Are Synthetic Diamonds A Threat to Natural Diamonds?
Natural diamonds… to be or not to be?
Martin Rapaport is chairman of the Rapaport Group, founder of the Rapaport Diamond Report, and the RapNet online diamond trading network.
Mr. Rapaport said that synthetic diamonds are a threat to the natural diamond industry and that there is such a strong push by the synthetic diamond manufacturers that consumers should buy synthetics because synthetics are cheaper and they are presented as more ethical.
Is there some validity to this? Let’s have a look!
Synthetic Diamonds Can Be Cheap Because They Are Fake.
Let’s take up the first reason to buy synthetics, “cheaper”.
Here, on planet earth, on the internet, at every turn, we have fake items - let’s cheat the beholder.
Whether it is fake leather, for example – we can buy an imitation leather jacket, wear it, and pretend that it is genuine.
A whole industry of fake name tags…
Let’s buy a fake Rolex and have the look of a genuine Rolex.
Let’s wear a fake Louis Vuitton bag and let everyone think that I spent thousands of dollars on the bag.
Let’s wear a gold-plated chain and tell everyone that it is real gold.
There are so many examples.
Does this put a real threat to Rolex? To Louis Vuitton?
Not at all!
Does Wearing A Fake Fool Anyone?
One can cheat the beholder a bit. Your friend might think, “Oh wow! They are rich.” She might even feel jealous. But on the other hand, she might know your money situation, and she would know there was no way that you spent thousands of $$ on that bag. She knows the truth. More importantly, you know the truth. Sure, there are times you might just say straight, “I got this fake bag… don’t you think it’s awesome?”
But more than that, no matter what the friend, or the neighbor, or the work colleague thinks… it’s how you feel! One can feel great with the new fake item. But imagine how great one would feel wearing a genuine thing? No fake will ever substitute the feeling of that genuine item. You feel like a million dollars!
Of course, a synthetic diamond is cheaper. It is fake! Yes, it’s beautiful and sparkly, but it’s fake.
Can Any Fake Product Have Real Value?
And in the future – will any fake hold its value?
And the more they will manufacture, the easier the manufacturing process will become with time, the more will be released into the market, the cheaper it will be.
Fake items are very easy to find, yet it doesn’t make the genuine industry less successful. You can see Louis Vuitton which has expanded and purchased other businesses, while there are so many fake items from the Louis Vuitton range circulating. Louis Vuitton keeps growing. Perhaps the fake items even promote the real thing more! (see the article from www.theguardian.com)
Ethical Diamonds Discussed And Decided!
Let’s look at the second reason to buy synthetics, “more ethical”.
Mr. Rapaport mentioned the general idea of the synthetic diamond manufacturers is that their synthetics are ethical. They try to sell synthetics by trying to ruin the reputation of the natural diamond. They are not really marketing the synthetic, they try to damage the natural diamond.
While there are certainly unethically sourced diamonds in the world, any reputable diamond dealer does not sell those – they sell certified, ethically sourced diamonds.
That said, if we examine their statement on “ethical” closely, we see that it’s not true. The below explanation is credited to www.trucost.com
Who is Trucost?
In 2000 a company was established called Trucost.
Trucost was established to provide the data, tools, and insights needed by companies, investors, and policymakers to deliver the transition to a low carbon, resource-efficient economy.
The Diamond Producers Association (DPA) has 7 members that are the world’s largest diamond producers.
In 2017, the DPA engaged Trucost to undertake a world-first comprehensive analysis of the total value contribution of the DPA members.
They asked Trucost to consider all aspects of the benefits and impacts. The study sought to capture not only the economic benefits of diamond mining, which are well understood but also the social and environmental benefits and impacts associated with the production process of the diamonds. The conclusions will help the DPA to identify opportunities to minimize the impacts of the industry and to maximize the positive value.
Trucost’s Key Findings:
- The DPA members provide $16.022 billion in total net benefit contribution
- $4 billion is contributed to salaries and benefits
- The DPA members pay 4.8 times the living wage paid to the average worker
- The gas emission per one carat of a polished diamond is 160kg CO2e per carat, 69% less than the estimated gas emission of lab-grown diamonds.
With this alone, the ethical point has been resolved.
What Is The Symbolism Of An Engagement Ring Diamond?
As we know, the exchange of the engagement ring is a physical, spiritual, and emotional exchange. The guy buys the ring, proposes, gives it to the lady, and she accepts it and puts it on her finger – it shows a commitment from both sides to the other for love forever.
The power of the diamond ring goes beyond a simple explanation in words. It is deeper, and the concept is of a very high level of understanding.
Gentlemen, What Does A Fake Diamond Engagement Ring Mean?
For the guy, do you want to commit to her with a bigger, cheaper synthetic diamond, yet know you didn’t propose with a real diamond, which is likely her dream? Or would you rather buy the natural diamond although it is a smaller more expensive stone?
Ladies, What Does A Fake Diamond Engagement Ring Mean?
For the lady, do you want your man to commit to you the love forever with a big synthetic diamond? Or would you rather get the natural diamond although it’s a smaller stone?
One always has a choice.
You can view our range of Engagement Rings to help you decide how you would like to commit to your loved one.
Some of my other articles that might interest you are:
- How much should an Engagement Ring Cost? OR
- Why do we say Diamonds are Forever?
- Which Engagement Ring do you prefer?
- Engagement Ring Buying Guide.
You can write in the comments below, I’d love to know what you think!
If you are in Cape Town, pop into our gorgeous shop, on St Georges Mall, or peruse our extensive window displays. Call for an appointment at 021 4222 350 / 021 424 6125 or out of office hours 061 338 7544. We are always here for you.
Links to original articles:
- For the full article by Mr. Rapaport on www.diamonds.net click here
- Louis Vuitton article from www.theguardian.com)