The market for real diamonds may feel the impact.
For an industry that is still reeling under the Nirav Modi and Mehul Choksy scams, there is fresh trouble brewing. This time, it is the announcement by London-headquartered De Beers, the world’s largest diamond company with mines in Botswana, Namibia, South Africa and Canada, that it is launching a jewellery brand using synthetic diamonds in India.
A synthetic diamond (also known as an artificial diamond, cultured diamond, or cultivated diamond) is produced using an artificial process, as opposed to natural diamonds, which are created using geological processes.
A section of traders in Surat and Mumbai, two main hubs for diamond trade in India, are up in arms against the launch of synthetic diamonds in India, since they believe that such diamonds will destroy the market for real diamonds here.
Although there is an ongoing trade of synthetic diamonds in India, it has been largely underground, since such trade has never been considered legitimate in India.
The Bharat Diamond Bourse, situated in Bandra Kurla Complex in Mumbai, which houses top diamond exporters, does not deal with synthetic diamonds since they have the potential to infiltrate into diamond trade and bring the industry a bad name.
For the rest of this article: https://www.dailyo.in/business/diamonds-synthetic-de-beers-surat-nirav-modi-mehul-choksi/story/1/24949.html