synthetic diamonds taking off

Hey EDN punters,

i have been looking at this company for quite a while now, in fact have looked at quite a few diamond companies.. diamonds are still around $80B AUD industry still with strong demands.. years to come, australia may be close to a sole producer, or at least monopolise...

was going to take a position in the next couple of weeks but have recently researched more of companies like Gemesis (http://www.gemesis.com/GemesisDiamonds.aspx) which produce synthetic diamonds and now "manufacture" more than 3 times the amount per annum as are mined.

there are a few companies like Gemesis making coloured and clear diamonds about now.. the are even establishing a global 4C rating system for the synthetic diamonds which retail at around 1/4 cost of mined diamonds.

anyway, does anyone have any views whether these new diamonds will affect future cash flows / growth for diamond miners? I think they well, these products are not identical but i feel may fall well into the "giffen" goods category as people only buy them at special occassions but mostly think "bigger is better" and can get a 4 carat synthetic diamond for the price of a 1 carat mined diamond..

views appreciated as i am keen to hear what others think about EDN, and specifically, impacts that the synthetics may have..