The Natural Diamond Council reports an 83% price drop in 1.5-carat lab-grown diamonds since 2015, while natural diamonds maintain steady annual growth. Indian manufacturers increasingly adopt renewable energy and sustainable practices. The industry adheres to stringent ethical standards under the Kimberley Process. Opening a mine averages 10 years, emphasizing environmental and social considerations.

In its recently released Diamond Facts Report, the Natural Diamond Council has said that laboratory-grown diamond (LGD) prices have dropped significantly, with a 1.5-carat stone declining 83% since 2015. Natural diamonds, with prices influenced by rarity, have shown a long-term annual growth rate of 3% since 1970 and a 2% yearly increase in rough diamond prices since 2007, despite market fluctuation

The report said that the majority of its manufacturing partners in India are adopting renewable energy and implementing sustainable practices throughout their operations. Efforts include using solar and wind energy, achieving Net Zero goals, reforestation projects, and investments in biodiversity and water management to create lasting environmental benefits, the report said.

The diamond industry is heavily regulated under the Kimberley Process, established by the United Nations and the World Trade Organization, ensuring all rough diamond trade is conflict-free. A strong system of checks and balances, including audits of major industry players, upholds the importance of ethical sourcing.

The report added that it takes, on average, 10 years to open a mine. Having a closure plan is a prerequisite to opening a mine, in addition to social and environmental impact assessments which are audited, approved, and monitored by governments and local communities.

David Kellie, CEO of Natural Diamond Council said, “Natural diamonds are earth’s real treasures, exceptionally rare, responsibly sourced in a way that supports livelihoods and contributes to conservation efforts around the world."

Courtesy: ET