You may not be aware of this, but purchasing diamonds is now a reasonably priced endeavor. How? Thanks to science, the increased supply of lab diamonds makes them an affordable purchase.
Lab made diamonds are real diamonds - the only distinction is they’ve been created in human-made conditions, rather than under the Earth’s mantle over billions of years. As confirmed by CNN, the sales figures for March 2022 indicated a 63% increase in lab diamonds vs. natural.
In this blog, we will review the rationale behind the sparkling rise of lab diamonds.
Occasionally, lab created diamonds are also referred to as "synthetic diamonds," spreading the notion that these diamonds are imitations. However, in an analogy between lab grown diamonds and the other popular substitutes, lab made diamonds are the real deal.
Lab created diamonds are prepared in the laboratory using cutting-edge technological procedures that mimic the conditions under which natural diamonds are developed beneath the Earth’s crust. As a consequence, both real and lab diamonds inhibit similar physical, chemical, and optical traits.
Additionally, like real diamonds, lab diamonds also receive a grading certificate which ensures that the consumers are not being misrepresented and the diamond is actually worth the price. Fair enough, isn’t it?
Ethical issues often surround the natural diamonds' origin in comparison to that of grown diamonds. The majority of the world's diamonds, around 65%, are mined in Africa using forced labor and occasionally in conflict areas; the money made from these operations is sometimes used to finance war.
Now, if a millennial were to purchase a diamond, they would be concerned about its origin. This is especially when they are purchasing an engagement ring as they would never want their symbol of love and respect to have a history of hatred and malice behind it.
Therefore, the procedure of formation of real diamonds is one of the reasons why there was a sharp decrease of 25% in the sale of natural diamond engagement rings. This paved a way for the lab created diamonds to flourish.
A recent Forbes study found that the demand for natural diamonds has significantly decreased as a result of consumer awareness of environmental and social responsibility. Consumers in the Gen-Z and millennial generations, who have contributed to the expansion of the lab-grown industry, are most affected by this mentality change.
In case of lab diamonds vs real diamonds, the latter uses a whooping 500 million joules per carat and the former just a quarter of the amount. Astounding, isn’t it? Thus, the sustainability factor is why new-age consumers choose grown diamonds over real ones.
Due to their value being concentrated in a single, relative chunk, big diamonds make for an obvious investment prospect for buyers. In the case of lab diamonds vs real diamonds, the former is 40-50% cheaper than the latter. This clearly demonstrates the former wins the race.
In fact, lab created diamonds are growing bigger and better every day and can even be customized in a variety of shapes, sizes and colors. Additionally, consumers tend to have a mentality of ‘the bigger the better’ and end up purchasing large sized diamonds over smaller ones.
The sense of style and aesthetics is valued over the illusion of wealth or sophistication when purchasing diamonds. From an aesthetic standpoint, lab made diamonds are lustrous and lack imperfections as they are not damaged by aging. Unlike many mined diamonds, grown diamonds seldom have a past marred by destruction or evil.
In addition to the history behind them, lab grown diamonds have their own distinctive characteristics that set them apart from one another. This may come as a surprise given that one of the common fallacies regarding lab grown diamonds is that they are all identical clones with no distinguishing characteristics.
The factors such as transparency, affordability, sustainability, and aesthetic will significantly contribute to the rising demand for lab created diamonds.
According to recent studies, India increased its exports of polished lab diamonds worth $1.05 billion between April 2021 and January 2022. To conclude, the reason for buying a diamond is in its eternal value and this objective can be easily achieved by purchasing lab made diamonds.
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