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Lab-Grown Diamond Association Almost Doubles Member Base

Apr 24, 2016 7:50 AM   By Rapaport News
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RAPAPORT... The International Grown Diamond Association (IGDA) reported eight companies joined its ranks, nearly doubling in member-strength since launching in February.

With lab-grown diamond companies from the U.S., China, Singapore, India, Philippines, Russia, Canada and Hong Kong in its fold, IGDA is truly “an international industry platform,” said Richard Garard, the secretary-general of the association.

The new IGDA members include Numined Diamonds, Fair Trade Jewellery Co., The Gold Concept Jewelry and Design, Caraxy, M. Geller, Schubach Enterprises, D.NEA and DM Gems India.

Garard explained the IGDA's goal is to ensure precise and technically correct information is available on lab-grown diamonds to the trade and consumers. Billed as the first-ever lab-grown diamonds industry association, IGDA aims to promote the so-called synthetic diamonds as a “new choice” to consumers.

A 2014 report commissioned by India’s Gem and Jewellery Export Promotion Council (GJEPC) estimated global output of gem-quality synthetic diamonds stood at 350,000 carats a year, around 0.5 percent of natural diamond production, but could grow to around 1.5 million carats by 2020.

Last year, Hollywood actor Leonardo DiCaprio, who has more than 15.2 million Twitter followers and starred in the movie Blood Diamond, invested in California-based start-up Diamond Foundry dedicated to raising production of lab-grown diamond production.

Martin Rapaport, chairman of Rapaport Group, recently wrote an article and a letter responding to DiCaprio’s move which has fueled further debate between the two industries.
Tags: blood diamond, diamonds, Jewelry, Leonardo DiCaprio, Rapaport, Rapaport News
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