In an interview with Harry Levy – President, London Diamond Bourse, International Diamond Council (IDC) and Gemological Association of Great Britain (Gem-A) published in Rapaport Weekly Report dated 1st August 2014, he presented a neutral scenario for the diamond industry and suggested in a response to a question that the industry’s response to Lab-grown diamonds may be misguided.
Though the industry has been apprehensive about Lab-grown diamonds (often incorrectly referred to as Synthetics by those with vested interests in the Mined Diamond Industry) and consider it as a threat, Levy dismissed such trepidations. He opines that the current process of putting in legislations without consulting the Lab-grown diamond producers is not appropriate. Instead, he suggests that the industry should work with the Lab-grown diamond segment to ensure right disclosures and compliances. Though, he admits that majority of the Lab-grown diamond producers are “straightforward” and the only issue comes at the dealer’s end.
Levy suggests that Lab-grown diamond producers should converge and form an association to enable dialogue with the industry and for representation in legislation related matters.
For stones upwards of 0.50 carats, grading and disclosure takes place but for much smaller stones – 1 pointers to 6 pointers, there can be challenges about mixing and non-disclosure, Levy mentions. Though, apart from some isolated events, the mixing issue is exaggerated as per NMDC report.
In an earlier interview, Levy had recommended that to solve the industry’s woes, it is essential to bring Lab-grown diamonds in the mined diamond community.