Putin Backs Russia's Lab Grown Diamond Restrictions
November 08, 26
(IDEX Online) - Russian President Vladimir Putin has backed government restrictions on the sale and description of lab growns.
He said he agreed with finance minister Anton Siluanov that diamonds created by nature should remain the foundation of the industry.
"My opinion is closer to what our minister said: After all, what is created by nature is what forms the basis of this industry," Putin said, according to state news agency RIA Novosti.
"They tell me: Our products are no different from natural diamonds, they are no worse in appearance or quality, so they should cost the same," he said.
But he defended the restrictions introduced by the Russian government, saying: "Nevertheless, decisions are being made here that prohibit calling artificial diamonds in the literal sense of the word. After all, they are man-made."
His comments at the the Russia-Africa summit in Moscow, follow the introduction of new Russian regulations, effective September 1, requiring lab grown diamonds to be described as faceted synthetic diamonds.
The rules, set out in Government Resolution No. 657, also prohibit the use of the Russian word for brilliant, color and clarity grades, and terms including precious, genuine, natural, mined and eco-friendly when describing synthetic stones.
Retailers must state weights in grams rather than carats. The restrictions also apply to information supplied through advertising, websites and certificates, not just product labels.
The government says the measures are intended to protect consumers by ensuring they receive accurate information about the origin of the stones they are buying.
In September, the World Jewellery Confederation (CIBJO) voted to make synthetic the sole official descriptor for laboratory-grown diamonds and other man-made gemstones in its Blue Books, replacing lab grown and lab created.
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