Seminar on The Trade of Lab Grown Diamonds
The burgeoning lab-grown diamond trade has emerged as a significant force within the global gem and jewellery industry, necessitating a comprehensive understanding of its nuances for stakeholders, particularly in prominent gem trading centres such as Chanthaburi, Thailand. Lecturer Akadath Thisupakorn’s presentation (faculty member of the Gem and Jewelry Business Department, Burapha University, Chanthaburi Campus) at the International Chanthaburi Gems and Jewelry Festival 2024 addressed this critical need by providing an overview of lab-grown diamonds, highlighting their identical physical and chemical properties to natural diamonds and the consequent challenges in distinguishing them. This educational initiative was crucial given the increasing market presence of High-Pressure High Temperature (HPHT) and Chemical Vapor Deposition (CVD) lab-grown diamonds and the potential risks associated with undisclosed mixing with natural diamonds, thereby underscoring the importance of knowledge dissemination for informed business practices and maintaining trust within the local gem and jewelry trade.
The lecture aimed to equip Chanthaburi gem and jewellery professionals with essential knowledge about the growing lab-grown diamond market. Key objectives included explaining HPHT and CVD diamonds, highlighting the difficulty in distinguishing them from natural diamonds, detailing identification techniques and pricing standards (such as the Rapaport Report), and raising awareness about undisclosed mixing. Ultimately, the goal was to empower informed and ethical business practices within the local trade.
Lecturer Akadath discussed the difficulty of distinguishing lab-grown diamonds from natural ones using standard tools, emphasising the need to analyse internal inclusions and individual diamond characteristics. He explained gemological lab reports and stressed the importance of checking for “LAB GROWN on GIRDLES” inscriptions as a key verification step. He also covered standard diamond pricing using the Rapaport Report and warned about the risk of undisclosed mixing of lab-grown and natural diamonds. Finally, he analysed the lab-grown diamond market using the 4Ps, projected its impact on the natural diamond market, and discussed marketing perspectives around the idea that “Lab-grown diamonds are real diamonds.”
Entrepreneurs and attendees in Chanthaburi Province gained valuable insights into the growing lab-grown diamond market. The lecture detailed the types of lab-grown diamonds (HPHT and CVD), their identical properties to natural diamonds, and the challenges of identification without advanced testing. It also covered Rapaport pricing, precautions against commingling, market trends, and marketing considerations, equipping attendees to make informed business decisions and build trust in the local gem and jewellery trade.
Project Leader: Lecturer Akadath Thisupakorn, Faculty of Gems