Are lab-grown diamonds a passing fad in the jewelry industry or are they cementing their place in jewelry showcases for the foreseeable future? Trends in consumer purchasing behavior strongly suggest the latter.
Recent improvements in the technology to make these diamonds have allowed them to become a contender. In 2016, lab-grown diamonds only accounted for 1% of sales. Today that share of the market has doubled or even tripled, and sales aren’t slowing down.
There are many reasons these stones have become popular. Below are just a few of them:
They Are Great for The Ethical and Eco-Conscious Consumer
Lab-grown diamonds are great for the environment in a few ways. The resources needed to mine a diamond are astronomical when compared to what is needed for a lab-grown diamond. Mined diamonds require a large amount of energy and human capital to dig up the diamond. They also use a large amount of land which can hurt the local ecosystem.
Lab-grown diamonds, on the other hand, require a fraction of the energy used to mine diamonds and don’t damage local wildlife and land. Overall, created diamonds have a much smaller impact on the environment.
They are Easier on the Bank Account
Lab created diamonds can be anywhere from 20%-40% cheaper than mined diamonds. This is largely because these stones take fewer resources to grow. The decrease in manual labor, energy consumption and land use results in a smaller price tag per carat.
They are REAL Diamonds
A lot of people are drawn to lab-grown diamonds because they are real diamonds. There are other synthetic options in the market like moissanite or cubic zirconia. While these are great substitutes for some people, they are not the real thing! Lab-grown diamonds are 100% diamond. They have the same coloring, same sparkle and same brilliance of a mined diamond.
You Can Get You Lab-Grown Diamond Custom Made
You read that right. When you work with the right custom jeweler, you may have the opportunity to describe what you want in your stone and get in on the diamond growth from day 1. From conception to proposal, you can have input on what you want in a diamond, or even what it’s created from! How would you like to wear your wedding dress on your finger?
Notable Celebrities and Retailers are Jumping on Board
In July of this year, Bindi Irwin, daughter of the late Steve Irwin, got engaged to her boyfriend of six years. Her stunning ring features recycled rose gold and a 2-carat round cut diamond. Penelope Cruz has also made headlines when she launched her line of lab-grown diamond jewelry through luxury retailer, Swarovski. Even long-time industry giant, De Beers, who made it’s name off the ‘Diamonds are Forever’ campaign, has joined the lab-grown diamond trend.
It’s safe to say that these created diamonds won’t be going away anytime soon, and deserve consideration for your engagement ring or next jewelry purchase. Talk to a private jeweler about your decision and what is important to you to help decide what is right for you.