A Growing Industry: Henan keeps investing in lab-grown diamonds

Now we turn to China. Henan Province is well known for its manufacturing of lab-grown diamonds. The 2023 Diamond Industry Conference is underway in its capital of Zhengzhou. Xia Ruixue reports.

"Diamonds are forever." These words have made diamonds an enduring symbol of love and commitment, which allures people to buy the sparkling and mystical gemstones.

A three-day diamond exhibition in Zhengzhou, central China's Henan Province on Wednesday drew a significant number of locals.

They're all lab-grown diamonds. And their prices are way much cheaper than the natural ones.

While natural diamonds take millions of years to form, lab-grown diamonds can be cultivated in just three weeks. They share the same composition and exhibit similar physical, chemical, and optical properties as natural diamonds. In fact, some lab-grown diamonds even boast superior clarity.

Cheaper and more accessible, these are making lab-grown diamonds a popular alternative to natural ones.

GAO HUA Manager, Henan SFD Super Hard Material CO.,Ltd "Today, most people choose to buy natural diamonds. But we can see that the lab-grown diamonds are shaking up the industry. Their popularity continues to surge, especially in the U.S."

LIU YANGYANG Manager, Deino Diamond "It's a very busy morning. It is bustling with a lot of people attempting to purchase the diamonds. Our purpose for attending this exhibition is to increase the understanding of lab-grown diamonds."

China produces half of the world's lab-grown diamonds, with 80 percent being made in Henan Province.

The province has more than 200 companies that produce super-hard materials. They are commonly used for cutting tools in high-end manufacturing industries. Lab-grown diamond jewelry is just one small part of their products.

Experts predict that in the future, the lab-grown diamond will increasingly be utilized in cutting-edge technologies such as computer chips, satellites, and even 5G base stations, according to the 2023 Diamond Industry Conference in Zhengzhou on Wednesday. Xia Ruixue, CGTN, Zhengzhou, Henan Province.