A few years ago, if you were told to buy a real diamond, you’d probably only think about mined diamonds. But today, real diamonds are also made in laboratories. They need not be pulled out from the bottom of the Earth.
Lab grown diamonds are accepted as real diamonds. Their preference and demand is increasing. The industry is thriving with new technology, innovation, and design. And there’s much more than meets the eye. That’s what we explore in this blog.
Lab diamonds have been around for around seven decades. But it is only recently that they’re being popularly accepted as real. Owing to factors such as sustainability and affordability, lab grown diamonds are seeing a rise in popularity and increasing sales.
Diamonds made under the surface of the Earth take millions of years to form. Moreover, its quantity and availability cannot be predicted. Diamond mining is also harmful to the environment and human life. And hence, conscious diamond connoisseurs have avoided buying natural diamonds, giving rise to the acceptance of synthetic diamonds that are real.
The conventional diamond industry has been impacted by lab grown diamonds. The optical, physical, and chemical characteristics of these lab-produced stones are identical to those of real diamonds, but they are more reasonably priced and come from ethical sources. In the 1950s, General Electric (GE) made the first lab grown diamonds. The lab-produced stones, on the other hand, are the outcome of decades of investigation by scientists all around the world.
Over the years, the man made diamonds industry has gone through a lot of innovation in terms of technology, new machinery, digitalization of lab diamond businesses, etc.
Initially, only the High Pressure High Temperature (HPHT) method was used. Later, the Chemical Vapor Deposition (CVD) method was introduced. Today, most lab made diamond manufacturers use this method.
The new generation of conscious consumers find synthetic diamonds a more meaningful alternative to mined natural diamonds. Celebrities, too, have shown their support to lab diamonds, which has helped influence young consumers.
The global market volume of lab made diamonds is forecast to be nearly 19.2 million carats by 2030
Not just for diamond jewelry and aesthetics, lab diamonds may also be potentially used in other technological and hardware solutions such as quantum technologies and semiconductors
66% of millennials and Gen Z show interest in purchasing lab diamond for engagement rings
Lab created diamond sales have seen a compound annual growth rate of approximately 20% over the past few years
Lab diamonds are also utilized in different industries such as machine and cutting tools, heat sinks and exchangers, electronics, healthcare instruments, etc.
Lab grown diamonds are ready to take over the market thanks to rising gold prices, tightening US sanctions against Russian diamonds, and the opening of the Chinese market.
In different parts of the world, lab grown diamonds are more or less well-liked and accepted. Lab grown diamonds have become very popular in the United States, especially with younger generations. The market for lab diamonds is increasing throughout Europe, with the UK and Germany leading the pack. Lab grown diamonds are still relatively new in some parts of the world, such as India and China. Despite these regional differences, the general trend indicates that lab-grown
There is currently a slump in the American market. But the Chinese market is opening. This has made a major contribution to sales growth. The market for lab grown diamonds may be affected in some way by the state of the economy and developments in the diamond industry. However, industry insiders are nonetheless upbeat about the future of lab grown diamonds and see room for expansion both now and in the future.
No matter the challenges faced by the lab grown diamond industry, they’re here to stay. The technical challenges are being addressed by science and innovation, and market challenges are being balanced by new markets opening up in different parts of the world that are seeing a rise in the acceptance of lab grown diamonds. All in all, it’s a sparkling future for these synthetic diamonds.
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