Rosy Blue denies selling undisclosed synthetics

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Rosy Blue denies selling undisclosed synthetics

June 15, 2007

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Antwerp—Sightholder Rosy Blue has issued a statement denying industry rumors that it has been knowingly mixing lab-grown diamonds with natural diamonds and selling them without disclosure.

"We would like to state for the record that we are neither buying nor distributing laboratory-grown diamonds. It is categorically false that we are knowingly mixing laboratory-grown diamonds with natural diamonds and selling them on as parcels consisting entirely of natural diamonds," the company said in the statement.

Rosy Blue went on to say that it was a founding member of the Council for Responsible Jewellery Practices (CRJP), and as a sightholder, adheres to the Diamond Trading Company's Best Practice Principles and the Rio Tinto Diamonds' Business Excellence Model. The company noted that responsible behavior and maintaining consumer confidence are among its top priorities.

"The Rosy Blue Group, as a premier diamond company, was built on trust and integrity. Integrity is and always will be a fundamental Rosy Blue principle. We make all necessary product-related disclosure at all times," the company said.

Furthermore, Rosy Blue stated that it will take action—including lawsuits—to deal with "unfounded, deceitful, disparaging and malicious allegations" that could misrepresent its products or undermine consumer confidence.

Rosy Blue CEO Dilip Mehta told Rapaport News that the rumors started in India.

"Subsequently, people have added spice to it, saying that we are buying synthetic diamonds, manufacturing them and mixing them with our product," Mehta said.

Mehta told Rapaport that the rumors had been swirling for about four to six weeks before the company decided to take action. He stressed that the company does not buy synthetic diamonds. "So, if you start at the origin, it's all about natural diamonds, and that is what we keep to," he said.

Mehta added, however, that the market was vulnerable to companies mixing lab-grown diamonds with natural product, especially with small, fancy yellow stones.

"The rumor has been out there for the past two-to-three years that there have been products with a mixture of natural and synthetic diamonds," he told Rapaport. "Some of the labs have seen it. I'm not aware of how widespread it is, but there has been a constant concern about very small yellow diamonds coming from unknown sources."

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