When it comes to buying diamonds, some of the first few factors that buyers consider are the price, design, size, and quality. Apart from these, there’s one more factor that customers give equal importance to — the ethical and sustainability aspects.
And that’s why the popularity of lab-grown diamonds has been growing. It is estimated that the global synthetic diamonds market will grow at a compound annual growth rate (CAGR) of 5% between 2023 and 2030.
Research by Statista shows the market share of lab-grown diamonds is going to be 10% by the year 2030, as seen in this graph.
Let’s look at all the reasons why consumers are choosing lab-created diamonds and avoiding mined diamonds, and why you should too.
1. Consumers want an alternative to mined diamonds
Diamond mining is surrounded by problems. These issues aren’t caused by external factors, but are created by the industry. If you’ve watched the Hollywood movie, Blood Diamond, you know the damage caused by diamond mining to human life, social issues, health, environmental, and political issues.
Over the last few decades, consumers’ awareness and education regarding these issues has increased. With it, consumers started to look for alternatives — lab grown diamonds. Thanks to authentic lab-grown diamond manufacturers, who have been instrumental in spreading knowledge about laboratory diamonds, a large segment of consumers now know about this alternative. Moreover, their confidence in man-made diamonds is growing.
2. A wider consumer segment can afford real lab grown diamonds
Lab produced diamonds are at least 30 to 40% cheaper than mined diamonds. Thus, the number of people who can buy real diamonds has increased. Moreover, diamond manufacturers have been able to meet consumer demands, which wasn’t possible in the case of mined diamonds.
In fact, according to a report by Forbes, the cost of lab-created diamonds might decline in the coming years as jewelers and retailers strive for more profits and as the market starts getting more competitive.
As the number of engineered diamond manufacturers and retailer’s increases, so will competition increase in the market. This will have an impact on the lab grown diamond prices and consumers will be able to buy more affordable lab diamonds.
3. Laboratory diamond manufacturers are meeting market demands
One of the best things about laboratory diamonds is that they can be created on demand. This has two advantages. One is that the diamond market will not have a shortage of supply and consumers will be able to purchase diamonds at regulated prices. The second advantage is that there will be less waste or unsold inventory. Manufacturers and retailers can work in collaboration to ensure they produce lab-made diamonds as per demand. This has environmental benefits.
4. Technological advancements are supporting lab diamond industry
The two main technologies used to create lab diamonds are high pressure high temperature (HPHT) and chemical vapor deposition (CVD). With the advancement of technologies, manufacturers are now able to create larger lab-made diamonds of higher quality. Moreover, with governments supporting the lab diamond industry, manufacturers are looking at supporting newer technologies and advancements. As a result, customers are now able to buy better quality, larger diamonds in a variety of diamond shapes.
5. Customization, size, color and variety
Man-made diamonds have opened up an exciting world of possibilities with their incredible versatility and variety, making it easy for customers to get a diamond exactly the way they want it. For instance, lab diamond manufacturers offer customization options where customers can decide the carat weight, size, color, and shape of the diamond. These synthetic diamonds come in a range of options, making it possible for people to discover the ideal diamond that perfectly complements their style and preferences.
The popularity of lab-grown diamonds is for good reason. With their sustainable production practices, commitment to ethical standards, and aesthetic appeal, man-made diamonds present a better option for conscious consumers, including those in search of ethical alternatives.
By choosing lab-created diamonds, you have the opportunity to contribute towards a better and more sustainable future, creating a positive impact on the environment and supporting a more ethical diamond industry. If you’re looking to add lab diamonds in your collection, explore Grown Diamond Corporation’s wide range of diamonds.
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