamonds require an immense amount of energy to produce, replicating the natural diamond creation process. The NDC stated that these diamonds consume a large quantity of electricity, primarily from the national grid. The production of over 60% of lab-grown diamonds occurs in China and India, where 63% and 74% of electricity production, respectively, comes from coal.
In an email interview with TOI, David Kellie, the CEO of NDC, stated that the report aims to debunk myths about the modern diamond industry that remain pervasive. The analysis consolidates reliable third-party data into a single document to provide a definitive reference source for addressing these misconceptions.
Kellie shared his views on the future of natural diamonds in a world where lab-grown diamonds (LGDs) are increasingly mass-produced. He opined that both natural and lab-grown diamonds have separate products with distinct audiences, with natural diamonds seeing an upswing in sales despite the growth of LGDs in the US market, which is more mature.
Regarding investment, Kellie mentioned that the average price of a 1.5-carat laboratory-grown diamond fell by more than 74% from 2016 to 2023, while the price of natural diamonds has fluctuated, increasing by an average of 3% per annum over the past 35 years.
TOI reached out to two firms producing lab-grown diamonds, but both declined to comment, stating that they had not yet seen the report.
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