Synthetic (man made/fake) diamonds produced by CVD (Chemical Vapor Deposition) have been around for a while. There are companies making them and selling the finished diamonds on the market but the demand for them is quite small.
When our diamond buyers are making a purchase there are a number of diamond type(s) that we do not purchase. Among the items we do not purchase are treated diamonds. Synthetic diamonds are also something we would have no interest in purchasing.
All synthetic diamonds must legally be sold with full disclosure, stating that they are not natural. However, when there is money to be made the crooks come out of the woodwork.
A batch of hundreds of CVD diamonds recently showed up at the IGI (International Gemological Institute) in both Antwerp and Mumbai for certification as natural diamond. The IGI caught that the diamonds were not natural, however it is raising concern that a larger volume of these fake diamonds may have already entered the market.
A polished diamond dealer who sent the diamonds for certification claimed he bought the diamonds as natural from another dealer.
The IGI issued an alert which has been sent to dealers and diamond labs worldwide in attempt to keep the industry informed.
Debeers has also alerted their customers (sightholders) that it is aware of three recent instances of undisclosed CVD diamonds being sent to grading labs as well. Debeers (Diamond Trading Company) has also issued a statement.
Synthetic diamonds entering the market without disclosure is certainly bad for the industry as a whole.