The Natural Diamond Council (NDC) has published Diamond Facts: Addressing Myths And Misconceptions About The Diamond Industry, its analytical study for 2023. The purpose of the report is to advance transparency and combat false information on both natural and man-made diamonds.
The NDC intends to assist consumers in making informed decisions by offering transparent information, according to David Kellie, CEO of the NDC. The paper debunks a number of widespread myths about the diamond sector, such as the notion that it is possible to distinguish between lab-grown and natural diamonds, that not all lab-grown diamonds are sustainable, and that natural diamonds are inherently uncommon.
One of the report’s most intriguing revelations is that temperatures as high as 20% of the sun’s surface can be necessary for the production of laboratory-grown diamonds. The report claims that this exposes the negative environmental effects of lab-grown diamonds and dispels the fallacy that they are a more sustainable alternative.
The research also underlines that the natural diamond sector places a high importance on ethical sourcing. Trading in raw diamonds is strictly controlled by the Kimberley Process to guarantee that there are no conflicts involved. As their supply chains become more transparent, brands, merchants, and jewellers are increasingly incorporating ethical sourcing rules and regulations.
The study demonstrates how natural diamonds help the nations where they are mined and provide a living for 10 million people worldwide. Up to 80% of the value of raw diamonds is still invested in local communities through purchases made there, employment benefits, social programmes, infrastructure investments, and taxes, royalties, and dividends given by the sector to the relevant governments.
The conclusions of the NDC report were reached after a careful analysis of a broad range of secondary research carried out by internationally renowned third-party organisations, business professionals, and independent sustainability advisers.