August 18, 2017

De Beers dismisses the threat of synthetic diamonds

The threat of synthetic diamonds is the least of De Beers’ fears for now, according to the diamond mining giant’s head of strategy, Gareth Mostyn.

Asked about the view that De Beers’ monopoly of the diamond market could be threatened by the growing niche of synthetic alternatives, Mostyn said De Beers’ strength was on customer preferences.

“If they have a choice between a diamond that was created three billion years ago by nature and one grown in a factory last week, customers want the real thing,” he said.

However, Chaim Even-Zohar, editor of Diamond Intelligence, takes a different view. He said he could foresee synthetics eroding the power of producers with time. “Producers can say a million times that it’s not the same thing. That may have been so before, but it’s not true anymore. It’s a diamond, full stop.”

Information credits: adapted for African Mining Brief from an article published by New24 wire

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