January 2023 | Lab Grown Magazine

January 2023 | The Lab Grown Diamond Resource Book 24 Mailed to 24,000 Jewelers Monthly - To advertise call (888) 832-1109 | January 2023 25 Cannibalized Diamonds The research firm for MVI Marketing, coined “MVEye,” recently released their third report on LGD consumer demand, this time expanding its survey audience to go “far beyond the borders of the USA (showing) increasing consumer demand in markets across the globe,” Liz Chatelain, president, and co-founder of THE MVEye said. “And, there is certainly clear evidence that the mined diamond business is now being cannibalized.” Nearly three quarters of jewelry retailers offer LGDs, according to MVEye’s latest research, which we need to note was funded in part by LUSIX (an exclusive LGD company). The study found customers are all about “getting a bigger stone for themoney” (forty- two percent), followed by cost savings (thirty-six percent) and sustainability benefits (eleven percent). Supply and Graphite Today, India is making a significant portion of its diamond dollars from mining, but not for diamonds. The country known for its cutting and polishing stones should also be known for mining graphite. India is one of the leading graphite producers in the world. But instead of selling it, the majority of India’s mined graphite goes to growth, as in growing diamonds. “We can’t get the graphite from the ground fast enough,” stated a LGD senior sales executive in India, “It’s becoming a supply constraint at a time when we are witnessing rapid growth in the lab production - output in August of 2022 was 3.6 million carats, that’s more than double a year earlier!” Bakul Limbasiya, a leading manufacturer of LGDs based in India agrees. “This is just the beginning for India,” Limbasiya said. He points to the robust seventy-four percent year-on year growth in exports that the Indian lab-grown diamond industry has seen. “Going forward, the industry will see an even stronger growth in exports as global economies recovery, and there will be a significant pick-up in consumer demand,” he added. We need to remember, diamonds aren’t just for jewelry; the stone is truly precious to the healthcare industry. The North American healthcare sector utilizes diamonds for radiotherapy detectors, surgical usage, and laser procedures. But the list is much more expansive when associated with disease diagnostics, including biosensing and neuroimaging. LGDs to the rescue. Israel’s Diamond Ideology The Israel diamond industry is a major contributor to the country’s economy, with an estimated $1 billion in revenue generated yearly. The industry employs thousands of workers and is responsible for a significant amount of the country’s exports. The diamond industry remains a vital part of Israel’s economy, and it is one of the country’s most important export industries. In recent years, the industry has undergone a period of growth, with new mines being opened and new technologies being developed. In dollar terms, Israeli diamond processing companies produce thousands of tons of rough diamonds. The diamond trading floor in Israel is divided into two massive halls that cover about 2,500 square meters.