World Federation of Diamond Bourses (WFDB) president Yoram Dvash has raised concern about the “meteoric” rise in the penetration of synthetic diamonds into the market, which he believes threatens the value and future of the natural diamond.

He explains that synthetic diamonds started as a marginal phenomenon but has become an unprecedented flood. In less than a decade, lab-grown diamonds have grown to comprise 20% of global jewellery sales.

In the US, which Dvash deems the world’s most important jewellery market, most new engagement rings now include synthetic diamonds, owing to their falling prices and the difficulty to distinguish them from natural diamonds.

For Dvash, this trend is not just about displaced natural diamond sales but changes in values and culture. “It is about the loss of the sense of intrinsic worth, wonder and uniqueness that have underpinned the natural diamond for generations,” he says.

He urges all key players in the industry to make a concerted effort on a global scale to restore the natural diamond to centre stage.

Dvash says he is encouraged about the industry recognising the importance of working together to raise the image of the natural diamond, as demonstrated at the WFDB’s President’s Meeting in June.

He mentions that during the event speeches, panels and private conversations, mining companies, international organisations, retailers and diamond exchanges all expressed a willingness to invest more effort and resources to encourage natural diamond consumption.

Some of the commitments made by natural diamond industry members include signing the Luanda Accord, De Beers committing to invest in raising the desirability of natural diamonds through educational and marketing campaigns, and the Natural Diamond Council (NDC) establishing a new educational website to enable jewellery salespeople to be better informed to communicate the unique value of natural diamonds to customers.

The Luanda Accord was signed following the WFDB President’s Meeting by African diamond-producing countries and industry stakeholders. It involves an agreement to pool resources and boost global marketing efforts for natural diamonds.

All parties to the accord have agreed to contribute 1% of their rough diamond sales revenue to a fund managed by the NDC.

The WFDB itself launched a campaign using original videos to promote the emotional significance of natural diamonds.

Dvash expresses gratitude at the industry coming together at this important juncture, especially to uphold natural diamonds as a symbol, not just a product. “Its future depends on our unity,” he concludes.