You may not think that diamonds can cost less, but if they are synthetic diamonds they can be.
There are a number of gemstones that are used in jewelry as diamond substitutes. Among them are cubic zirconia, white sapphires and moissanite. However, synthetic diamonds are real diamonds. They are diamonds created in the laboratory. To an expert, a synthetic diamond is undetectable without the aid of specialized and sophisticated equipment.
Synthetic diamonds are not new, they were first recorded to have been created in the laboratory as far back as 1863, but for the gem market they are. In 1954 General Electric produced the first commercially successful production of industrial diamonds used as abrasive material. Beginning in 1980 others have entered the market. In 2006 the industrial diamond industry produces 3 billion carats, or 600 metric tons of synthetic diamonds. By contrast gem quality diamonds that was mined, production was 130 million carats or 26 metric tons.
How They Are Created
Currently there are two major methods in producing these diamonds. One is High Pressure, High Temperature (HPHT) and the other is Chemical Vapor Deposition (CVD).
HPHT is a method that replicates the conditions nature provided to create diamonds. In nature diamonds are formed in the mantle layer of earth, 100 miles below the earth's surface under extreme heat and pressure. Diamonds produced by this method is placed under 58,000 atmospheres and 2300 degrees Fahrenheit. CVD diamonds are grown under low pressure. Gases that include a carbon source and typically also includes hydrogen are fed into a chamber, energized, allowing diamonds to grow on a diamond wafer creating mini bricks of rough diamonds.
In the past the process was too complex and expensive to create commercially viable synthetic diamonds. It was more costly than mining it from the ground. It is now economically feasible to compete with diamonds that are traditionally mined.
The Dilemma
This new supply of synthetic diamonds has creates a dilemma for the diamond industry. De Beers the major supplier of rough diamonds wants to make it clear that these diamonds are different. They have put into motion a campaign called the Diamond Defensive Programme to warn the public of the existence of synthetic diamond in the retail marketplace. De Beers has been so concerned that they have provided the major international diamond laboratories with sophisticated equipment to identify these synthetic diamonds. Synthetic diamonds can be detected by spectroscopy in infrared, ultraviolet or X-ray wavelength. Equipment also detects trace impurities of nickel or other metals in HPHT diamonds, or hydrogen in LP CVD diamonds.
Will synthetic diamonds create an upheaval in the diamond industry as was experienced in the pearl industry? Historically the natural pearl industry was devastated by the introduction of cultured pearls. Cultured pearls were easier to consistently produce, with control over size and shape. Demand for the natural pearls ceased. Will this also happen to the diamond industry? Or will it take the path of synthetic emeralds, sapphires and rubies. Since their creation, synthetic colored stones have not been embraced by the buying public. They are still viewed as not being quite real. It does not have the same demand, desire or the value of natural colored stones.
Natural diamonds are a decreasing natural resource and as they decrease prices rise. This will create a larger price differential as synthetic may become more plentiful. Natural diamonds as a limited resource may still command a higher value as long as consumers view them as such and still demand them.
The Problem
The companies that are currently producing these synthetic diamonds have promised to label their diamonds but there is a potential for fraud. A jewelry manufacturer has already ordered parcels of synthetic melee to be set in jewelry and has admitted that they are not going to disclose that the diamonds they use are synthetic. Fraud of any kind should not be tolerated, full disclosure is necessary for consumer confidence.
Traditional jewelry stores such as Tiffanys have declared that synthetics will not have a place in their store. This is a sentiment that is also shared by other retailers. On the other side of the coin there may be just as many that are willing to support this new technological product. The public has a right to choose what is right for their situation and desire. As long as there is disclosure there should be no problems.
Presently the synthetic diamonds sold in the market place are mostly the colored diamond varieties. Colored synthetic diamonds are quicker to manufacture and is a more profitable market for the producers. There has been no formal announcement of colorless synthetic diamonds in the marketplace, although there is speculation that the colorless variety is already here mixed in with the natural diamonds. A formal announcement will most likely not be coming because De Beers the largest supplier of natural diamonds to the world are opposing it, keeping it out of the market. The strength of De Beers' wealth and power will prevent the synthetic diamond producers from surviving direct competition in marketing larger white synthetic diamonds.
The Future
Ultimately, consumer perception and demand will define whether colorless synthetic diamonds will be sold over the counter, labeled. A diamond is the ultimate symbol of love. For most, a natural diamond is a rare commodity that has a greater meaning in expressing the sanctity of a marriage, than a synthetic diamond that can be produced in a laboratory in a short amount of time in unlimited quantities. There will br others that depending on several personal factors, price for one, possibly the ethical nature of the origin of the natural diamond, will not be so inclined to have to purchase a natural diamond and want a synthetic. For those consumers the wait for a larger white synthetic diamond with certification from a major laboratory may be very, very long.
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