Natural Diamond Council, the authoritative resource on natural diamonds, has released its 2023 analytical report entitled, Diamond Facts: Addressing myths and misconceptions about the diamond industry. Through this report, the Natural Diamond Council (NDC) has set out to address misinformation about both natural diamonds and their synthetic counterparts.
Laboratory-grown diamonds can be detected using professional verification instruments and mass-produced in just a few weeks. They replicate the natural diamond creation process, which requires a mass amount of electricity from the national grid. Over 60% of laboratory-grown diamonds are mass-produced in China and India, where 63% and 74% of grid electricity comes from coal. Natural diamond formation is a rare and finite natural resource, with global recovery declining by over 30% in the last 16 years.
Ethical sourcing is a priority for the industry, which helps protect biodiversity. In Canada, the natural diamond industry contributes to 24% of total GDP, with $17 billion going towards NWT businesses and $7.5 billion to Indigenous owned NWT businesses. David Kellie, CEO of the NDC said “At the Natural Diamond Council, we want to support consumers in taking informed decisions by providing information transparently.”
