LONDON — The lab-grown diamond market has emerged with much fanfare as a more ethical, sustainable and better-priced alternative to mined diamonds. The rocks were endorsed by pop culture heroes ranging from the Duchess of Sussex to Taylor Swift and heralded as the way forward for younger, more sustainably minded consumers.
The hoopla doesn’t sit well with the Diamond Producers Association, which recently commissioned a report by Trucost that looks to take a closer look at the environmental impact of lab-grown diamonds. Although they are marketed as more environmentally friendly, producing them requires large amounts of fossil fuels.
The report also highlights the mining industry’s willingness to become more transparent, reduce its carbon footprint and tout its positive socioeconomic impact on local communities.
That this report was even commissioned spotlights another issue as well: All of the world’s diamonds have already been created and the supply, therefore, is limited. For decades, the big miners have controlled the flow of diamonds into the market and the newcomers — with their potentially endless supply of alternative rocks — have disrupted the industry.
“There has been a lot of fake news or false information about the impact of lab-grown diamonds,” said Jean-Marc Lieberherr, chief executive officer of
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