The Future of Lab-Created Diamond Industry seems shining bright
Experts are asserting that 2019 and the following years are the period during which the growing diamond industry will enter its growth stage. Up until now, several situations and conditions had kept lab-grown diamond producers and consumers hesitant about man-made diamonds. The looming question was, ‘Are lab-grown diamonds real diamonds?’ But the industry is way into the transition phase now, from from mined diamonds to lab-produced diamonds.
The reasons are many: increased awareness among consumers that laboratory-created diamonds are real diamonds; an increase in the number of well-known brands and celebrities supporting buying man-made diamonds over mined diamonds; and the fact that natural diamond reserves are running out. Reports reveal that some of the biggest mines will run dry by 2030 (From a report by Bain and Co.).
Brands, designers, diamond-producing giants, retailers, and diamond dealers - everyone is making a sudden shift to lab-grown diamonds. Here are a few observations we made:
Industry reports: The man-made diamond industry is entering a growth stage
With increased acceptance among diamond jewelry makers, diamond dealers, retailers, and consumers, new reports show that 51% of consumers are now aware of lab-grown diamonds, compared to only 9% in 2010. (International Grown Diamond Association Report)
The Diamond Sector Report proclaims 2019 and the years ahead, as the time when the grown diamond industry will enter a growth stage, from the stage of uncertainty.
Quite recently, the Federal Trade Commission (FTC) in the United States changed the definition of diamonds in its jewelry guidelines by removing the word ‘natural’. This further reinforces the position of lab-produced diamonds as real diamonds, a claim that was being questioned, mocked, and debated in the diamond industry.
The lab diamond industry has particularly gained awareness due to well-known diamond companies joining the industry. De Beers, a company that has always vouched for real mined diamonds, launched a lab-grown fashion jewelry brand called Lightbox Jewelry.
New Diamond Technology LLC, a Russian company, announced that it has produced 103.50 carats of lab-grown diamonds for sale, the largest ever lab-grown diamond.
Celebs are backing grown diamonds
As grown diamonds vie for a more dominant position in the consumers’ jewelry boxes, celebrities and personalities continue to do their bit to ensure sustainability. Noted celebrities and personalities have come forward to endorse and invest in grown diamonds.
Leonardo DiCaprio began the trend by endorsing man-made diamonds in an effort to raise awareness about blood diamonds.
Penelope Cruz has teamed up with Swarovski and launched a jewelry line created with lab-manufactured diamonds. Her collection is called Atelier Swarovski.
Among other celebs, Evan Williams and Andrew McCollum, founders of Twitter and Facebook, and Khaliah Ali, daughter of Mohammad Ali, have embraced man-made diamonds. Madonna, Kate Hudson, Gwen Stefani, Sharon Osborne, Cameron Diaz, Beyonce, and Kim Kardashian have donned lab-grown diamonds at important red carpet-events.
Millennials prefer laboratory-made diamonds
According to a report by Forbes, lab-created diamonds could take 7.5 percent of the total diamond industry market share by 2020, which currently makes up only 1 percent.
The report states that, given a choice, millennials will always choose a bigger laboratory diamond at a cheaper price than a smaller mined diamond at a higher price. The reason? The new generation is a conscious set of consumers who want to purchase diamonds that do not have a negative impact on humans or the environment.
This is seconded by the Bain & Co. report, suggesting that millennials and Generation Z with increased spending power are more inclined to consider customer reviews and the opinions of influencers and lean towards environmentally and socially safe diamond alternatives. The report adds, “Many retailers are already strategizing how the shifts in preferences will change their approaches to marketing and operations.”
Advancement in technology in lab-grown diamonds
The lab-created diamond industry is being upgraded and advanced with new technological experiments and feats. Real man-made diamond producers, polishers, and jewelry designers are investing in research and development and finding new ways to meet the growing demands, increasing their competitive edge. The processes that cost $4000 per carat in 2008, today cost around $300 to $500 per carat to produce, as stated by the Bain & Co. report. Decreased production prices will be followed by lower retail prices, which will only lead to the growth of this industry.
With these vital factors in favour of loose lab-grown diamonds, it is safe to say that the future of the man-made diamond industry looks promising.
