Who says you can’t have the words sustainable and aspirational in the same sentence? Diamonds have been seen as an impractical luxury that only harms the environment. But it seems that the lab-grown diamond industry may be the next big thing that jewelry collectors should watch out for.
Proposals and Weddings, the Sustainable Way
It seems like millennials’ dislike of diamonds is now old news. More and more members of the millennial generation are looking to get engaged or hitched. But just because this is the generation that has thrived on the sustainable and eco-friendly does not mean they are not interested in the bling.
This is why experts agree that millennials may be one of the reasons why the lab-grown diamond industry may be seeing a rise. Used to be, the older generations of diamond patrons would prefer mined diamonds. Given the inflation and the rising prices of commodities, the latter generations barely have enough for luxurious expenses like diamonds.
But with technology’s advancement, more sustainable options have come out. Many people may wonder, “are lab-grown diamonds becoming popular?” the quick answer is a resounding yes, even to generations who previously did not see it as a viable or essential expense.
What’s the Deal with Lab-grown Diamonds?
First things first: for those who may be new to the industry, the term “lab-grown diamonds” seems to ring of a synthetic kind. But in reality, lab-grown diamonds have the same chemical component as mined ones. As a bonus, some lab-grown diamonds tend to be cleaner than natural diamonds, given the conditions under which they are created.
But their main selling point is that lab-grown diamonds tend to be easier on the environment when produced and harvested. Some may debate that there may be other, newer means to obtain diamonds without adding to the carbon footprint. These methods, like the air diamonds harvested via carbon sequestration, claim to even be carbon-negative. This means that apart from not adding to the carbon footprint, they even tend to take some from the existing carbon produced in the Earth to ease the burden off Mother Nature.
What Makes Lab-grown Diamonds More Appealing?
Sadly, most millennials also operate on a budget. Most of the air diamonds available are still on the very luxurious expenses side. Lab-grown diamonds, on the other hand, can have a wider array of options that can fit different kinds of budget.
What used to be a disheartening route for millennials has now opened up. The recent revision of a diamond’s definition may have also helped loop in previous non-customers into the diamond industry. Previously, diamonds were defined as a “natural mineral” that follows a carbon crystallized structure. Thus, some believe that anything other than naturally occurring and naturally mined diamonds are fake.
But because lab-grown diamonds come graded by the 4Cs, and they have the same chemical structure, it now seems that consumers are getting their diamonds at a far better deal. And the explosion in interest begins.
The Growing Market Base
When one considers the state of the market in the past few months, one may assume that even jewelry collectors would be more tight-fisted in their next purchase. But data as early as March 2022 suggests that the trend for buying is just going further up.
According to reports, the price tag may be the first factor that buyers consider when looking at lab-grown diamonds. During the same period that measured a whopping 25% decline for natural and mined diamonds, experts saw a jump by more than 60%.
This shows an aggressive shift when it comes to buyers’ preferences. If before, lab-grown diamonds were only seen as experimental accessories, more diamond enthusiasts now see them as viable jewelry. In fact, many younger consumers have started patronizing lab-grown gems for engagement rings.
How Much of the Diamond Market is Lab Grown?
To see the growing trend more clearly, the International Gem Society reported that in 2020, lab diamonds only held about 3% of the market. Come 2021, the consumer market expanded to 5%. And with 2022 just rolling past the middle of the year, the lab-grown diamond industry has reached 7%. This is quite the growth, even by industry standards, since the past few years have not really been kind to either investors or sellers.
Who is the Largest Producer of Lab-grown Diamonds?
Interested in lab-grown diamonds but can’t decide where to buy your first? A safe bet would be to go with the largest producer of lab-grown diamonds and their affiliate stores. To date, China has been tagged as the largest producer of lab-grown diamonds. It produces up to more than half of the share lab-grown diamonds in the market to date.
However, if you want more accessible options, a few diamond stores have made the big shift as well. For instance, Pandora, which makes both aspirational and accessible jewelry, and Diamond Foundry have both started big on the lab-grown diamond industry. The latter has become one of the leading producers in the United States.
Rather than fixating on the brand or company where your diamond comes from, you may want to check out the certification instead. IGI reflects the best grading for lab-grown diamonds. Learn more about IGI certification so you can be ready for your first lab-grown diamond.