Ever shopped for finest quality diamonds? If yes, you know how much you have to empty your pocket. Additionally, if they’re mined gemstones, they can be extremely expensive.
That’s where lab created diamonds come in the picture. With prices at least 40 to 50% lesser than mined diamonds, an increasing number of consumers are choosing lab diamonds.
Besides, grown diamonds boast of many more positives—they are sustainable, environment-friendly, far from harm to humans or animals, among others.
Most diamond merchants and jewelry designers are turning to lab diamonds. And for good reason. Let’s look at why consumers are choosing lab grown diamonds.
What are lab made diamonds?
Lab diamonds are man-made diamonds that are as real as natural mined diamonds. Lab diamonds are created by simulating the same chemical processes that lead to the creation of natural diamonds beneath the surface of the earth.
Grown diamonds are created via two processes: CVD (Chemical Vapor Deposition) and HPHT (High Pressure High Temperature). Both these processes replicate the exact diamond creation process that occurs under the Earth.
Are lab grown diamonds equal in quality to natural mined diamonds?
The answer is a definite yes!
To begin with, both lab diamonds and mined diamonds are real. Both are created by the same process and have the same chemical and physical properties.
That said, lab grown diamonds have more positives than mined diamonds. Grown diamonds are cheaper by at least 50%.
The price difference is a huge advantage, because it means you can buy a much bigger and better diamond for the same price.
For example, 2 carat natural diamonds are extremely rare, but you can find a wide range of options for 2 carat lab grown diamonds. From the color to the cut to the polish—you can customize a 2 carat diamond in labs.
As lab diamonds are created in controlled laboratories, they are more flawless than natural diamonds. This makes them desirable and valuable. For example, you can get customized diamonds created in the lab, where you can choose the color, carat, etc.
Here are some of the key factors driving this trend:
Cost-Effective- Lab-grown diamonds are typically more affordable than their natural counterparts. This cost advantage makes them an attractive option for budget-conscious consumers who want a beautiful and durable gemstone without the high price tag. To put things in perspective, you can buy the best lab grown diamonds for the price of the lowest quality mined diamonds.
Ethical and Environmental Concerns- Many consumers are concerned about the ethical and environmental implications of traditional diamond mining. Lab-grown diamonds are often viewed as a more ethical and sustainable choice because they are not associated with the negative environmental and human rights issues sometimes linked to diamond mining in certain regions.
Transparency- The lab-grown diamond industry has made strides in providing transparency about the origin and quality of their diamonds. Consumers can often trace the source of a lab-grown diamond and have confidence in its ethical and environmental attributes.
Quality and Purity- Lab-grown diamonds can be produced with fewer impurities and defects compared to natural diamonds. This can result in stones with exceptional clarity, color, and brilliance, appealing to consumers who prioritize these characteristics.
Customization- Lab-grown diamonds can be created in various shapes, sizes, and colors, allowing consumers to have more customization options for their jewelry. This flexibility appeals to those seeking unique and personalized pieces.
Technological Advancements- Advances in diamond-growing technology have improved the quality and size of lab-grown diamonds over the years. This has boosted consumer confidence in their durability and longevity.
Conflict-Free- Lab-grown diamonds are inherently conflict-free because they are not mined in conflict zones, eliminating concerns about purchasing "blood diamonds."
Millennial and Gen Z Preferences- Younger generations tend to prioritize sustainability and ethical considerations when making purchasing decisions. Lab-grown diamonds align with these values, making them more appealing to millennials and Gen Z consumers.
Rising Awareness- As awareness of lab-grown diamonds continues to grow, more consumers are becoming informed about the advantages they offer. This increased knowledge encourages people to consider lab-grown diamonds as a viable alternative to natural diamonds.
Lab grown diamonds status quo
The global lab grown diamonds market is projected to reach $49.9 billion by 2030. It was valued at $19.3 billion in 2020. (Source- https://www.prnewswire.com/news-releases/global-lab-grown-diamonds-market-projected-to-reach-49-9-billion-by-2030--301707878.html)
The man-made diamonds segment is growing at an annual growth rate of 15 to 20%. (Source- https://www.livemint.com/news/india/india-to-become-largest-market-for-lab-grown-diamonds-in-future-here-s-what-report-says-11666396267567.html)
Statistical studies of lab diamonds markets consider the type of manufacturing method (CVD or HPHT), size, nature, application of lab diamonds, and region.
79% of consumers are aware of grown diamonds and their use in fine jewelry. (Source- https://instoremag.com/landmark-study-identifies-consumer-understanding-and-preferences-for-lab-grown-diamonds/)
83% of consumers in a survey said they would consider buying fashion jewelry made of lab diamonds. (Source- https://instoremag.com/landmark-study-identifies-consumer-understanding-and-preferences-for-lab-grown-diamonds/)
The percentage of consumers who’d be okay to buy a lab-grown diamond engagement ring was 65%. (Source- https://instoremag.com/landmark-study-identifies-consumer-understanding-and-preferences-for-lab-grown-diamonds/)
How to buy lab grown diamonds?
Know the 4 Cs: When choosing diamonds, it’s critical to understand the basics of the 4 Cs – color, cut, clarity, and carat. The 4 Cs are the global standard for assessing the quality of diamonds, whether mined or lab grown.
Decide on the lab made diamond shape- Lab-grown diamonds are available in many shapes, but which one do you like? Do you like the emerald shape of the classic round cut? To choose the best diamond for your engagement ring, you’ll first have to zero-in on the shape of the diamond.
Buy diamonds that come with grading certificates- this is an authentication certification that tells you the origin and details of your diamonds. GIA and IGI are reliable entities that provide diamond grading certifications.
Choose the right diamond retailer- There are several online grown diamond merchants, but you must go with the one that is reliable. Look up their website, check their certifications, read customer reviews, and then make your purchase decision.
Over to you
So now that you know the most important information about man-made diamonds, are you ready to make informed choices when buying lab grown diamonds?
If you still need help choosing the best lab created diamonds, read articles and guides that give you more information—from the color to the cut, carat to clarity, you can find a guide about every factor you must consider when buying diamonds.
