From Meghan Markle to Emma Watson to Lady Gaga, everyone’s wearing lab grown diamonds. And they’re wearing them for all the right reasons. What’s more? Millennials are following the trend.
A study by Forbes found the demand for mined diamonds has significantly decreased as a result of consumer awareness of environmental and social responsibility. Consumers in the Gen-Z and millennial generations, choose lab diamonds over mined diamond options.
In this article, we look at what’s making millennials pick lab created diamonds and how these diamonds are making millennials stand out.
Lab grown diamonds have become well-known for their superior quality, which equals or even exceeds that of natural diamonds. The high clarity of lab created diamonds is one of their benefits. These diamonds are produced under controlled conditions using CVD diamond technology and HPHT methods, and are devoid of the imperfections and defects that are often present in natural diamonds.
Additionally, due to the precise control that can be achieved over a diamond's features thanks to cutting-edge technology, they have high color and clarity grades. Since lab diamonds have the same chemical makeup as mined diamonds, they shine brilliantly.
Take a look at this diagram, which highlights the main factors and statistics affecting the worldwide synthetic diamond market.
Lab made diamonds are at least 40 to 50% cheaper than mined diamonds, making them affordable and within buying capacity for a larger customer base. Lab diamonds are real gems available at half the price of mined alternatives, and hence, more accessible to a broader customer base. For example, those on a budget can find an affordable diamond within their budget.
The demand for real diamonds exceeds the production of mined diamonds. Lab diamonds can be produced on demand and hence, they are a sustainable alternative to mined diamonds. Lab diamonds are eco-friendly, and have less to no impact on human life, making them a more preferred choice for consumers who support sustainability.
Big size diamonds are an apparent investment choice for buyers due to their worth. When comparing lab diamonds to mined diamonds, the former is 40–50% less expensive. This unequivocally proves that the former wins the competition.
Actually, lab-created diamonds are getting better and better every day, and they can even be made to order in different colors, shapes, and sizes. Additionally, customers frequently adopt a "bigger is better" mentality and choose larger diamonds over smaller ones. This is another reason millennials choose lab diamonds over mined gems.
Another reason lab created diamonds have gained popularity is because they are a more environmentally responsible substitute for traditionally mined diamonds. Natural diamond mining entails substantial land clearing, the use of water, and the destruction of ecosystems.
In contrast, lab grown diamonds are produced utilizing cutting-edge technology in carefully regulated lab environments. This removes the harmful environmental effects of mining and considerably lowers its carbon footprint. In addition, lab made diamonds use less energy and resources than their natural counterparts.
Conscious buyers want their jewelry to be a statement piece with which they can express themselves—one means by which they might express their views on sustainability and moral decisions is through lab created diamonds.
More and more people are choosing lab created diamonds for their engagement rings. Customers who purchase lab diamonds also have the option of adding a one-of-a-kind, distinctive created diamond to their engagement rings. Since lab diamonds are generated artificially, any distinctive design is possible.
The market for lab grown diamonds is expanding everywhere in the world. Nearly all indicators point to an upward slope for the lab grown diamond business, whether it be due to regulations around mined diamonds that limit mining activities, technological advancements in the field of lab diamonds, or a growing consumer desire for diamonds manufactured by humans.
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