Register to get free articles
Want unlimited access? View Plans
Already have an account? Sign in
The World Federation of Diamond Bourses (WFDB) president Yoram Dvash has called for a united front in response to the growing market share of synthetic diamonds, which now account for more than 20% of global jewellery sales.
According to the WFDB, the rapid growth of lab-grown diamonds is reshaping the sector, particularly in the United States, where synthetic stones feature in most new engagement rings.
Dvash said that this trend poses a serious threat to the “value, image and future” of natural diamonds.
Speaking at the WFDB Presidents’ Meeting in June, he stated that industry leaders from producing countries, mining companies, diamond exchanges and retailers had pledged increased cooperation and financial backing to promote natural stones.
This includes support from De Beers, the Natural Diamond Council (NDC), and retail groups such as Signet and Chow Tai Fook.
The Luanda Accord, signed in June by African diamond-producing nations and industry bodies, commits signatories to contribute 1% of rough diamond revenue to a global marketing fund overseen by the NDC.
De Beers has also pledged further investment in education and advertising, while the NDC has launched a new website aimed at helping retail staff communicate the qualities of natural diamonds more effectively.
Additionally, the WFDB has launched its own campaign using original video content to highlight the “emotional and symbolic value of natural stones”.
Dvash described recent initiatives as a “concerted global effort” to return natural diamonds to “centre stage”.
He said: “The natural diamond is more than a product – it is a symbol. And its future depends on our unity.”
