Diamonds vs Diamonds
Steps to identify synthetic stones entering the natural diamond market were announced today by the Israel Diamond Exchange and the European Gemological Laboratory.
Both the Israel Diamond Exchange and the European Gemological Laboratory (EGL) have agreed this week to use hi-tech methods to ward off the infiltration of synthetic and treated stones entering the natural diamond market.
“The World Federation of Diamond Bourses determined that synthetic or treated diamonds need to be properly identified,” said Guy D. Benhamou, CEO and managing partner at EGL Israel. “In practice, however, there are suspicions that treated diamonds are found in the trade of natural diamonds, causing damage to the reputation and credibility of the industry.”
EGL is part of the world wide trend to boost consumer confidence and restoring credibility to the industry by making sure the difference between natural and synthetic diamonds is clearly known and labeled.
“Today everything is about ensuring consumer confidence. The consumer needs to be sure what kind of diamond they are buying,” said Avi Paz, president of the Israel Diamond Exchange.
EGL Israel, who issues two-thirds of the diamond certificates in Israel, launched the EGL SpectroGEM this week.
The SpectroGEM is the first innovative system available in Israel using advanced technology, to fully identify treated and synthetic stones. Investment in the development of the new system is expected to cost around $500,000 dollars.
“Today we cannot operate a proper and legitimate diamond market without the usage of technology in order to differentiate,” said Benhamou. “As treated diamonds and manufactured or synthetic diamonds are becoming more and more sophisticated, we need more and more advanced technology otherwise this market will collapse.”
“Under the terms of the cooperation with EGL, the Israel Diamond Exchange will be able to use the EGL SpectroGEM to clarify cases of differences of opinion over the identification of a diamond. A natural diamond loses in value if treatments such as color or clarity enhancements are detected.”
Use of the EGL SpectroGEM is expected to increase the volume of activity by 20 some percent, he stated.