Lab-grown diamonds are becoming an increasingly popular trend in the jewellery industry Novita and dress for success due to their more cost-effective price point compared to mined stones. This trend is especially appealing to millennials, who often opt for lab-grown gems as a more stylish and meaningful choice than their mined counterparts.
They come in an extensive variety of cuts, sizes and colours; this trend is expected to remain consistent over the upcoming years.
1. Millennials
Millennials are increasingly purchasing Lab Grown Diamonds as a way of supporting brands that stand for something, whether that is sustainability or ethical business practices. Furthermore, these young consumers appreciate the cost savings – usually at least 50% less than traditional diamond prices.
These stones are created by heating carbon in a controlled environment and then shaping it to the desired shape and size. As such, they do not experience the same abrasion that naturally mined diamonds undergo.
However, some people still believe these synthetic gems to be too artificial to be classified as genuine diamonds. Regardless, they continue to gain popularity and are becoming the go-to choice of many jewellers worldwide.
Signet and Pandora have both joined the lab-grown diamond trend. Both stores plan on adding these options to their store shelves in the upcoming months.
2. Sustainability
Lab-grown diamonds offer an environmentally friendly alternative to mined diamonds. They have the same chemical, physical and optical characteristics as natural diamonds without any of the negative environmental or ethical impacts associated with mined diamonds.
Lab diamonds are created by carbon converting into diamond crystals under high pressure and heat in a laboratory setting, without needing the drilling and dynamiting that mining does. This process is more eco-friendly as there’s no need for drilling or dynamiting, reducing its impact on the environment.
However, it’s essential to remember that not all lab-grown diamonds are eco-friendly. The type of energy source used determines whether a gem should be considered sustainable or not.
Diamonds produced with fossil fuel have an adverse environmental impact and should not be labelled “sustainable.” On the contrary, if a diamond uses renewable or clean energy sources, then it will be more environmentally friendly in production.
3. Price
Lab-grown diamonds tend to be cheaper than mined ones due to economies of scale. Furthermore, as production capabilities improve and global production volume increases, prices may remain flat or even decrease in value over time.
Retailers take into account other elements when setting prices for their diamonds, unlike traders who usually focus solely on price. Retailers take into account cash flow, margins and turns when making pricing decisions.
Jewellery retailers who specialize in lab-grown jewellery often report seeing sales increases of 20% to 30% over the last several years.
Lab-grown diamonds are becoming more and more popular with consumers, particularly millennials. Not only are they an environmentally friendly option to mined diamonds, but they come in all shapes and sizes too! Prices for lab-grown diamonds range widely so you can find a stunning piece that fits within your budget; ultimately though, it’s up to you whether or not lab-grown diamonds are right for you.
4. Size
Lab-grown diamonds have become increasingly popular due to their similar appearance to natural ones, created using the exact same process. Furthermore, these gemstones are more cost-effective and sustainable than mined diamonds.
Diamonds take millions of years to form in the earth, but can be grown quickly in a laboratory setting due to an efficient growing technique that saves time compared to digging them out of the ground.
However, the size of lab-grown diamonds still varies based on their growing techniques. They can range in size from small to large – and there’s no limit as to what size a lab-grown diamond could become!
Conclusion
It is essential to remember that lab-grown diamonds are still measured in carats and millimetres, just like mined diamonds. Sometimes, a lower carat diamond may appear larger than its actual weight due to the cut and depth percentage.
