Surat industry calls Antwerp's 5-euro LGDs a ‘desperate move'
Surat: As the global natural diamond trade has begun to show signs of stability and trade bodies worldwide are putting extra efforts into pushing it through to recovery, competition between natural and lab-grown diamonds has heated up in Antwerp, the world's diamond trading hub.
The leading diamond trade body, Antwerp World Diamond Centre (AWDC), which represents 1,470 Belgian diamond companies, last week launched a campaign, 'We Protect A Legacy'. Through this campaign, AWDC emphasizes Antwerp's role as the world's trading centre for natural diamonds and aims to raise public awareness about the differences between natural and synthetic diamonds.
The campaign was launched in Antwerp's Stadsfeestzaal with a striking public stunt in which passersby could go to a gumball machine and get a synthetic diamond for five euros.
"This symbolic act highlights the stark contrast in value between synthetic and natural diamonds," a statement from AWDC said.
Meanwhile, Indian gems and jewellery trade leaders called this a desperate attempt, saying both products are equally important to the jewellery industry.
"With a rich history of 580 years, the natural diamond trade is deeply embedded in the DNA of Antwerp. The campaign explicitly reinforces the city's role as a natural diamond hub — particularly in response to the growing popularity of synthetic diamonds and increasing consumer confusion about the difference," the AWDC said.
"We're claiming this position openly and with full conviction," says Isidore Mörsel, president of AWDC.
"Natural diamonds have been at the core of our existence for centuries. In the past five years, synthetic diamonds represented a negligible 0.6% of our total trade value. Moreover, Belgium is the first country in the world to protect consumers through a royal decree. Since 2023, jewellers are legally required to disclose whether a diamond is natural or synthetic before a purchase takes place."
Former chairman of the Gem and Jewellery Export Promotion Council (GJEPC), Vipul Shah, said, "Natural and LGDs both have their dedicated markets, and both are going to survive. They are not in competition but complement each other."
Shah is a leading natural diamond manufacturer and calls both products important for Indian gem and jewellery manufacturers.
"The gumball machine was put in a public place where people, out of curiosity, went to check.
There were posters informing people about LGDs and natural diamonds," said a diamond businessman who visited the spot.
Smit Patel, convener of the LGD committee in GJEPC, said, "The move to demote LGD in an attempt to promote natural diamond is out of desperation. LGDs have a different consumer class and as a manufacturer, it is a product that generates employment and business here."
LGD traders from Diamond City are busy fulfilling orders from all over the world. "LGDs are becoming popular fast all over the world and have huge demand. LGDs are equally important for our diamond manufacturing industries, and we are focusing on giving the best products to the world," said Haresh Narola, vice-president of the Surat LGD Association.
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