After Bharat Diamond Bourse (BDB), according to a media report, contemplating to lift the ban on Lab-grown diamonds on its trading floor, within next six months, China’s Guangzhou Diamond Exchange (GZDE) has signed a strategic cooperation agreement with Lab-grown diamond suppliers in the country to develop and promote Lab-created diamonds.
The contract signed during a forum at 2019 China International Gold Jewellery and Gem Fair held in Shenzhen is prompted because of volatile diamond market in China and to ensure that Lab-grown diamonds provide a more consistent supply.
“The high-tech genes of lab-grown diamonds, the ability [for] stable supply, and its outstanding appearance, [which is the] same as natural diamonds, have opened a window for this new material,” said GZDE chairman Zhu Yongsheng. “In addition to the innovative application in jewelry through creative design, it could [create] cross-border development with other industries.”
GZDE will promote Lab-grown diamonds trading as a seprate business, while its dealers will use a new GZDE logo with reference of being a Lab-grown diamond seller.
While further details of the agreement are not yet known, Guangzhou Diamond Exchange has acted as a steward for the rest of industry to follow.