Search for the term ‘lab grown diamond sales’ on the internet and you’d be surprised to see the number of reports that suggest surging sales of lab diamonds. And it’s true!
In 2020, the global lab grown market size was valued at $19.3 billion. By 2030, it is projected to reach $49.9 billion.
But why are lab created diamond sales on the rise? Why are customers choosing man made diamonds over mined gems? That’s what we’ll find out in this article.
One of the most obvious reasons more customers are buying manufactured diamonds compared to natural diamonds, is the price. Lab diamonds are at least 40% to 50% cheaper. For example, people can buy an engagement ring with a much bigger diamond at the same price they’d pay for a mined diamond.
Those buying engagement rings are typically young and hence are on a budget, hence, lab made diamond rings are a better option for these buyers.
Man made diamonds are a good choice because there are a lot of positives attached to them. For starters, they are ethically created unlike mined diamonds that are associated with conflict, war, and illegal activities.
Lab diamonds do not cause harm to the environment as they are produced in controlled environments inside laboratories. Lab grown diamonds, unlike mined diamonds, aren’t associated with illegal practices such as child labor or funding wars.
Unlike a few years ago, consumers are more aware about lab diamonds now. Moreover, they have accepted that lab diamonds are as real as mined diamonds and better in many ways. Today’s customers like to engage with brands, ask questions, and conduct research before buying diamonds. Lab grown diamond brands have been sharing knowledge and information with customers, which has helped boost awareness about lab diamonds.
According to reports, currently, about 7% of the diamond jewelry market is represented by man made diamonds—an increase from 3% in 2020.
Many big and small diamond brands are putting effort in taking grown diamonds mainstream. Many big brand names in the diamond industry are making a complete shift to lab grown diamonds and stopping the promotion of mined diamonds. These are big steps by brands to drive the growth of the lab created diamond industry.
Manufactured diamonds are real diamonds. They are made using the same scientific methods with which diamonds get created under the Earth. Once produced, lab diamonds are cut and polished in the same manner as mined diamonds.
Moreover, lab diamonds are graded for quality on the same standards as mined diamonds and are given a certification of authentication. This has built immense confidence in customers.
Most diamond connoisseurs are making a shift to lab grown diamonds. That’s because it’s the right choice to make the diamond industry sustainable and put an end to unethical practices in the industry.
If you’re looking for lab grown diamonds for sale or an engagement ring, a man made diamond is your best choice at the moment. And they’re easy to find. You can buy lab diamonds from online retailers and wholesalers.
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