Banning Synthetics in Bourses Will Only Push Them Further Underground
The need to create and keep consumer confidence is something of a buzzword in the gem and jewellery industry. Today, with small, lab-grown diamonds being mixed undisclosed with parcels of natural rough, there is a heightened sense of urgency in the quest for consumer assurance measures. After all, it takes one single stone set in a piece of jewellery to be discovered at a later date to be lab-grown and consumer confidence in our entire industry will come crashing down on our heads.
The recent banning of the dealing in synthetic diamonds on the floor of the Israel Diamond Exchange (IDE) and anywhere on the premises of the Bharat Diamond Bourse (BDB) is a natural outcome of the heightened worry. I understand where the decision-makers in both these bourses are coming from.
Unfortunately, I think it’s not necessarily the right approach. For its own safety, the global diamond industry should ensure that the trading of synthetics stays within the established systems that govern and regulate the trade of all diamonds and gemstones. Synthetics are a legitimate product and should be given a legitimate channel to move through the processing pipeline. The question I have for those who support the ban is, when in history, has a ban ever kept the bad guys from doing wrong?
Source: GEMKonnect
About the author
Debbie Azar is an experienced executive with extensive knowledge of the jewelry and gem lab industries. Her entrepreneurial skills and clarity of vision have helped GSI achieve rapid and continuous growth worldwide.
She began her industry career by starting her own successful costume jewelry business. She then expanded her knowledge of the industry with sales, marketing and business development roles at several companies. In 2005, she joined Mark Gershburg to establish GSI. Ms. Azar is an active member of myriad industry organizations and charities; she currently serves as a Board Member of Jewelers for Children. She is also a Forbes Business Council member.
Her strengths include working directly with retail chains and stores to help build their business and brands. She is widely known in the industry for her commitment to meeting customer needs.
