An increasing number of young couples are opting for lab-grown diamond engagement rings. The number of lab diamond manufacturers is multiplying. More consumers are aware about the benefits of lab-created diamonds.
Clearly, lab diamonds are here to stay and have much to offer. So, why exactly are consumers loving lab diamonds? We found out in this blog. Read on!
To begin with, here are some of the latest facts and figures about lab-grown diamonds from around the world.
Lab diamonds are the most preferred for Valentine's gifts in 2024.
20% of the total global diamond jewelry market comprises lab-grown diamonds.
Asia-Pacific is one of the largest producers of lab grown diamonds in the world.
India is becoming a major hub of the lab-grown diamond industry in the world.
Man-made diamonds are produced in laboratories under controlled environments. Hence, lab diamonds are associated with lesser environmental damage compared to mined diamonds. Here are some reasons for this claim:
Creating diamonds in laboratories does not require digging earth, fresh water, or fossil fuels.
Lab-grown diamond manufacturing companies are required to follow strict environmental protocols and have certificates that allow this manufacturing activity.
Diamonds grown in labs are increasingly being manufactured with renewable energy sources, making the process more eco-friendly.
A few years ago, consumers were not aware about the negative impact and concerns around diamond mining.
Clearly, lab-created diamonds have been a significant reason for more consumers being aware of the social and political issues associated with mined diamonds. Here’s how:
The awareness of concerns around lab diamonds has grown, with celebrities endorsing lab-grown diamonds as a better alternative to mined diamonds.
Lab diamonds are raising awareness about issues such as environmental degradation, politics and war related to diamonds, child labor and abuse, among other issues.
Lab-grown diamonds have another big advantage over mined diamonds. Unlike mined diamonds that have limited availability, the availability of lab-grown diamonds depends on man-made production. This makes the entire diamond industry sustainable.
Additionally, lab diamonds help regulate diamond prices because they aren’t based on the demand and supply ratio. For instance, low supply and high demand of mined diamonds cause a rise in diamond prices. This is not the case in lab-grown diamonds.
According to research by Frost and Sullivan, the supply of mined diamonds is going to decrease year-after-year, while the demand for diamonds will only increase. See this graph:
While earlier diamonds were considered rare, expensive, and only for the rich, lab-grown diamonds have made it easy for most consumers to buy diamonds. Diamonds grown in labs are 40 to 50% cheaper than mined diamonds. This makes it easy for consumers to buy diamonds.
Moreover, customers can buy a better-quality diamond with high-quality clarity and carat for a lesser price. Lab-grown diamond prices are much lesser than mined diamonds, making them an ideal choice for consumers on a budget.
Lab-created diamonds give conscious consumers a wider choice to avoid conflict or mined diamonds. For example, there are many types of diamonds made in labs — cubic zirconia, real diamonds, and moissanite, among others.
Consumers can avoid buying diamonds that are wrapped around human and environmental conflicts. Lab diamonds are a more sustainable option.
With so many positive aspects attached to lab-created diamonds, they make an ideal addition to your jewelry collection. Whether you’re looking for lab-grown diamond rings for your special occasions or to buy jewelry pieces, lab-grown diamond cost and other benefits make it the only option you should opt for.
Explore lab grown diamond online brands to buy ethical, sustainable, and affordable real diamonds.
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