9-4-2019
Diamond Producers Association (DPA) sides with the Federal Trade Commission (FTC) of the United States against misleading online advertisement of eight synthetic diamond companies.
FTC issued warning letters to eight synthetic diamonds companies that their advertisements violate FTC’s guidance for marketing claims and 10 days were given for revision. “It is now crystal clear that synthetic diamond manufacturers cannot use the word diamond without qualifying it with an unambiguous descriptor about the manufactured origin immediately before the word diamond,” DPA said in a statement. FTC’s warning serves as a clear declaration that misrepresentation is not tolerated and a step forward to transparency and consumer protection.
As the market value gap keeps growing, DPA is optimistic about a more “discipline and transparency in the market of laboratory-grown diamonds” in the future after the FTC clarification.
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