Member of the Executive Committee, Director of Alrosa’s United Selling Organization
Being the world’s largest diamond producer and one of the founding members of the Diamond Producers Association (DPA), Alrosa hopes that this initiative will serve to differentiate natural diamonds and synthetic stones, and emphasise the status of synthetics as a separate, niche, cheap product.
In our opinion, the market won’t see the effect from De Beers’ initiative immediately, it will take several years. The impact on the market has yet to be assessed. But if it leads to product differentiation and a shift of synthetics into a niche of fashion jewellery, we can only welcome it.
However, it cannot be denied that this project may potentially increase the demand for synthetics. There is also a risk that the core ideas of natural diamond, such as rarity, value and deep emotional meaning, may be devaluated, especially in cheaper categories.
I believe that today it is necessary to actively develop the work on differentiation of these products. As the synthetics become more accessible, it will be necessary to explain intensively what the difference between these stones and real diamonds is. The industry should inform consumers that natural stone carries value and emotional meaning. It is not a stamped industrial product that has no personality and is produced in two weeks. We hope that DPA will focus its work on the distinction in the positioning of natural diamonds and synthetics and emphasise all the advantages of natural diamonds.