The Future of Diamonds Being Changed by Israeli Innovation

The Future of Diamonds Being Changed by Israeli Innovation

In recent news, it has been revealed that the State of Israel is all set to revamp its diamond industry and bring back the good old days. The country is now making strides in innovation in the industry with diamonds grown in labs, streamlined payments, as well as 3D scanning technology to create various diamond cuts.The local diamond industry in the Jewish state had been a long-time center for cutting and polishing diamonds for countries across the globe. However, the pandemic hit, and the industry had to cut back on production, as well as innovation. But now, the resilience of the newly made trading partners, along with out-of-the-box innovative solutions, the exports of rough and polished diamonds are on the rise.

According to Ophir Gore, the Director of the Diamond, Gemstones, Jewelry Administration of the Ministry of Economy and Industry, and Diamond Controller, the year 2020 was not a good one for diamonds. However, he was pleased that in the year 2021, the diamond exports were significantly higher than that of 2020, as well as 2019.In the words of the VP of Business Development employed at Lusix, the Israeli diamond industry will soon be back on its feet. Lusix, which is based in Rehovot, is the main producer of diamonds in its labs. It is the company that boosted the trend of firms growing diamonds in their very own labs. On the other hand, mined production of diamonds still outgrows the lab-grown sector.

But the latter is growing no less than six to seven million carats diamonds of jewelry-grade. This was the figure for production in the year 2020 alone, when rough diamonds were mass-produced in labs across the country. Kahn went on to say how the company has specific chambers, designed especially to be filled with rich carbon gasses and heated up to around 3,000 degrees, which is loosely the temperature of the sun. He added that this heating is what enables the production of diamonds grown in labs, and ensures that the result is chemically, optically, structurally, and physically identical to that of a mined diamond. As of now, there are a large number of lab-grown diamond corporations across the globe that are changing the face of the diamond industry.

They are moving towards a more eco-friendly, transparent, and sustainable sector. The founder of Lusix and the head of the Landa Group, Benny Landa, talked about how consumers these days are interested in knowing where the products they buy originate from. He said that through this information, customers are able to assess the impact of such products on the community and the environment. Consequently, he added that the rough diamonds being produced by Lusix were certified under the Sustainability Rated Diamond Standard, which deemed them to be global sustainability-rated products. Reports have further revealed that younger customers are keen to purchase diamonds however, they rank sustainability as one of their top priorities when purchasing jewelry. Thus, corporations in Israel are hoping to set higher standards for themselves when it comes to protecting the environment.

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