Chemically and physically, lab grown diamonds are comparable to mined diamonds. They are almost identical to mined diamonds except for their origin. Natural diamonds are mined from the Earth, whereas lab created diamonds are manufactured in a lab.
The market for artificial diamonds was worth an estimated $19.3 billion in 2020. And it’s predicted to hit $49.9 billion by the year 2030.
Technological advances have made lab grown diamonds faster and cheaper, increasing their popularity. The first lab grown diamonds were created more than 50 years ago.
Approximately 150 firms across the globe now make lab grown diamonds. While most manufacturers are in China, several are in North America.
The Shift in Attitude Toward Diamonds
It takes a billion years for a mined diamond to develop. Diamonds are difficult to get from the Earth’s crust. In addition, diamonds have a mysterious reputation among jewelry enthusiasts. They considered it a luxury to be able to afford diamond jewelry.
Today, however, diamonds can be manufactured in a laboratory. Lab grown diamonds make once-expensive stones more affordable. They are purer than mined diamonds and 40-50% cheaper. Gradually these synthetic diamonds are taking the floor, and that’s why people are becoming more interested in purchasing them.
An Increase in Diamond Demand
Why wait for a special occasion when you can buy diamonds whenever you want? Lab-created diamonds with the same chemical composition are cheaper than mined diamonds. These gems tempt shoppers to make more frequent diamond purchases.
Because it’s now more affordable, lots of people now prefer it for their diamond engagement rings, stud earrings, and even wedding sets.
As a result, the demand for diamonds has skyrocketed. Lab grown diamonds have been a boon to the business by increasing demand.
The Latest Industry Trends for Lab Created Diamonds
1. Lab Grown Diamonds Are Recognized as Popular Gems
Lab-produced diamonds, formerly considered “fake stones,” are now widely accepted and prized. Jewelry producers and customers see lab grown diamonds as equal to genuine diamonds.
It takes at least a billion years for a natural diamond to develop and maybe much longer for a blood diamond. The mining of diamonds has devastating effects on the environment. Natural diamonds were condemned because their mining procedure was dangerous.
Lab grown diamonds, on the other hand, are completely risk-free, hazard-free, and made in a safer controlled environment. So, while wearing your diamond solitaire ring, you can’t get guilty over laborers under harsh working conditions.
2. Web-Based Purchasing and Selling
Prior to the COVID-19 pandemic, online jewelry sales were booming. In fact, 2019 was the best year for online jewelry sales in the last 10 years, with $8.4 billion. During this time, the online jewelry sector grew 8.64 percent yearly.
Unfortunately, in 2020, sales went down 9.7 percent. Fergus James, a Dubai-based jeweler, believes buyers prefer to pay less for luxury things. Many have postponed weddings and engagements because they couldn’t travel or throw large parties.
Online jewelry sales are expected to improve over the next several years though. Internet buying will rise due to time and money savings. With all the platforms available, online buying makes diamond jewelry more accessible.
In the past, buying any type of diamonds should only be done in person. This is so consumers will be able to check whether they’re buying a real one and get the feel of the diamond. Buying jewelry online is regarded as buying fakes. However, that’s not the case anymore.
Because e-commerce has become more and more popular, many trusted diamond manufacturers have taken advantage of the platform. What makes buying jewelry online so convenient is that consumers can choose a diamond necklace at the comforts of their home. Couples don’t have to visit many shops in person just to choose their wedding rings.
There are a lot of rings out there, so choosing one solitaire ring may seem difficult. Some websites educate consumers, making a nerve-wracking encounter calm and confident. Online engagement ring and diamond wedding band shopping drop sales pressure and marketing fluff.
The sales of lab grown diamonds have been growing, and this trend should continue.
3. Diamonds Mined in an Ethical Manner
There has never been a more crucial time to invest in ethical diamonds. In recent years, mined diamonds have gained considerable attention. Conflict zones and shady supply systems are occasionally intertwined with the diamond trade.
In Africa, “conflict diamonds” finance fights and ruin communities. It happens as the process of mining earth diamonds is very complicated and can be risky at times.
Nowadays, many major lab grown diamond companies now provide an ethical option. An inscription tells customers where their lab-created diamond originated from. Lab-created diamonds require less water, energy, and carbon than mined diamonds.
Lab grown diamonds are “produced” in a lab using technology that mimics natural diamond creation. You will receive an identical diamond to its natural counterpart chemically, physically, and visually speaking.
Additionally, lab created diamonds vary in cut, clarity, color, and carat weight like mined diamonds. These diamonds are famous in wedding jewelry for these reasons.
4. Growth Projections
Lab grown diamonds have many applications outside a piece of jewelry. These stones may serve multiple purposes. Due to ongoing study, diamonds are used in a variety of applications.
Diamonds are so hard that they may be used as a cutting, grinding, or drilling tool in almost any situation. As a result, diamonds are often used in the sharpest parts of tools like saws and drills.
HPHT diamonds are used when the diamond’s quality or value is unimportant. Lab grown diamonds are more popular since they are used in optics, lasers, and electronics.
Materials with high heat conductivity also tend to have high electrical conductivity. Contrarily, synthetic diamonds have a high heat conductivity but poor electrical conductivity. Because of this quality, they are perfect for use as heat sinks in electrical devices.
Lab grown diamond development has barely started. More individuals will purchase high-quality diamonds without financing conflicts.
These recent trends of growth opportunities make synthetic diamonds more demanding. So, lab grown diamonds are going to have a lucrative future as they are aiding more than just diamond jewelry businesses.
5. Simplicity Is Key
Modern brides desire simple wedding locations without stuffiness or ostentation. A minimalist’s sparse, uncomplicated lifestyle may affect a bride’s entire look. Less does not have to imply dullness.
It means, in the matter of wedding jewelry of modern days, brides are looking for a minimalist look. Considering a simple solitaire engagement ring may highlight the diamond’s brilliance.
Modern ladies don’t need a spectacular engagement ring. They may go for a classic diamond solitaire, but with the added sophistication of a modern lab-created stone set on a delicate ring. Instead of enhancing the band, it highlights the diamond.
6. Millennials Are Expected to Increase Diamond Sales
A new demographic, the millennials, has developed due to lab grown diamonds. They could never afford the high prices of mined diamonds especially that most of them have only started earning. However, it is not the case with synthetic diamonds created in a laboratory.
As a bonus, lab grown diamonds don’t harm the environment. So they have a particular fascination for today’s youngsters, even if most know that diamond mining is hazardous for the world.
Younger people become inspired by peer endorsements and ratings and reviews online. As a consequence, we should see more individuals buying diamonds online. So, the recent trends of synthetic diamonds have once again altered consumer behavior.
The Market Is Expected to Reach $15 Billion by 2035
Jewelers who work with synthetic diamonds often remark on the stones’ magnificence and mystery. Lab grown diamonds’ recent rise will continue to benefit the industry.
Compared to natural diamonds, they’re affordable for most buyers. And it’s easy to see why: projections show the market will be worth a whopping $15 billion by 2035.
Conclusion
In conclusion, synthetic diamonds are not going away any time soon. De Beers has joined the diamond market, cementing its dominance.
They have been reluctant to accept lab grown diamonds until recently. Lightbox, their lab grown fashion jewelry shop, just started in 2018. Given this person’s position in the field, their choice might have wide-ranging effects. Last year, the US market for lab grown diamonds grew substantially.
It is being said that with the growing demands for synthetic diamonds, the lab grown diamond industry is looking for a big rise.
