This May the RapNet community held a voting on listing of lab-grown diamonds on the platform. 79% members voted against listing synthetic diamonds.
“We believe the current prices for synthetic diamonds are artificial, as they are based on misleading disclosure,” - said Martin Rapaport, Chairman of the Rapaport Group. Results of the voting were met with applause when announced at the annual Rapaport Breakfast in Las Vegas, demonstrating the fear and loathing of the RapNet community.
Voters also claimed that synthetics producers have to disclose post-growth treatments methods, and supported the creation of one more organization for the natural diamond industry.
The decision not to list synthetic diamond aims the maintaining of status quo of the diamond industry. The RapNet community, which include producers of raw stones, cutters and wholesalers, is afraid of synthetic diamonds, since this growing market may become a strong rival for the naturals and potentially overcome it. Modern generations are not obsessed with buying heavily marketed natural stones as they understand that prices are too high and that the diamonds themselves should not be so costly.
There is a demand on synthetic diamonds all over the world and Diamond Open Market is going to meet it, as the new times bring changes and old industry is unable to support them.