With reports and trends in the diamond industry shining the spotlight on grown diamonds, the need to understand why one must invest in these diamonds has arisen. Mined diamonds have, for centuries, been preferred for the uniqueness, “realness”, “genuineness” and exclusivity features. Then how do lab grown diamonds compete with it in value?
With the promising possibilities that the lab grown diamonds industry holds, investing in man made diamonds is one of the ways in which mankind can bring a much-needed change to the planet. lab grown diamonds may not give monetary returns but their value – emotional, social, and environmental – is much higher. A 2014 study by the Harvard Business School reveals that consumers attach value to ethical sourcing and show willingness to pay higher.
Here are some insights into why investing in lab grown diamonds is promising.
Lab created diamonds are diamonds that are produced in laboratories through scientific processes. These processes are the exact replication of the processes that form diamonds beneath the earth. The difference? Lab made diamonds take just about three months to grow whereas mined diamonds are created over millions of years. Mining activities cause a lot of harm to the earth and the environment, whereas growing diamonds in laboratories involves environmentally safe processes.
1750 tons of earth has to be extracted in order to find a 1-carat diamond.
Diamonds mines in Canada have significant ecological footprints and will eventually impact the caribou, wolverine, bears and fish, which are food for aboriginal communities.
Diamonds mines in Canada have significant ecological footprints and will eventually impact the caribou, wolverine, bears and fish, which are food for aboriginal communities.
There’s no doubt that mined diamonds cause considerable environmental impact- carbon emissions, habitat loss and ecosystem damage. But don’t lab grown diamonds consumer energy too, one may ask. A report by Standford Magazine reveals a calculation from the Ekati Diamond Mine, Canada, “The mine's operations create 143 pounds of carbon dioxide emissions per carat mined—five-and-a-half times what it takes to make synthetic diamonds.”
In a nutshell, choosing to buy man made diamonds is an environmentally friendly choice.
To understand sustainability of any industry, the most important requirement is transparency of the entire supply chain. In the case of diamonds, it is thus safe to say that lab engineered diamonds are sustainable. Compare the following aspects of both mined and man made diamonds:
The energy consumed to create/mine diamonds
The practices involving human beings
The impact of the process on the environment
The social and human impact
The effects on health of diamond cutters and polishers
The demand and supply balance through the supply chain- producers, wholesalers, distributors, retailers, and designers. The man made diamond industry has addressed each of the above elements positively and continue to find solutions to enhance the various stages in the supply chain.
If the lab grown diamond industry finds cheaper and more sustainable sources of energy to manufacture diamonds, the industry can improve competitiveness further.
A focus on technological advancements would mean lesser production cost and a wider product range.
With everything moving online, a robust digital presence, and increase in online-selling will enhance its performance and survival.
With the advancement of the entire ecosystem of the lab grown diamonds industry, and increasing number of manufacturers, the supply of grown diamonds will be able to match with the high demand, ensuring a sustainable industry.
It is hard to imagine that even after almost two decades of governments coming together to eradicate ‘blood diamond’ trade, it is prevalent even today. A recent report by Human Rights Watch (HWR) confirms. An assessment of 13 leading jewelry brands showed that most of them do not know where their diamonds are coming from.
With such gaps and loopholes in the mined diamonds industry, grown diamonds are the only solution to end blood diamonds and conflict diamonds. The industry is making various efforts to increase the use and demand of lab-grown diamonds. The market is seeing a boost by rising applications of lab created diamonds in various end-use industries, according to a research report, Global Lab Grown Diamonds Market Outlook 2023. (Source: www.researchnester.com)
As reported by Alternet.org, lab grown diamond market will continue to grow from $16.2 billion to an estimated $27.6 billion in 2023. With these, and many more efforts, conflict diamonds are on the way out, and conflict free, more humane laboratory grown diamonds are taking over. A more aware consumers segment is one of the main factors ensuring a more human diamond industry, globally. Millennials, for instance, give priority to the sustainability aspect of any product when shopping, according to a recent Nielsen report.
To sum it up, lab grown diamonds are leading a way to a greener world, to a more sustainable industry and to more just and human conditions for people involved, globally. And these are just a few of the obvious reasons, why investing in grown diamonds is not the option, it is the only way forward.
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