Moscow: Yuri Trutnev, Russia’s Deputy Prime Minister and Presidential Envoy to the Far Eastern Federal District urged ALROSA to engage in the production of synthetic diamonds.Trutnev was quoted by TASS as saying that abstaining from the participation in the production of synthetics is not very far-sighted, since synthetic goods have occupied a fairly large stake of the market.
Speaking at the Russia – Africa economic forum that ended yesterday, he also said that the lab-grown diamonds affected the state of the market itself, as there was a cheaper alternative to an expensive and valuable natural product. He suggested following the example of the diamond company De Beers, which created its own LGD brand, Lightbox in order to divide the markets.
“If we could jointly advance a decision on mandatory labeling of artificial stones, then we could divide these markets and protect the business,” Yury Trutnev said.
Speaking at the Russia – Africa economic forum that ended yesterday, he also said that the lab-grown diamonds affected the state of the market itself, as there was a cheaper alternative to an expensive and valuable natural product. He suggested following the example of the diamond company De Beers, which created its own LGD brand, Lightbox in order to divide the markets.
“If we could jointly advance a decision on mandatory labeling of artificial stones, then we could divide these markets and protect the business,” Yury Trutnev said.
However, RBC points out that Russia’s ALROSA has already reported that it does not intend to enter the synthetics market, though the company is aware of the latest trends and technologies for the cultivation and processing of lab-grown stones.
