China Will Rock the Global Market with its Synthetic Diamonds

China Will Rock the Global Market With its Synthetic Diamonds Unlike naturally occurring diamonds, which form over the course of billions of years, China, the tech leader, started synthetic diamonds industry, which are made in a matter of weeks. China which is known as a major consumer of mined diamonds, has a realistic chance of becoming a supplier of man-made gems and shaping the industry, as competition intensified and technology matured. According to Liu Yongqi, general manager of Sino-Crysta, the company now produces between 2 million and 3 million carats a year, over half of which are for jewelry. “We began our transformation in 2014 to expand to gem-grade diamonds,” said Liu, citing over-competition for the industry. “It is important to understand that even if synthetic diamond production is initially lower quality, the diamonds can be ‘enhanced’ with processes that turn lower quality goods into higher-quality.” Paul Zimnisky said, an independent diamond analyst in New York. He also said “even if a fraction of Chinese production is upgraded to jewelry-quality diamonds, it would have a very significant impact on the global supply which is only in the low-millions-of-carats.” Even though synthetic diamonds only represent about 3-5 percent of the consumer market, but the share is growing rapidly, experts say. While Zimnisky projected that the man-made diamond jewelry market will grow 22 percent annually from $1.9 billion to $5.2 billion by 2023. The analyst added that Chinese companies could soon certainly compete with global diamond producer De Beers.   You might also be interested in:

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