Q: What factors have led to the rise in demand for Lab-Grown Diamond (LGD) certification?
A: The rising demand for Lab-Grown Diamond certification is primarily driven by heightened consumer awareness, and overall category expansion. Diamond certification is the only way to determine the authenticity of a diamond. The lab-grown diamond industry is poised to change the purchasing landscape for consumers, who have, historically, lacked the financial means to acquire natural diamonds.
In view of their increasing popularity, the market for LGDs is projected to reach $49 billion by 2030 (as per the recent Morgan Stanley report); certification becomes an integral part of this growth. As consumers seek assurance that their diamonds are authentic, and produced through environmentally friendly processes, the need for trustworthy certification is going to remain strong, reinforcing its significance in ensuring transparency and credibility within the industry.
Q: How have major gemological institutions, such as International Gemological Institute, adapted to certifying LGDs?
A: IGI, which is the world’s second-largest independent certification and accreditation services provider, has proactively developed specialized technology to authenticate and identify the origin of diamonds. IGI, a first mover in LGD certification since early 2000s, holds approximately 65% market share in this segment, and has broadened its grading criteria to ensure accurate assessments of attributes such as clarity, cut, colour, and carat weight.
Q: What technologies and methods are used to distinguish LGDs from natural ones during certification?
A: IGI laboratories are well-equipped with advanced instruments that apply technologies, such as Raman spectroscopy, Fournier Transform Infrared Spectroscopy, and photoluminescence imaging, to distinguish LGDs from natural diamonds. We are even able to meticulously screen parcels of extremely small diamonds (known as stars and melee diamonds) using sophisticated bulk screening equipment for the presence of LGDs. Our stringent testing protocols ensure reliable results, reinforcing consumer confidence in the authenticity and quality of their diamonds.
Q: How has LGD certification impacted consumer trust, and the broader jewellery market?
A: The certification of LGDs has significantly bolstered consumer trust within the jewellery market by providing authenticity and transparency regarding the origin and quality of diamonds. This has fostered greater acceptance of LGDs, enriching the diversity of the jewellery market, and making fine jewellery accessible to a broader audience. As LGDs gain traction, IGI has been ahead of the curve, and invested in R&D, to make sure our grading techniques are evolving too to ensure the accurate grading and identification of fancy shapes and fancy coloured LGDs.
Q: What are the future trends and innovations shaping the LGD certification industry?
A: Looking ahead, several trends are poised to shape the LGD certification industry. Investments in technology related to LGDs are expected to rise significantly; advancements in tech will ensure fancier cuts and shapes, increasing the desirability and aspiration for the category. Continued technological advancements, including artificial intelligence, blockchain, and enhanced imaging techniques, are anticipated to improve the traceability and authenticity of diamonds.
Additionally, there will likely be a heightened focus on sustainability metrics in response to consumer demand for transparency regarding environmental impacts. Educational initiatives aimed at consumers and retailers will be crucial for demystifying LGDs, and increasing awareness, especially as many consumers desire more information on these stones to ensure right valuation of their possession.