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.
China’s market has, in recent months, been volatile. In such a situation, the diamond industry of the country has taken this step to make the supply of lab created diamonds more steady and consistent.
The Diamond Administration of China states that China is one of the largest diamond-buying nation, second only to the USA. Experts have estimated a 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 luxury goods 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 got into the agreement at the 2019 China International Gold Jewelry & Gem Fair in Shenzen. The reasons for this agreement:
The high tech quality of man made diamonds
Lowers costs and superior quality, the same as mined diamonds
The ability for a stable supply of real diamonds
Application in creative design as well as other industries
The synthetics 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 the 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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