These Diamonds Were Grown In A Lab
Bloomberg Businessweek Middle East|1 September, 2018

Mined stones face some rock-hard competition

Hyla Bauer
These Diamonds Were Grown In A Lab

If they’re good enough for Leonardo DiCaprio and Penélope Cruz, shouldn’t they be good enough for you?

Lab-grown diamonds, made for decades as an inexpensive alternative to mined stones for industrial purposes, are cracking the consumer market. In recent years, the technology to produce gem-quality stones has improved dramatically; the new manufactured diamonds are optically, physically, and chemically the same as mined stones.

“They’re so identical that we never have them out on the same desk at the same time,” says Harold Dupuy, vice president of strategic analysis at Stuller Inc., a Louisiana-based jewellery maker and gem wholesaler that produces laboratory stones.

The allure of these cheaper stones is so strong that in September, industry heavyweight De Beers Group—whose advertising motto “A Diamond Is Forever” was named the slogan of the century by Ad Age—will begin selling its own line of lab-grown- diamond jewellery under the brand Lightbox.

“We’re not trying to pass these off as natural diamonds,” says Sally Morrison, Lightbox’s chief marketing officer. And they shouldn’t: The U.S. Federal Trade Commission in July revised its guidelines for the identification of the stones. Diamonds are now defined as “a mineral consisting essentially of carbon crystallised in the isometric system.” Previously the definition included the word “natural,” which has now been omitted, opening the door for lab-grown stones to legally identify as diamonds. But a manufactured diamond must be “qualified by a clear and conspicuous disclosure” with words such as laboratory-grown, “conveying that the product is not a mined one.”

This story is from the 1 September, 2018 edition of Bloomberg Businessweek Middle East.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

This story is from the 1 September, 2018 edition of Bloomberg Businessweek Middle East.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

MORE STORIES FROM BLOOMBERG BUSINESSWEEK MIDDLE EASTView All
Golfing With The Enemy
Bloomberg Businessweek Middle East

Golfing With The Enemy

Did Donald Trump's executives violate the Cuban embargo?

time-read
10+ mins  |
August 16, 2016
Super-Rich Syrians Wait for War's End
Bloomberg Businessweek Middle East

Super-Rich Syrians Wait for War's End

Actor, author, playwright. Gill Pringle tries her hand at unravelling the mystery behind this enigmatic multi-hyphenate

time-read
10+ mins  |
July 01, 2016
Pam Codispoti
Bloomberg Businessweek Middle East

Pam Codispoti

The mastermind behind the industry-shaping Chase Sapphire Reserve Card sets her sights on banking

time-read
2 mins  |
January 16, 2018
This Time It's The Economy
Bloomberg Businessweek Middle East

This Time It's The Economy

President Rouhani’s budget sets offprotests from people angry about unemployment and inflation

time-read
5 mins  |
January 16, 2018
Saudi Prince Counts On Support Of Citizens
Bloomberg Businessweek Middle East

Saudi Prince Counts On Support Of Citizens

State-worker salary increases appeal to the people, but policy may throw the budget off track

time-read
3 mins  |
January 16, 2018
Stalin's Legacy Is Choking The Ukrainian Economy
Bloomberg Businessweek Middle East

Stalin's Legacy Is Choking The Ukrainian Economy

The government has resisted pressure to lift a ban on land sales, despite pressure from the IMF and investors

time-read
4 mins  |
January 16, 2018
Catastrophe Bonds Survive A Stormy Year
Bloomberg Businessweek Middle East

Catastrophe Bonds Survive A Stormy Year

The turbulence of 2017 couldn’t destroy a market for betting against disasters

time-read
3 mins  |
January 16, 2018
Riding The West Bank's Credit Boom
Bloomberg Businessweek Middle East

Riding The West Bank's Credit Boom

Increased consumer lending is creating a bubble in the West Bank

time-read
3 mins  |
January 16, 2018
You'd Be Crazy To Buy Pizza With Bitcoin
Bloomberg Businessweek Middle East

You'd Be Crazy To Buy Pizza With Bitcoin

Speculative fervour makes the cryptocurrency clumsy for commerce

time-read
3 mins  |
January 16, 2018
What If The President Loses His Party?
Bloomberg Businessweek Middle East

What If The President Loses His Party?

Trump has to figure out a way to work with Republicans in Congress, or the global economy may be at stake

time-read
6 mins  |
August 16, 2017