Synthetics Seminar in Mumbai Evokes Keen Discussion
February 28, 07
The Gem & Jewellery Export Promotion Council (GJEPC) held a seminar about synthetic diamonds on Monday, which was attended by about 250 members of the Indian gem and jewelry industry spanning the entire business from leading Sightholders to domestic retailers.
The presentations by Bryant Linares, CEO of Apollo Diamonds, and Clark McEwen, COO of Gemesis Corporation, businesses that create synthetic diamonds, focused on information about their companies and technologies used to grow diamonds. Both stressed their companies’ commitment to transparency and disclosure. They also noted that there is a growing gap between projected diamond demand and supply, which synthetic diamonds could effectively fill. Currently, Apollo’s production capacity is very small and Gemesis mainly concentrates on fancy colored synthetics.
A panel discussion on the “Pros and Cons of Synthetics Diamonds in India” followed.
While the issue of nomenclature was raised, so was the question of creating effective systems of audits to ensure that synthetic diamonds are not passed off as natural ones. There were also questions about foolproof methods of identifying synthetics that touched on whether a trace element could be left behind or if it could be internally laser marked and whether there would be significant quantities of white synthetics being available in the near future.
According to McEwen, who wouldn’t be pinned down on exact timing, the trade could expect to see significant quantities of colorless and near colorless stones entering the market anywhere between one to five years from now.
The other significant point that emerged was that the identification of synthetics, which is already difficult and only possible with hi-tech microscopes, would become increasingly more difficult with the technology reaching ever sophisticated levels. However, McEwen assured the audience “We are way ahead in the technology curve and we are committed to working closely with the labs to keep them informed and share knowledge of detection methods with them.”
While Minawala expressed the opinion that the retail trade would definitely be interested in such a product, Jatin Mehta made the plea that, “The synthetic industry should not be driven underground.” In what might have come as a surprising pronouncement to many, Russell Mehta, in response to a direct question from panel moderator Martin Rapaport, said that there was no reason why the diamond trade wouldn’t consider working with synthetics, “If there were profits to be made”, stressing the need for disclosure and internal discipline from the trade to maintain ethical practices.
Expressing satisfaction at the outcome and response to the seminar, GJEPC chairman Sanjay Kothari said, “We don’t want to sweep issues like this under the carpet, and that is why we felt it was necessary to organize this seminar to inform our members in advance, of what is going to be a very important issue in the immediate future. Our only concern is of identification of synthetics and declaration.”