DROP ‘SYNTHETIC’ LABEL FOR DIAMONDS, SAYS REPORT
The Diamond Growing Greenhouses report, prepared by Frost & Sullivan, was conducted in order to investigate consumer perceptions on synthetic diamonds within the gemstone and jewellery industry.
It outlined the findings of a survey conducted in six countries (the United States, United Kingdom, India, China, Japan and Germany) and identified areas that needed to be addressed in order to move the synthetic – or “grown” – diamond industry forward.
According to the study, grown diamonds are often confused with simulants or fake diamonds due to the use of the descriptive “synthetic”. While the term has widely been used and promoted to describe lab-created diamonds, the report stated that it was technically inaccurate and misleading.
“The term ‘synthetic’ might have different meanings in different contexts, but in the context of a diamond it leads to a perception of it being ‘fake’ or ‘not real’,” the report noted.
When asked to choose what “synthetic diamond” meant to them, 94 per cent of respondents – who had been provided with education on grown diamonds during the course of the study – chose the descriptors “fake/artificial diamonds” or “man-made diamond, but not identical to original”.
“The survey responses indicate that respondents believe that the terms ‘grown’ and ‘cultured’ diamonds serve both the aims of disclosure as well as education about the diamond’s origin, while the term ‘synthetic’ detracts from the same and is misleading,” the report stated.
The report emphasised the importance of educating consumers on grown diamonds, with the survey showing that a clear understanding of what a grown diamond was “substantially increases a customer’s propensity to buy [them]”.
It also indicated that the guaranteed origin of grown diamonds could be a strong selling point, but that when retailers were selling mined diamonds alongside grown, consumers expected them to be completely transparent about it.
“There is a potential for this industry to coexist with the mined diamond industry and to increase the overall pie for all with a wider market penetration over the next decade,” concluded the report.
More reading: Coloured Diamonds Report
Frost & Sullivan is a US-based research and consulting firm that “enables clients to accelerate growth and achieve best-in-class positions in growth, innovation and leadership”. The full Diamond Growing Greenhouses report can be downloaded here.
The Diamond Growing Greenhouses study was a follow-up of a report prepared by Frost & Sullivan last year. The 2013 Grown Diamonds – Shaping future of diamond industry report assessed the impact of recent enhancements in diamond-growing technology.