صدى البلد البلد سبورت قناة صدى البلد صدى البلد جامعات صدى البلد عقارات
Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Gold Division: Lab-grown Diamonds Can't Replace Natural Diamonds


Thu 11 Jul 2024 | 03:20 PM
loose diamonds next to a 10x  magnifier glass
loose diamonds next to a 10x magnifier glass
Walid Farouk - Ahmed Emam

Lotfi El-Mounib, Vice President of the Gold and Jewelry Division at the General Federation of Chambers of Commerce, clarified that the Division's recent statement on lab-grown diamonds is not a directive to switch from natural diamonds to artificially created ones, but rather an alternative option for those interested in exploring new possibilities in the market.

El-Mounib emphasized that the Division's statement is not intended as a marketing strategy, but rather as an informative update on the future projections and trends related to "Lab Grown Diamonds," including the anticipated rise in production and consumption levels. This falls within the Division's mandate to monitor and analyze changes in the precious metals market and beyond.

He highlighted that natural diamonds will continue to hold significant value as a form of investment, alongside gold and silver. Al-Munib noted that the average price of lab-created diamonds currently stands at 40% of their natural counterparts, with expectations of further price reductions as commercial production scales up due to the growing number of factories and countries involved in their manufacturing.

The Deputy Head of the Gold Division underscored the enduring appeal of natural diamonds, gold, and silver as reliable assets for wealth preservation, citing their historical scarcity, the challenges of mining, and the limited supply from nature.

He also mentioned the importance of IGI certificates for "lab-grown diamonds," which provide detailed information on weight, color, and purity, while cautioning buyers that these certificates do not guarantee future resale values. 

It's worth mentioning that the Gold and Jewelry Division had released a statement regarding the purchase of "Laboratory Diamond" at a competitive percentage of the overall diamond sales in global markets, sparking debate and inquiries within the Egyptian market about the division's announcement.