The diamond industry is finding itself in the rough.
In 2024 alone, mined diamond prices have fallen by 10.8 per cent, according to industry expert Paul Zimnisky's Rough Diamond Index, resulting in a 34 per cent drop from their peak in 2022. Industry insiders cited by business magazine Forbes are even predicting an additional decline of 15 to 20 per cent over the coming year.
Compounding the industry's challenges is the growing prevalence and increasing sophistication of lab-grown options.
New York-based investment bank Morgan Stanley reported in 2024 that lab-grown diamonds which primarily originate from China and India constituted about 14.3 per cent of the diamond supply in 2023, a figure that is expected to rise to 18 per cent in 2024 and 21.3 per cent in 2025.
In 2020, they accounted for just 7.5 per cent of the total market.
Ms Patsy Loo, business director for local jeweller Lee Hwa and its sister brand Goldheart, recalls when lab-grown diamonds first hit the Singapore market about five years ago, many consumers assumed they were not "real".
She says: "But as our customers become more educated, they understand that lab diamonds are real diamonds in both material properties and look. Unlike diamond simulants, lab-grown diamonds are chemically and structurally identical and possess the same stunning qualities as mined diamonds."
Furthermore, renowned gemological institutes like the Gemological Institute of America (GIA) and International Gemological Institute (IGI), which traditionally issue certification for mined diamonds, also verify lab-grown diamonds and grade them by the same strict standards.
Esta historia es de la edición November 01, 2024 de The Straits Times.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición November 01, 2024 de The Straits Times.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Meet Blackpink's Lisa at Marquee party on Nov 9
Get ready to meet Thai singer Lisa of K-pop girl group Blackpink ahead of her first solo fan meeting in Singapore at the Singapore Indoor Stadium on Nov 11.
Actors Channing Tatum, Zoe Kravitz split up after three years
American actor Channing Tatum and American actress Zoe Kravitz have gone their separate ways, according to various reports by the US media.
Teri Garr brightened up comedies Tootsie, Young Frankenstein
LOS ANGELES - Academy Award-nominated American actress Teri Garr (right), whose sunny personality lit up the screen in films such as Young Frankenstein (1974) and Tootsie (1982), died on Oct 29 at age 79.
Hello Kitty still raking in millions at age 50
TOKYO - Hello Kitty, the cute, enigmatic character that adorns everything from handbags to rice cookers, turns 50 on Nov 1 - and is still making millions for her Japanese creators.
Actress Diana Danielle divorces actor Farid Kamil again
KUALA LUMPUR – A year after reconciling with her husband, Malaysian actor Farid Kamil, Malaysian singer-actress Diana Danielle is filing for divorce again.
Printed jeans take fashion world by storm
UNITED STATES - Swedish fashion house Acne Studios makes US$800 (S$1,060) jeans that look like something a roofer would wear to a rave.
Taking a shine to lab-grown diamonds
Demand for more affordable synthetic alternatives is on the rise as mined diamonds lose their lustre
Artist and model Ella Emhoff under the political spotlight
The stepchild of United States, Vice-President Kamala Harris has been getting more scrutiny after 2021's Inauguration Day
Van Nistelrooy vows to help United in any role
LONDON - Manchester United caretaker manager Ruud van Nistelrooy said he will help the club \"in any capacity\" as reports suggest that Ruben Amorim is getting closer to being named as Erik ten Hag's successor.
DOUGLASS' HALLOWEEN TREAT
She breaks pact over 'trick' headbands, then breaks 200m breast world mark