{"AutoID":16,"DateCreation":"\/Date(1605034385110)\/","DateModified":"\/Date(1697442550990)\/","CreatedBy":null,"ModifiedBy":"Rahul Bohra ","RecordStatus":"A","Title":"The Future of Lab-Created Diamond Industry seems shining bright","SubTitle":"Experts are asserting 2019 and the following years as the period that the grown diamond industry will enter its growth stage. Up until now, several situations and conditions were keeping lab grown diamond producers and consumers hesitant...","Description":"\u003cp dir=\"ltr\"\u003eExperts are asserting that 2019 and the following years are the period during which the\u0026nbsp;growing diamond industry\u0026nbsp;will enter its growth stage. Up until now, several situations and conditions had kept \u0026nbsp;\u003ca href=\"https://www.growndiamondcorp.com/\"\u003elab-grown diamond producers\u003c/a\u003e\u0026nbsp;and consumers hesitant about\u0026nbsp;\u003ca href=\"https://www.growndiamondcorp.com/lab-grown-diamonds/man-made-diamonds.html\"\u003eman-made diamonds\u003c/a\u003e. The looming question was, \u0026lsquo;Are\u0026nbsp;lab-grown diamonds\u0026nbsp;real diamonds?\u0026rsquo; But the industry is way into the transition phase now, from from mined diamonds to lab-produced diamonds.\u003c/p\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003eThe reasons are many: increased awareness among consumers that\u0026nbsp;\u003ca href=\"https://www.growndiamondcorp.com/blog/lab-created-diamonds/\"\u003elaboratory-created diamonds\u0026nbsp;\u003c/a\u003eare real diamonds; an increase in the number of well-known brands and celebrities supporting buying man-made diamonds\u0026nbsp;over mined diamonds; and the fact that natural diamond reserves are running out. Reports reveal that some of the biggest mines will run dry by 2030 (From a report by Bain and Co.).\u003c/p\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp\u003eBrands, designers, diamond-producing giants, retailers, and diamond dealers - everyone is making a sudden shift to\u0026nbsp;\u003ca href=\"https://www.growndiamondcorp.com/blog/types-of-lab-grown-diamonds/\"\u003elab-grown diamonds\u003c/a\u003e. Here are a few observations we made:\u003c/p\u003e\r\n\r\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003ch2\u003e\u003cstrong\u003eIndustry reports: The man-made diamond industry is entering a growth stage\u003c/strong\u003e\u003c/h2\u003e\r\n\r\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003eWith increased acceptance among diamond jewelry makers, diamond dealers, retailers, and consumers, new reports show that 51% of consumers are now aware of\u0026nbsp;lab-grown diamonds, compared to only 9% in 2010. (International Grown Diamond Association Report)\u003c/p\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003eThe Diamond Sector Report proclaims 2019 and the years ahead, as the time when the grown diamond industry will enter a growth stage, from the stage of uncertainty.\u003c/p\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003eQuite recently, the Federal Trade Commission (FTC) in the United States changed the definition of diamonds in its jewelry guidelines by removing the word \u0026lsquo;natural\u0026rsquo;. This further reinforces the position of\u003cstrong\u003e\u0026nbsp;lab-produced diamonds\u003c/strong\u003e\u0026nbsp;as real diamonds, a claim that was being questioned, mocked, and debated in the diamond industry.\u003c/p\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003eThe\u0026nbsp;\u003ca href=\"https://www.growndiamondcorp.com/blog/types-of-lab-grown-diamonds/\"\u003elab diamond\u0026nbsp;\u003c/a\u003eindustry has particularly gained awareness due to well-known diamond companies joining the industry. De Beers, a company that has always vouched for real mined diamonds, launched a lab-grown fashion jewelry brand called Lightbox Jewelry.\u003c/p\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp\u003eNew Diamond Technology LLC, a Russian company, announced that it has produced 103.50 carats\u0026nbsp;of \u003ca href=\"https://www.growndiamondcorp.com/\"\u003elab-grown diamonds\u0026nbsp;for sale\u003c/a\u003e, the largest ever lab-grown diamond.\u003c/p\u003e\r\n\r\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003ch2\u003eCelebs are backing grown diamonds\u003c/h2\u003e\r\n\r\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003eAs grown diamonds vie for a more dominant position in the consumers\u0026rsquo; jewelry boxes, celebrities and personalities continue to do their bit to ensure sustainability. Noted celebrities and personalities have come forward to endorse and invest in grown diamonds.\u003c/p\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003eLeonardo DiCaprio began the trend by endorsing\u0026nbsp;man-made diamonds\u0026nbsp;in an effort to raise awareness about blood diamonds.\u003c/p\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003ePenelope Cruz has teamed up with Swarovski and launched a jewelry line created with\u0026nbsp;\u003ca href=\"https://www.growndiamondcorp.com/\"\u003elab-manufactured diamonds\u003c/a\u003e. Her collection is called Atelier Swarovski.\u003c/p\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp\u003eAmong other celebs, Evan Williams and Andrew McCollum, founders of Twitter and Facebook, and Khaliah Ali, daughter of Mohammad Ali, have embraced man-made diamonds. Madonna, Kate Hudson, Gwen Stefani, Sharon Osborne, Cameron Diaz, Beyonce, and Kim Kardashian have donned\u0026nbsp;lab-grown diamonds\u0026nbsp;at important red carpet-events.