Why are synthetic diamonds a hot topic in the jewelry industry now?
The technology for synthetic diamonds has progressed quiet a bit. Synthetic diamonds are now a very affordable alternative to natural diamonds. Also, the FTC revised their naming guidelines for natural and synthetic diamonds.
There are two major revisions:
- The definition of diamond has changed. Originally, the FTC defined a diamond as “a natural mineral consisting essentially of pure carbon crystallized in the isometric system.” The new definition no longer uses the term “natural.”
- The previous guidelines suggested sellers to use the terms laboratory-created, laboratory-grown, [manufacturer-name]-created, and synthetic when selling in synthetic diamonds. Now sellers are no longer obligated to use the term synthetic.
What does all this jargon mean?
The FTC has acknowledged that synthetic diamonds are no different from natural diamonds. At least, physically and chemically. Natural diamond producers have been working to maintain a legal distinction between their products and synthetics. They have been marketing synthetic diamonds as an unequal and inferior product. The reality is that their products are marginally different from their synthetic counterparts.
Why is this good for you and synthetic diamonds?
It is now more appealing to sell synthetic diamonds. As a result, there is incentive to develop the synthetic diamond industry. We hope this further reducing the cost of their products.
The jewelry industry has had mixed reactions to these changes:
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