With the increasing availability of synthetic diamonds, natural diamond retailers are seeking market restrictions over their competitors. The English jewelry company De Beers aided the launch of a trade association with other natural diamond producers in order to market the attraction of the natural diamonds over their substitutes, synthetic diamonds. The association also worked to create a faster and cheaper detector to screen small the synthetic diamonds that were previously not worth using expensive technology on. This will aid jewelry makers and retailers in determining the source of the diamonds they are being sold. These first steps signify the beginning of a struggle for control over the diamond market.
While they have not yet created government policy, the likely next step for the trade association is to lobby the government for regulations. This policy could be framed as public interest, protecting consumers from unknowingly purchasing man-made diamonds when they wanted natural diamonds or protecting consumers from being overcharged for diamonds that have a lesser market value. In reality, this regulation would restrict market competition and aid the natural diamond retailers the most, raising prices and increasing profit. According to Stigler, the industry will buy the regulation from the government, by means of both money and votes. Is the population of diamond miners and jewelry makers large enough to influence representatives or will the synthetic diamond makers have a greater influence?
