The London Diamond Bourse praises the Advertising Standards Authority…

10 Apr The London Diamond Bourse praises the Advertising Standards Authority…

(ASA) for upholding the Natural Diamond Council’s complaint against SkyDiamond for misleading marketing and advertisement of synthetic diamonds

The London Diamond Bourse praises the Advertising Standards Authority (ASA) for upholding the Natural Diamond Council’s complaint against SkyDiamond for misleading marketing and advertisement of synthetic diamonds

FOR IMMEDIATE RELEASE

London, UK –10 April 2023 – The London Diamond Bourse applauds today’s ruling that the Advertising Standards Authority (ASA) has upheld a complaint raised by the Natural Diamond Council against SkyDiamond for misleading marketing and advertisement.

Skydiamond is a synthetic diamond manufacturer which also offers its own synthetic diamond product range of jewellery. Claims made by SkyDiamond in the advertising of their synthetic diamond products were concluded to be misleading and in breach of CAP Code (Edition 12) rules 3.1 and 3.3 (Misleading advertising), and 3.9 (Qualification).

The CAP Code states that marketing communications must not mislead the consumer by omitting material information. One of the key concerns is the labelling of products as “diamonds” without specifying that they are laboratory-grown. Without full disclosure, customers risk being misled into purchasing “diamonds” which are in fact synthetic diamonds.

The ASA told SkyDiamond not to use the terms “diamonds”, “diamonds made entirely from the sky” and “SkyDiamond” to describe their laboratory-created diamonds in isolation without a qualifier. Instead, recommending using the terms “synthetic”, “laboratory-grown” or “laboratory-created”, or another way of clearly and prominently conveying the same meaning to consumers. They are also told not to use the claim “real diamonds” to describe synthetic diamonds.

Alan Cohen, Co-President of the London Diamond Bourse says, “The London Diamond Bourse celebrates the ASA’s ruling that safeguards British consumers from misleading marketing of synthetic diamonds.

We have seen this misleading marketing and terminology for many years and hope the ASA ruling puts an end to this and for the future, we also hope the eco-friendliness claims are scrutinised too”.

David Troostwyk, Co-President of London Diamond Bourse, says “Synthetic diamond brands should be expected to clearly disclose the nature of their product. We have seen the price of synthetic diamonds decrease due to mass production with falling production costs. The price differential is significant and one that consumers may not appreciate unless sellers use clear terminology to distinguish the two very different products. A precedent has been set and we hope that this ruling will act as a warning to laboratory-grown diamond and Jewellery companies globally, to be more responsible and clearly define their product offerings, in their PR and Marketing, to be sure not to mislead consumers”.

The proliferation of synthetic diamonds into the British consumer market has gained momentum in recent years. However, there is still low awareness of the existence of synthetic diamonds among British consumers. A survey by Harris Interactive, commissioned by the Natural Diamond Council in February 2023, shows that 40.2% of 4,000 British consumers were not aware that synthetic diamonds exist.

In the UK there is an established Diamond Terminology Guideline protecting consumers from being misled. In 2020, the National Association of Jewellers raised the terminology to the status of Primary Authority Advice which is assured and recognised by Trading Standards in the UK market. This guideline is aligned with the ISO 18323 Standard (“Jewellery – Consumer confidence in the diamond industry”) and the CIBJO Diamond Blue Book.

MEDIA CONTACT

Alan Cohen David Troostwyk
Co-President Co-President
London Diamond Bourse London Diamond Bourse
+442074044022 +447968747949

president@londondiamondbourse.com president@londondiamondbourse.com

ABOUT THE LONDON DIAMOND BOURSE

About London Diamond Bourse:

The London Diamond Bourse is a prestigious and long-standing institution in the heart of London’s diamond district, Hatton Garden. Established in 1940, it serves as a trusted platform for trading diamonds, precious gemstones and jewellery.  A network of professionals aims to foster integrity, professionalism, and excellence within the industry. The LDB is committed to supporting the growth and development of individuals entering the diamond and jewellery trade, and our education programme is a testament to this dedication.