Diamond Myths

Yes! Despite having the same physical properties, laboratory grown diamonds are mass-produced in a much shorter time frame, typically only a few weeks. This rapid production process results in unique growth-related patterns that differ from those of natural diamonds, which take millions of years to form under extreme pressure and heat. These patterns are easily detectable using professional verification instruments that can distinguish a man-made diamond from a naturally occurring one.

The ethical sourcing of natural diamonds is a critical concern, and the industry has taken significant steps to address this. The Kimberley Process, mandated by the United Nations and the World Trade Organization, regulates the global trade of rough diamonds to ensure they are conflict-free. Additionally, organizations such as the Responsible Jewellery Council have implemented third-party audits and certifications to ensure that natural diamonds are sourced responsibly, focusing on fair labor practices, environmental sustainability, and community development.

While laboratory grown diamonds are often marketed as eco-friendly, the reality is more complex. The energy-intensive process required to create these diamonds involves generating temperatures close to 20% of the temperature on the Sun’s surface, which demands significant energy consumption. Furthermore, much of the production takes place in countries like China and India, where coal is a dominant source of electricity. This means that, contrary to some claims, the environmental footprint of laboratory grown diamonds is far from negligible, as they are often powered by fossil fuels.

From 2015 to 2024, the price of laboratory grown diamonds has seen a dramatic decline. For example, a 1.5-carat polished synthetic diamond that cost $10,750 in 2015 is now retailing for just $1,770 in Q3 2024, representing a decrease of over 83%. While the natural diamond market has also experienced price fluctuations, the overall trend over the past 50 years has been upward, with diamond prices rising by an average of 3% per year. This steady increase in natural diamond prices reflects their enduring value, rarity, and demand.

Yes! Natural diamonds are incredibly rare, a fact that significantly contributes to their value. Global diamond recovery peaked in 2005, and since then, production has steadily decreased. In 2023, diamond production was 37% lower than in 2005, and the amount of diamonds recovered each year is so small that the entire annual recovery of all diamonds weighing 1 carat or more could fit into just one exercise ball. The formation of diamonds, which takes millions to billions of years, occurs in specific zones of the Earth, making them a finite and precious resource.

The natural diamond industry is deeply committed to minimizing its environmental impact and contributing to the global effort to combat climate change. Major companies, such as the De Beers Group, have set ambitious goals to become carbon neutral by 2030, while Rio Tinto aims for net-zero emissions by 2050. Moreover, the diamond industry actively works to protect biodiversity. For instance, the areas surrounding diamond mining operations are often preserved and maintained, with many companies investing in sustainable practices that protect large areas of land—far larger than the areas used for mining itself.

Yes! The natural diamond industry provides significant socio-economic benefits to the countries in which diamonds are mined. It supports the livelihoods of approximately 10 million people worldwide, with local communities directly benefiting from diamond mining through employment opportunities, social programs, infrastructure investment, and taxes, royalties, and dividends paid to governments. In fact, up to 80% of the value of rough diamonds stays within local communities, which helps stimulate economic growth and social development.

When purchasing a diamond, it’s important to ensure that it is clearly disclosed whether the diamond is natural or laboratory grown. Any organization selling laboratory grown diamonds is legally required to inform customers that the diamonds are man-made and must use proper terminology when describing the stones. Consumers can also ask jewelers to verify the origin of the diamond to ensure they are purchasing what they intend.

No. Contrary to some rumors, the diamond industry is not stockpiling diamonds in an effort to artificially inflate prices. In fact, inventories of rough diamonds declined by 40% in 2021, according to Bain & Company’s data, based on reports from mining companies and the Kimberley Certification process, which governs rough diamond trade. This shows that the diamond supply is naturally limited and not being manipulated to control pricing.

The natural diamond industry places a strong emphasis on adhering to the highest global standards for working conditions. Members of the Natural Diamond Council (NDC) ensure that labor practices at mining operations are ethical, with a commitment to providing fair wages, safe working environments, and community development. Additionally, the majority of the diamond mining workforce is hired locally, with 99.7% of NDC employees being from the surrounding communities, and nearly one-third of the workforce in the industry are women.

The natural diamond industry is advancing quickly in its efforts to improve transparency through traceability initiatives. By leveraging cutting-edge technology like blockchain, the industry is ensuring that diamonds can be tracked from their source all the way to the final consumer.