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Synthetics add to diamonds’ difficult year

Shining bright: Natural diamond producers are confident in the long term value of the gemstone
Shining bright: Natural diamond producers are confident in the long term value of the gemstone

Global demand pressures and uncertainty around diamonds this year, are reigniting fears that synthetic stones, which are cheaper to produce and increasingly popular, could exploit the situation. Some analysts say for certain categories of diamonds this year, synthetics already account for 50% of sales. MBONGENI MGUNI & TIMOTHY LEWANIKA report

Retail and consumer data analytics consultancy, Tenoris, this week released a report that, under normal circumstances, should raise eyebrows in the diamond industry.

According to the firm, in July, after months of gradually nearing each other, natural and lab grown unit sales in the United States market reached a 50/50 share for the first time. The US is the world’s foremost market for diamond jewellery, accounting for 54% of a pie estimated at beyond $80 billion annually.

Editor's Comment
Don't let FMD outbreak drag on

Acting Agriculture Minister, Edwin Dikoloti, is right in saying opening an export-ready facility whilst Foot and Mouth Disease (FMD) is still spreading would risk getting the whole country blacklisted before a single carcass leaves the door.A ban like that would break the already stressed nation. So, the postponement, painful as it is, is the right thing to do. The local economy is being squeezed from both ends. FMD has already slammed the door...

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