China’s Production of “Eternal Gold” in Seven Days Takes Global Market by Storm
From a symbol of scarcity and eternity, the diamond has now become an industrial product labeled with efficiency, thanks to Chinese laboratories. China’s transformation of this precious gemstone has forever changed the world of jewelry and beyond.
From Gemstone to Mass-Produced Product
Seventy percent of synthetic diamonds used in jewelry today come from China, particularly from the province of Henan. Companies like Jiaruifu, led by Feng Canjun, can produce diamonds with the same size as traditional engagement rings in just seven days, albeit in a laboratory setting.
But the distinction between natural and synthetic diamonds is becoming increasingly blurred. According to the Grown Diamond Trade Organisation, synthetic diamonds are now in serious competition with natural diamonds for the first time. As a result, prices of traditional diamonds have plummeted, and in the United States, over half of engagement rings now feature synthetic stones.
Technology and Geopolitics: The Chinese Cocktail
The story began over half a century ago when China’s split from the USSR prompted the country to develop its own diamond industry. Today, this endeavor has evolved into an efficient model combining advanced technologies like the CVD method with global strategies. While diamond cutting is outsourced to India and transportation goes through Dubai, the Chinese label remains prominent. Some companies, such as Huanghe Whirlwind, have even integrated solar energy into the manufacturing process, resulting in “green” diamonds with minimal carbon footprint.
Luxury Changing Hands
As giants like De Beers struggle with unsold inventories worth $2 billion and shutter divisions like Lightbox, Chinese brands are on the rise. Backed by state support, Henan has set a minimum price per carat and penalizes unfair competition, mirroring actions taken in the electric car sector.
The New Symbol of (Affordable) Luxury
China has not only made diamonds more accessible but has also reshaped the rules of luxury. What was once associated with exclusivity and eternity can now be mass-produced at a low cost, with an increasingly sustainable image. For many consumers, this isn’t a problem but a desired revolution.
