January 2024 | Lab Grown Magazine

January 2024 | The Lab Grown Diamond Resource Book 24 Mailed to 24,000 Jewelers Monthly - To advertise call (888) 832-1109 | January 2024 25 Don’t Call it Lab-Grown or Man-Made The NDC report specifies the accepted terminology for synthetized diamonds is “laboratory-grown diamonds,” “laboratory-grown,” “laboratory-created,” “(manufacturer’s name) created,” or “ synthetic.” The NDC calls out the misuse of abbreviations, such as “lab-grown diamonds,” or describing the same as “man-made.” Why then does the word “man-made” appear five times in the same NDC report with headline status, and seven times on their own site? The NDC also uses “lab-grown diamonds” in their online FAQs, and it’s cited twice in their report, including a 2023 IGI source. “Mined diamonds” is also a seemingly discouraged term, but not exactly enforced since the NDC uses the same terminology seven times in their study and published the term ninety times ( that’s not a typo ) on their web site. https://www.naturaldiamonds.com/?s=mined+diamonds How Low Can We Go? LGD prices have fallen dramatically from 2016 to 2023. The price of a 1.5 carat grown stone has dropped 74%. Based on the State of the Diamond Market , March 2023 report by Paul Zimnisky, a 1.5 carat natural diamond sold for $12,125 in 2016 compared to 1.5 carat synthetic priced at $10,600 the same year. By Q2 of 2023, the retail price of a 1.5 carat natural diamond had increased to $13,625, verses its cloned counterpart retailing at $2,445 – that’s a difference of $11,180 realizing LGDs are priced much lower by current standards. This NDC reference credited to The Gem Academy “illuminating the difference” produces an error message: https://www.thegemac.com/post/how-much- cheaper-are-laboratory-grown-diamonds so we’ll use their other example by Paul Zimnisky. Remember: LGDs are a technology . Every technology ever created has significantly dropped in price from its inception. Extracted from the NDC 2023 “Diamond Facts” and according to US Federal Jewelry Guidelines, abbreviating the proper term, “laboratory- grown diamonds” as “lab-grown diamonds” breaks the law. Yet, the NDC uses “lab-grown diamonds” five times in their report and seven times on their own web site as of December 24, 2023.