Recently, the Guangzhou Diamond Exchange (GZDE) signed a cooperation agreement with a number of China’s synthetic diamond suppliers to manufacture and promote lab-grown diamonds in China.
The Diamond Administration of China states that China is one of the largest diamond-buying nations, second only to the USA. Experts have estimated 15% growth in the diamond market in China in the coming years. When it comes to luxury goods, experts have predicted that China will surpass Japan in consumption.
The diamond market is being considered a good business opportunity for small and large traders to diversify their business profiles as the demand for diamonds has increased manifold in the last few years. Customers are looking for quality at reasonable prices, both parameters that laboratory-grown diamonds satisfy.
The two parties reached an agreement at the 2019 China International Gold Jewellery & Gem Fair in Shenzen. The reasons for this agreement are:
The high-tech quality of man-made diamonds
Lower costs and superior quality, the same as mined diamonds
The ability to have a stable supply of real diamonds
Application in creative design as well as other industries
The synthetic diamond dealers will use a new GZDE logo that references them as lab diamond sellers.
Reports suggest that China’s lab-grown industry might reshape the global gemstone industry. (Business Times, Feb 2019) However, analysts want to wait and watch how the perception of consumers pans out. It is that which will decide China’s chances of turning into a major supplier of lab-grown diamonds.
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