Wealth Matters: A Battle Over Diamonds: Made by Nature or in a Lab? [The New York Times]
General Electric Company (GE)
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Source: The New York Times
“Grown” diamonds — a term the Diamond Producers Association disputes as misleading — cost consumers 30 to 40 percent less than natural diamonds. Not surprisingly, companies like De Beers, Rio Tinto and other members of the Diamond Producers Association have cried foul, saying lab diamonds are inauthentic. The manufacturers of synthetic diamonds, on the other hand, are promoting the environmental benefits of their process, hoping to attract millennials more concerned about being green and saving money than embracing the tag line “a diamond is forever.” But it may turn out that the buyers of these synthetic diamonds, particularly those trying to get more diamond for less money, may lose out in the end. Let’s start with how synthetic diamonds are made. The process can be completed in as little as three months. There are two approaches. One simulates the crushing force of the earth by applying high temperature and high pressure to dissolve carbon into a diamond seed. The other is
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