It is well known that the lab-grown diamond industry is gaining popularity. To understand this phenomenon, it is no longer a question of “if” lab-grown has been accepted in the market but “why”? What are the key benefits of lab-grown diamonds that are causing around 70% of millennial aged consumers to consider opting for synthetic stones as eco-friendly diamond alternatives?

 

Firstly, it is important to state clearly that lab-diamonds are REAL diamonds. They are not a plastic version of the real thing. They undergo rigorous testing, are graded according to the 4Cs specification tests and are made from carbon just like the naturally mined stones.

 

One significant reason for the growing demand for lab diamonds is sustainability. The amount of resources, energy, and manpower needed, as well as the large environmental impact of the natural mining process, makes searching for natural diamonds a very costly and potentially detrimental process. Of course there are also ethical concerns with blood/conflict diamonds. We live in an age where people, especially millennials, are very concerned about how human activity can impact the planet as well as poorer areas of the world. There is a keen desire to seek alternatives that are better for the planet, don’t have such moral concerns but still provide the same feeling of value and delight when it comes to diamonds and precious stones.

 

Another huge factor in the rise of lab-grown diamonds is price! Due to the cheaper production costs, one can purchase a tailor made diamond for a significantly cheaper price than the equivalent naturally mined diamond. Often times in life, especially when looking to custom make a product, human intervention can complicate things and add to the cost the end consumer bears. When it comes to diamonds, the opposite is generally true. This is crucial when looking to invest in that special diamond ring, in a world where costs for almost everything are only going up. According the International Gem Society, you can save up to 40-50% or more when choosing a lab-diamond over a natural one.

 

Given the above, it should come as no surprise then that the lab-grown diamonds trend is one that is likely to kep going in the right direction. Every new generation will be able to build on the successes of the last. Even in the luxury goods market, things are being done to provide the joy of a dazzling diamond ring, but using a healthier, cheaper and more sustainable way to make them. Where millennials are at, Gen Z and Gen Alpha may well follow, and then only time will tell as to what comes next.

 

We hope this has given you some of the core reasons for lab-created diamond popularity vs. the natural diamond among the current generation of consumers. If you have any questions about the uptick in the synthetic diamond market growth, what this could mean for you, or which lab-diamond matches your needs, please reach out to us at hello@thebetterdiamonds.com or click here.