China, a major consumer of mined diamonds, now has a realistic chance of becoming a supplier of man-made gems and shaping the industry, analysts say.
Unlike naturally occurring diamonds, which form over the course of billions of years, synthetic diamonds are made in a matter of weeks.
Chinese companies have mastered the technologies to manufacture them en masse within a short period of time. The products are practically indistinguishable from those mined from earth.
China has been producing well over 10 billion carats of diamonds annually for almost a decade, according to the country’s industry estimates. Most of the products have gone to industrial use such as in abrasives. They were provided for aeronautics, oil rigs and electronic chips.
As competition intensified and technology matured, Chinese companies have shifted from abrasives to jewelry.
This was a bone-headed move. Great Britain needs a trade deal with China to help it through a no-deal BREXIT. What was Gavin thinking?