Search for ‘lab grown diamond sales’ on the internet and you’d be amazed to see the number of reports that suggest surging sales of lab diamonds. And it’s true!
In 2020, the global lab grown market size was valued at $19.3 billion. By 2030, it is projected to reach $49.9 billion. Source- https://www.alliedmarketresearch.com/lab-grown-diamonds-market-A13694
Currently, India contributes 15% to the global production of lab-grown diamonds. According to industry officials, it may turn into a global hub very soon.
According to CNN Business, lab-grown diamond jewelry sales are surging.
Independent diamond industry analyst Edahn Golan confirmed the increase. March data showed the number of sold engagement rings with a lab-grown diamond rose by 63% compared to last year, while the sales of engagement rings with a natural diamond declined by 25% in the same period.
Independent diamond industry analyst Edahn Golan confirmed the increase. March data showed the number of sold engagement rings with a lab-grown diamond rose by 63% compared to last year, while the sales of engagement rings with a natural diamond declined by 25% in the same period.
But why is lab created diamond sales on the rise? Why are customers choosing man-made diamonds over mined gems? That’s what we’ll find out in this article.
Reasons why lab grown diamonds are a popular choice
The price tag of lab diamonds is attractive
One of the most common reasons more customers are buying manufactured diamonds compared to natural diamonds, is the price. Lab diamonds are at least 40% to 50% cheaper. For example, people can buy an engagement ring with a much bigger diamond at the similar price they’d pay for a mined diamond.
Those buying engagement rings are typically young and hence are on a budget, hence, lab grown diamond rings are a better option for these buyers.
Lab grown diamonds are a conscious choice
Man made diamonds are a good choice because there are a lot of positives attached to them. For starters, they are ethically created unlike mined diamonds that are associated with conflict, war, and illegal activities.
Lab diamonds do not cause harm to the environment as they are produced in controlled environments inside laboratories. Lab grown diamonds, unlike mined diamonds, aren’t associated with illegal practices such as child labor or funding wars.
Consumers’s awareness about lab diamonds is growing
Unlike a few years ago, consumers are more aware about lab diamonds now. Moreover, they have accepted that lab diamonds are as real as mined diamonds and better in many ways. Today’s customers like to engage with brands, ask questions, and conduct research before buying diamonds. Lab grown diamond brands have been sharing knowledge and information with customers, which has helped enhance awareness about lab diamonds.
Major diamond brands are promoting grown diamonds
According to reports, currently, about 7% of the diamond jewelry market is represented by man- made diamonds—an increase from 3% in 2020. Source- https://edition.cnn.com/2022/04/27/business/diamonds-manmade-demand/index.html
Many big and small diamond brands are putting effort in taking grown diamonds mainstream. Many big brand names in the diamond industry are making a complete shift to lab grown diamonds and stopping the promotion of mined diamonds. These are big steps by brands to drive the growth of the lab created diamond industry.
Lab diamonds are given the same treatment as mined diamonds
Manufactured diamonds are real diamonds. They are made using the same scientific methods with which diamonds get created under the Earth. Once produced, lab diamonds are cut and polished in the same manner as mined diamonds.
Moreover, lab diamonds are graded for quality on the same standards as mined diamonds and are given a certification of authentication. This has built immense confidence in customers.
Sanctions on Russian Diamonds
Another factor to consider is the anticipated ramping up of sanctions against Russian diamonds by the USA. By May 2023, US lawmakers closed the “substantial conversion” loophole that allowed Russian diamonds processed in a third country, like India, and then be exported to the USA. This lacuna of Russian diamonds could lead to a significant gap in the diamond market that lab-grown diamonds may be able to fill.
Over to you
The use of lab grown diamonds in the creation of jewelry has increased drastically. Lots of companies are including lab grown diamond jewelry as a cost-effective alternative to naturally mined diamond jewelry. Lab grown diamonds are available in a myriad of sizes and shapes, which provide multiple avenues to use them effectively. Many companies such as IRIS, which is a well-renowned jewelry company, has completely transitioned over to lab grown diamonds from natural diamonds. Various jewelry companies and designers are collaborating with lab grown diamond manufacturers, especially in Europe, to create pieces of jewelry that are unique, stylish, and exclusive.
These pieces of jewelry are being displayed at fashion shows and are being endorsed by celebrities, which is leading to an increased demand for fashionable diamond jewelry, especially among the millennial population. Greater adoption of lab grown diamonds by the fashion jewelry industry propels the growth during the lab grown diamonds market forecast.
Most diamond connoisseurs are making a shift to lab grown diamonds. That’s because it’s the right choice to make the diamond industry sustainable and put an end to unethical practices in the industry.
If you’re looking for lab grown diamonds for sale or an engagement ring, a man-made diamond is your best choice at the moment. And they’re easy to find. You can buy lab diamonds from online retailers and wholesalers such as IRIS.
