Grown Diamond Trade Organization Launches to Support Lab-Grown Diamond Industry
A new trade body aimed at promoting lab-grown diamonds has been launched: The Grown Diamond Trade Organization (GDTO).
With a purview of supporting and transforming the lab-grown diamond sector, GTFO aims to address key industry concerns and offer new resources for stakeholders.
“It’s time for lab-grown diamonds to have its own ecosystem,” stated Marty Hurwitz, GDTO’s executive director. “The consumer’s voice is loud and clear; we must organize to meet the growing demand and proudly differentiate from the traditional mined diamond institutions.”
Addressing Certification Costs
The GDTO is responding to industry-wide concerns about the high costs associated with traditional diamond reports, which are particularly burdensome for lab-grown diamonds. The organization has introduced the GDTO Jewelry Reports, a new certification available exclusively to members. These reports are designed to be both reliable and cost-effective, covering not only the traditional 4Cs (carat, cut, clarity, and colour) but also the entire finished piece of jewellery. Additionally, GDTO is introducing a Sustainability Rating to provide transparency regarding the jewellery’s origins and production conditions.
“Lab Grown Diamonds are manufactured to strict standards and should be graded accordingly,” adds Marty Hurwitz. “Lab Grown Diamonds are grown to strict tolerances with multiple quality control steps throughout. Sending a grown diamond to a laboratory to verify the quality after it’s produced is akin to re-opening and tasting every bottle of wine after it’s corked. It simply doesn’t make sense.”
Advisory Board
The GDTO’s mission is backed by an advisory board comprising senior executives from across the lab-grown diamond supply chain. The board includes:
- Mehul Vaghani, CEO of Kira Jewels
- Lani Nguyen, president of Valentina Designs
- Suhel Kothari, president of Renaissance Global
- David Sherwood, CEO of Daniel’s Jewelers
- Dan Schneider, president of Pure Grown Diamonds
- Irene Hsieh, CEO of Joy Colori
- Bob Golden, president of Allure Gems
- Roger Kylberg, Co-CEO of 2DOT4
Retailer Support and Industry Initiatives
GDTO aims to support retailer members through various initiatives including a co-op advertising fund, sales associate training materials, consumer and trade PR support, vendor matching, government lobbying, and assistance with capital raising. Additionally, GDTO is planning to host a trade show dedicated to lab-grown diamonds, creating a platform for networking and showcasing innovations within the industry.
For more information about GDTO and membership opportunities, visit the GDTO website.