22 Sep 2021
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Are Indian Retailers Ready to Stock Lab-Grown Diamond Jewellery?-Lab-grown diamond jewellery
BDB, Mumbai has plans to reverse its earlier ruling on trading of lab grown diamonds and is considering allowing trading of lab grown diamonds alongside naturally sourced diamonds. This move begets a primary question; is the Indian consumer ready to pay for lab grown diamond jewellery? Retailers and producers of lab grown diamonds share their thoughts with R Sugandha
By: Diamond World News Service
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Apr 12 2021 11:40AM
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Reference: 25505  

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The intention is to keep the two pipelines in BDB —natural and lab-grown—separate. Allowing lab-grown diamond trading will help sustain the Indian diamond manufacturing industry. The industry has always believed in being inclusive, and there is a place for every product to exist as long as the disclosures are made. I see no reason why natural diamonds and lab-grown diamonds cannot co-exist. Colin Shah, Chairman, GJEPCIs the end consumer ready for labgrown diamond jewellery? This question is gaining momentum with every passing day. Lab grown diamonds have been around for some time now, but only recently have they become widely known. Now, jewellers are able to offer the highest quality lab grown diamond jewellery at lower prices than competitors from other countries.

So, let’s get down to the brass tacks: What exactly are diamonds? Lab grown diamonds are identical to their natural counterparts in every way, except they are grown in a lab from a diamond seed instead of pulled from the earth. “Diamonds are made up almost entirely of pure carbon. That’s why both lab diamonds and mined diamonds have the exact same physical properties. They replicate the exact natural process that forms earth grown diamonds, but cost up to 40% less,” explains Parag Agarwal of Fiona Diamonds, Mumbai.

What impact will BDB’s decision have?
The Bharat Diamond Bourse is mulling over the possibility of offering trading options to lab grown diamonds along with natural ones. Possible guidelines include a separate application or registration for those who want to trade lab-grown diamonds and separate stock and inventory management systems.

Companies trading both natural and lab-grown diamonds may be asked to form two separate entities and set aside an office space solely for lab-grown diamonds.“The BDB members will have to adhere to a set of guidelines formed by the bourse’s management before they are allowed to trade in synthetic diamonds,” said Vice President Mehul Shah in a press release about the decision. “The intention is to keep the two pipelines—natural and labgrown— separate. Allowing lab-grown diamond trading will help sustain the Indian diamond manufacturing industry. The industry has always believed in being inclusive, and there is a place for every product to exist as long as the disclosures are made. I see no reason why natural diamonds and lab-grown diamonds cannot co-exist as both products are important for keeping the kitchen fires burning,” GJEPC Chairman Colin Shah said.

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