January 2024 | Lab Grown Magazine

January 2024 | The Lab Grown Diamond Resource Book 22 Mailed to 24,000 Jewelers Monthly - To advertise call (888) 832-1109 | January 2024 23 mining majors including De Beers and Rio Tinto isn’t quoted, it’s interesting that the NDCwent to the fourth largest mining outfit, Petra, to present such a memorable graphic and wording. They reinforce their stance of diamonds being rare (without stating such) with a quote from analyst Paul Zimnisky. Through his findings, it’s predicted that diamond production should remain within 115-125 million carats annually. With 150 million carats recorded in 2017, the decline is obvious. What is overlooked is anything in the millions can’t be considered “rare” by mere definition of the word. The Hope Diamond is rare, a yearly basketball-sized yield of 5 carats+ is not. Yet-to-be mined, cut and polished diamonds are more accurately described as scarce , but using that fact is less marketable. Promoting “rare” defends a higher price and aligns with luxury. Here’s a fact the NDC won’t address: Last year a man found a 4.87 rough diamond of gem quality, as evaluated by the GIA, at the Crater of Diamonds State Park in Arkansas. People pick-up surfaced roughs at this popular destination every year. Add the fact that everyone you know (outside of the industry) owns at least one diamond jewelry design and we may safely state white diamonds are not rare. Not yet. The self-quoted NDC states: “Natural diamonds are hard to find and have only been found in rock over the last 150 years. Someone should tell the Arkansas State Park this curious “fact.” Of the thirty significant natural diamond mines in production, seven are considered to be Tier 1 deposits representing over US$20 billion in reserve. Does that read as “rare” to you? This NDC illustration is missing a byline or image credit typically displayed directly below the graphic. The full report reveals the source as Petra Diamonds. https://www.petradiamonds.com/the-diamond-market/overview/