In a noteworthy development, the French Ministry of Economy and Finance has made a decisive move to standardise the terminology used for lab-grown diamonds. Effective immediately, the official term for such diamonds in France will be “synthetic,” as opposed to previously used terms like “lab-grown” or “cultivated.” The World Federation of Diamond Bourses (WFDB) has welcomed this decision, seeing it as a significant step in affirming the inherent value of natural diamonds and boosting consumer confidence.
The decision by the French government to mandate the use of the term “synthetic” for non-natural diamonds is aimed at creating clarity in the market. The move discontinues the use of various terms that have been previously employed, providing a standardised nomenclature for diamonds produced through processes other than natural formation.
Yoram Dvash, President of the WFDB, has praised the decision, highlighting its importance in reinforcing the unique value proposition of natural diamonds. By endorsing the use of “synthetic,” the French government aims to eliminate ambiguity and ensure consumers can make informed choices based on clear terminology.
The WFDB, representing 27 major diamond bourses globally, has been actively supporting the natural diamond industry. This includes expressing appreciation for De Beers’ marketing efforts before the 2023 Christmas holiday, as well as establishing a partnership with the Natural Diamond Council (NDC).
In collaboration with the NDC, the WFDB is taking steps to bolster the natural diamond sector. The partnership involves an initial financial investment and joint efforts to explore effective ways of communicating the values of natural diamonds to a broader audience. The WFDB, through its extensive network, aims to reach consumers directly and enhance awareness of the unique qualities associated with natural diamonds.
As the French government sets a new standard for the terminology surrounding lab-grown diamonds, the WFDB’s support reinforces the significance of this decision in promoting transparency and consumer confidence. The collaboration with the NDC further underscores a commitment to fostering the growth of the natural diamond industry on a global scale.
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