ALROSA Discussed Impact of Synthetics on Diamond Market at Hong Kong Fair

(IDEX Online) – ALROSA, a world leader in diamond mining, held a meeting with the company's clients and partners at the September Hong Kong Jewellery & Gem Fair.

The company presented its vision for the development of the diamond market with an increased focus on the possible impact of the increased manufacture of synthetic diamonds on the natural diamond market. At a panel discussion, key market participants exchanged opinions on the risk of illegal mixing of synthetic and natural diamonds, ALROSA said in a statement.

Representatives of international gemological laboratories and large world jewelry retailers, together with diamond market analysts, heads of the Shanghai Diamond Exchange, Diamond Federation of Hong Kong, Diamond Producers Association, Gem & Jewellery Export Promotion Council, World Diamond Council, Israel Diamond Exchange, and Antwerp World Diamond Centre participated in the working meeting.

ALROSA's position on possible measures to protect the natural diamond market from the illegal market entry and the threat of substitution by synthetic diamonds was presented by Galina Platonova, Adviser to Andrey Zharkov, the ALROSA President. She emphasized that the basis for the protection of the natural diamond market from illegal substitution by synthetic diamonds rests on the disclosure of information about diamond production and further movement of rough and polished diamonds to their end consumers.

The most critical aspect of this protection is to form consumer preferences to buy natural diamond jewelry, and to develop and manufacture devices to identify natural and synthetic polished diamonds in diamond jewelry, she said.

In particular, in the scope of the events aimed at the protection of the natural diamond market and promotion of own products on the key regional markets, ALROSA is developing generic marketing programs, special activities underlining the Russian natural origin of polished diamonds, and promoting the ALROSA brand.