New Developments Shows Diamonds May Finally Be Ethical

Jewelry is a big business globally, and in Philippines its the same story. The recent opening of a Tiffany’s in Makati City is an indication of just how much Filipinos like their treasured trinkets. The diamond is the most expensive and treasured of all precious gems, but has suffered from clear ethical issues in its purchase – until now. Developments around the world have shown that market forces have pushed unethical diamond usage out and replaced it with a level of assurance.

Synthetic diamonds

One big reasons for the lessened reliance on blood diamonds is the rise of the synthetic diamonds. Grown in a laboratory, these gemstones were previously only good for industrial applications but are now indistinguishable from real diamonds to the naked eye. Furthermore, they are cheap and easily obtainable, with this trend only set to deepen as China prepares to flood the market with synthetic diamonds, according to a July report in the SCMP. Synthetic diamonds are a big driver behind diamonds, and particularly blood diamonds, becoming less popular.

Restricting production

Blood diamonds are so called due to their origin in countries undergoing conflict. Angola, Liberia, and Sierra Leone are all examples of countries that have had civil wars fueled by the illegal diamond trade. Between the Kimberley process and the up ticking of diamond production in better policed nations, this issue has been reversed. According to Geology.com, the top producers of diamonds are Russia, Botswana, Canada and Angola. All of these countries have an excellent or reasonable level of civil order that enable safe production of diamonds.

Ethical consumerism

Around the world, consumers are becoming more mindful of how their purchases impact the planet. Filipinos are no different, with a study produced by Business World noting the positive attitudes of Filipinos towards companies they perceive as socially aware. Jewelry benefits hugely from this market, with those choosing to find ethical purchases rewarded – and the amount of blood diamonds being traded reduced. As consumers continue to spend their money wisely, the likelihood that ethically dubious gemstones are traded will reduce exponentially, producing a better market for everyone.

Jewelry is great, but buying ethically can be difficult. Market forces are changing this, with synthetic and ethically produced diamonds taking center stage in global production. For lovers of diamonds in the Philippines, this can only be good news. Buy your diamonds with confidence that they have been produced safely.