Global production of gem-quality lab-grown diamonds has soared to 4.2 million carats a year from 350,000 carats annually just two years ago, according to a study by Bonas & Company diamond brokers and consultants.
The findings were unveiled at the Gem and Jewellery Export Promotion Council’s (GJEPC) Diamond Detection Expo and Symposium in Surat by Bonas‘ Parul Merchant. The study was prepared for the GJEPC.
Production is largely carried out in China and Singapore, Merchant said, with Russia is also a center for synthetic output, according to a report by the Times of India. The report added that the U.S. is the major market for retail sales of synthetic diamonds.
The diamond trade is confused and looking for direction on synthetic diamonds and “needs a lot of counseling and support,” said Merchant.