Until recently, the sole option for buyers of fine diamonds was mined stones. The supply and production of earth-mined diamonds were closely held by syndicates, which controlled the pricing model and gradually lost touch with consumers and their increasingly untapped desire for choice in the market.
Today, consumer choice in the form of lab-grown diamonds has emerged, along with recycled gold and other sustainable and ethically-sourced options. The finest diamonds in the world, Type IIA, can be found in only 2% of the diamonds mined from the earth, but Altr Created Diamonds produces about 150,000 carats of rough Type IIA diamonds in its 4.5-acre facilities each year.
In this brave new age of diamonds and fine jewelry, there is finally a David to face the mined-stone Goliath and provide a more diverse offering to consumers who are seeking to align their purchases with their ethics and lifestyles. Still, in the field of fine diamonds, it is critical to ensure transparency in their certification and quality.
The monolithic mined diamond companies work with longstanding certification agencies like the American Gem Society (AGS) and the Gemological Institute of America (GIA) to inspect each gem and ensure the consumer can be certain of the quality of the diamond they are receiving. They certify diamonds for cut, color, clarity and carat. The GIA also created the International Diamond Grading System, giving consumers insight into their diamond and its origin and quality.
Neither organization certified lab-grown diamonds — until recently. Worldwide agencies would only certify mined diamonds, which carry significant weight of environmental and ethical concerns. The AGS was the first such agency to begin certifying lab-grown diamonds, and in one of the most significant moves we have seen of late, the GIA announced that they would do the same.
A variety of different industries that have initiated steps towards transparency regarding their products’ origin, manufacturing and impact on the environment have seen dramatic and positive changes in their connection with consumers. Consider fair trade gold, fair trade coffee, recycled cotton and other products that have enhanced consumer confidence. This phenomenon has been even more significant with a product — fine jewelry — that is traditionally an expression of cherished moments in life and love.
When Altr came to market, we came to the consumer with the clear message that we wanted to offer choice and authenticity. Now, we and the lab-grown category are validated in our mission towards these values as the lab-grown category has been recognized and legitimized by all of the most respected certification agencies in the world. At this crossroads, the transparency and sustainability of the options available to consumers is, quite literally, the greatest since the diamond industry was founded centuries ago.
Thanks to a landmark decision from the Federal Trade Commission in 2018, which made it clear that both mined and lab-grown diamonds are diamonds (from both a scientific and optical standpoint), consumers can be confident that they are purchasing a diamond. With the final entry of the AGS and the GIA into certification for lab-grown diamonds, they can now receive the same certification for either mined or lab-grown. The playing field between David and Goliath has been leveled, and the consumer has an educated, legitimate choice in their purchase. They can choose mined diamonds or lab-grown, with full transparency into their gems’ origins, quality and ethical impact.
The entry of certification agencies into the lab-grown space cannot be overstated. From here on, the consumer can be fully informed. They can make a choice that dovetails with their personal preference of beauty, brilliance, value, ethics and alignment with values.
With the GIA announcing itself as the last certification agency to begin certifying lab-grown diamonds, this David-versus-Goliath industry dynamic has passed its tipping point. In this industry, as in many others, the consumer has indicated their demand for choice, as well as their desire for transparency, authenticity and the option for sustainability in their purchases.
Amish Shah, president of Altr Created Diamonds, was responsible for the merger of R&R Grosbard Inc. into R A Riam Group Inc., which includes Altr Created Diamonds. As a vertically-integrated diamond enterprise, Altr Created Diamonds creates the purest form of diamonds (Type IIA) known to man.
