Speaking of diamonds, of course. Just in case you’re at the point where you’re ready to look for Christmas gifts for those special people on your list, De Beers has come to the rescue.
The company which held a monopoly on rough-cut diamond production for most of the 20th Century is now making another notable inroad into the marketplace. De Beers has recently announced that it and its representatives will begin selling laboratory-grown diamonds at prices that will undercut its competitors, in some instances by as much as 75%. Now, that’s what I call making diamonds more attainable. The company began to see the handwriting on the wall back in 2014, when it announced that mined-diamond production would begin a permanent decline by 2020 if new mine sites were not located. A recent report on the industry has noted that some of the world’s biggest mines are expected to run dry by 2030. I’d guess at this point you’re asking the question, “So, how can these be ‘real’ diamonds?” A reliable report indicates that mined and lab-grown diamonds are chemically identical and distinguishable only by laboratory equipment. So, these are not the cubic zirconia that we all wear to places and events where we might be concerned about theft. Instead, these are the real deal. Diamonds have been grown for industrial purposes for many years, but, due to improved technology, gem-quality versions are now possible. In July, the Federal Trade Commission amended its jewelry guidelines, stating that: Diamond growers no longer have to market their stones as “laboratory grown” or “laboratory created,” as the mined and the lab-grown are essentially identical. Except in the case of De Beers, of course, where their lab-grown products will be demonstrably less expensive.