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Magic of Lab-Grown Diamonds, To Be Discovered

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Guangzhou Diamond Exchange (GZDE) held a forum entitled “Discover the Magics of Lab-Grown Diamonds” on April 20 during the 2019 China International Gold, Jewellery & Gem Fair – Shenzhen (Shenzhen Jewellery Fair). If the year of 2019 is expected to be the first year seeing large-scale commercial applications of lab-grown diamonds (LGDs), this forum is undoubtedly a key event during that trend. China's leading LGD producers, wholesalers, retailers as well as experts of jewellery design, industrial design, fashion industry and brand consulting gathered at the Shenzhen Jewellery Fair, brain storming the commercial application of LGDs.

analyt_30042019_1.png“LGD is a small trend in the slow variate of diamond culture formed by human society, but with wide and magical applications,” – Liang Weizhang, General Manager of GZDE spoke at the forum.

It is estimated that growing speed of LGDs increased by 275% from 2010 to 2015 and the producing cost decreased by 70%-80% from 2013 to 2018. Du Ban, president of Shenzhen Jewellery Designers Association remarked that, lower material cost of LGDs enables designers to focus more on the value of beauty and the expression of beauty, with less stress on the material. Professor Wang Tao, Vice Dean of School of Innovation Design, Guangzhou Academy of Fine Arts emphasized innovative design will stimulate the application of LGDs. Co-founder of POP Fashion, Zhang Wei pointed out that Generation Z with a remarkable demand for fun is the most potential target customer group. In order to satisfy the future consumers, high-quality creative design is needed as core engine, and comprehensive services for the industry would play as key driver. Liu Yongyan, founder of Crealliance Group mentioned that LGD industry could learn from and work with fashion industry, such as umbrella branding, cooperation with designers, flexible supply chain and mass customization. Lin Hongbing from Henan Jingtuo International Diamonds put forward that LGD and natural diamond could achieve win-win coexistence, like the case of cultured pearls. As a new material, LGD creates larger markets as affordable “luxury", serving as a positive factor throughout the jewellery industry chain, Lin said.

China's current producing technology, capacity and market demand provide a solid foundation for the development of the LGD industry. The Forum invited representatives of major LGD producers from mainland China for a panel, including Huanghe Whirlwind, Sino Crystal, Liliang Diamond, Chaoran Diamond, Jinan Diamond and Crysdiam. Several producers pointed out that China's LGD is in short supply at present, as the output is relatively constant, but the market demand fluctuates greatly. They hope certain platform such as GZDE could help coordinate the supply and demand. Sino Crystal has launched its own retail brands of LGD jewellery to educate the consumers. International Gemological Institute (IGI) also shared its criteria for LGD grading as an independent laboratory. All sectors are working together to promote a healthy development of the LGD industry.

At the forum, GZDE signed strategic cooperation agreements with China’s major LGD suppliers, designer associations and cross-border application partners, to jointly develop and promote commercial applications of LGD. 

analyt_30042019_2.pngGZDE organized the first exhibition group of LGD in mainland China during the Shenzhen Jewellery Fair from April 19 - 22. The group, consisting of LGD producers, wholesalers, jewellery retailers and equipment suppliers from China, has attracted very large attention at the Shenzhen Jewellery Fair.

analyt_30042019_3.png                UBM, organizer of the Shenzhen Jewellery Fair awarded the Best Partner Award to GZDE


How would the LGD industry develop?

As Zhu Yongsheng, chairman of GZDE mentioned, the vitality of new products lies in extensive application and effective supply. The high-tech genes of LGDs, the ability of stable supply, and its outstanding appearance same as natural diamonds have opened a window for this new material. In addition to the innovation application in jewellery through creative design, it could seek for cross border development with other industries.

The magics of the LGD, is to be discovered.