This 2-minute video is an excerpt of Martin Rapaport’s presentation at International Diamond Week, warning of the threat of Synthetics of the Diamond trade.

Martin Rapaport presented a way forward for the industry at International Diamond Week.

Retail prices of lab-grown diamonds are falling more slowly than wholesale prices and are often unsustainably high, De Beers chief financial officer Sarah Kuijlaars told Rapaport News.

Consumers who took part in the study paid approximately $5,800 on average for their engagement rings last year, versus $6,000 the previous year, according to a survey by wedding resource The Knot, released last week. The decrease came as 36% of center stones purchased in 2022 were lab-grown, nearly doubling in popularity in the past two years, the survey found. About one-third of all respondents spent between $1,000 and $4,000 on their engagement ring,

As the world goes through great economic, social and political change, the diamond and jewelry industry faces unprecedented opportunities and challenges. The best way forward in these uncertain times is to focus your activities on what is certain and sustainable.

The following statement should be required on all marketing material, grading reports and invoices for man-made diamonds.

“Man-made diamonds do not appreciate in value like natural diamonds because they can be created in unlimited quantities and are not subject to the same supply limitations as natural diamonds.”

The Rapaport Group has published a special report delving into the key issues around lab-grown diamonds.