Lab-grown diamond market expanding
Global Business
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2m 38s
They say diamonds are a girls’ best friend – but does it matter if they were created over millions of years underground – or if they were grown in a lab in just a few weeks? According to analyst Paul Ziminsky, the market for jewelry made with lab grown diamonds is growing by 22 percent a year to over $5 billion in the next four years, and to almost $15 billion by 2035.
Right now, three countries – China, India and Singapore – produce the majority of all lab grown diamonds. Gem quality stones are often marketed as ethical and environmentally sound – but the FTC is discouraging terms like “eco-friendly” or “sustainable”, because they’re too general and hard to substantiate.
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