\u003c/p\u003e\r\n\r\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003ch2\u003e\u003cstrong\u003eMillennials prefer laboratory-made diamonds\u003c/strong\u003e\u003c/h2\u003e\r\n\r\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003eAccording to a report by Forbes, lab-created diamonds could take 7.5 percent of the total diamond industry market share by 2020, which currently makes up only 1 percent.\u003c/p\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003eThe report states that, given a choice, millennials will always choose a bigger\u0026nbsp;\u003cstrong\u003elaboratory diamond\u003c/strong\u003e\u0026nbsp;at a cheaper price than a smaller \u003ca href=\"https://www.growndiamondcorp.com/blog/your-lab-grown-diamond-is-as-real-as-mined-its-official/\"\u003emined diamond\u003c/a\u003e at a higher price. The reason? The new generation is a conscious set of consumers who want to purchase diamonds that do not have a negative impact on humans or the environment.\u003c/p\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003eThis is seconded by the Bain \u0026amp; Co. report, suggesting that millennials and Generation Z with increased spending power are more inclined to consider customer reviews and the opinions of influencers and lean towards environmentally and socially safe diamond alternatives. The report adds, \u0026ldquo;Many retailers are already strategizing how the shifts in preferences will change their approaches to marketing and operations.\u0026rdquo;\u003c/p\u003e\r\n\r\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003ch2\u003e\u003cstrong\u003eAdvancement in technology in lab-grown diamonds\u003c/strong\u003e\u003c/h2\u003e\r\n\r\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003eThe lab-created diamond industry is being upgraded and advanced with new technological experiments and feats.\u0026nbsp;\u003ca href=\"https://www.growndiamondcorp.com/blog/real-man-made-diamonds-vs-cubic-zirconia-cz/\"\u003eReal man-made diamond\u003c/a\u003e\u0026nbsp;producers, polishers, and jewelry designers are investing in research and development and finding new ways to meet the growing demands, increasing their competitive edge. The processes that cost $4000 per carat in 2008, today cost around $300 to $500 per carat to produce, as stated by the Bain \u0026amp; Co. report. Decreased production prices will be followed by lower retail prices, which will only lead to the growth of this industry.\u003c/p\u003e\r\n\r\n\u003cp dir=\"ltr\"\u003e\u0026nbsp;\u003c/p\u003e\r\n\r\n\u003cp\u003eWith these vital factors in favour of\u0026nbsp;\u003ca href=\"https://www.growndiamondcorp.com/\"\u003eloose lab-grown diamonds,\u003c/a\u003e\u0026nbsp;it is safe to say that the future of the man-made diamond industry looks promising.\u003c/p\u003e\r\n","FromDate":null,"ToDate":null,"Image_Url":"the-future-of-lab-created-diamond-industry-seems-shining-bright.jpg","Image_Alt":"Lab Created Diamonds","KeyWords":"engineered diamonds, lab engineered diamonds, diamond hybrid, lab grown diamonds, best lab grown diamonds, buy lab grown diamonds, best engineered diamonds, grown diamond corporation","MetaDescription":"Lab grown diamonds have been ruling the diamond market for quite some time now. Lab-grown diamonds are not only cheaper for the consumer, they are better for the environment. To Know more read the blog.","MetaTitle":"The Future of Lab-Created Diamond Industry seems shining bright","CanonicalLink":"https://www.growndiamondcorp.com/blog/the-future-of-lab-created-diamond-industry-seems-shining-bright/","MetaContent":"\u003c!-- Open Graph / Facebook --\u003e\r\n\u003cmeta property=\"og:type\" content=\"website\"\u003e\r\n\u003cmeta property=\"og:url\" content=\"https://www.growndiamondcorp.com/blog/the-future-of-lab-created-diamond-industry-seems-shining-bright/\"\u003e\r\n\u003cmeta property=\"og:title\" content= \"The Future of Lab-Created Diamond Industry seems shining bright | Grown Diamond Corporation\"\u003e\r\n\u003cmeta property=\"og:description\" content=\" Lab grown diamonds have been ruling the diamond market for quite some time now. Lab-grown diamonds are not only cheaper for the consumer, they are better for the environment. To Know more read the blog.\"\u003e\r\n\u003cmeta property=\"og:image\" content=\"https://docs.growndiamondcorp.com/blog/the-future-of-lab-created-diamond-industry-seems-shining-bright.jpg\"\u003e\r\n\r\n\u003c!-- Twitter --\u003e\r\n\u003cmeta property=\"twitter:card\" content=\"summary_large_image\"\u003e\r\n\u003cmeta property=\"twitter:url\" content=\"https://www.growndiamondcorp.com/blog/the-future-of-lab-created-diamond-industry-seems-shining-bright/\"\u003e\r\n\u003cmeta property=\"twitter:title\" content=\"The Future of Lab-Created Diamond Industry seems shining bright | Grown Diamond Corporation\"\u003e\r\n\u003cmeta property=\"twitter:description\" content=\" Lab grown diamonds have been ruling the diamond market for quite some time now. Lab-grown diamonds are not only cheaper for the consumer, they are better for the environment. To Know more read the blog.\"\u003e\r\n\u003cmeta property=\"twitter:image\" content=\"https://docs.growndiamondcorp.com/blog/the-future-of-lab-created-diamond-industry-seems-shining-bright.jpg\"\u003e","SeqNo":21,"Slug":"the-future-of-lab-created-diamond-industry-seems-shining-bright","GetTitle":"the-future-of-lab-created-diamond-industry-seems-shining-bright","GetImageUrl":"https://docs.growndiamondcorp.com/blog/the-future-of-lab-created-diamond-industry-seems-shining-bright.jpg"}
