Synthetics add to diamonds’ difficult year

Tuesday, August 22, 2023 | 1000 Views |

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.

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