Two points just FYI in thinking about the sudden shift to synthetic diamonds from natural stones:

• Scale: I'm aware of one company that operates over 700 CVD systems that each make 25 stones/run - there are at least 3 others of similar volume;

• Cost: the variable cost of making a 1ct finished brilliant (D-E,F-VVSI) is <$30US. Obviously, that cost is for ex-US production. See, for example, the recent demise of de Beers' Lightbox growth center in Oregon.

Naturals simply can't compete. They are forming a completely separate market involving a much smaller, extremely wealthy clientele.

The business case for synthetics is deteriorating as production costs bottom out and margins decline in an ongoing race to the bottom.