Diamonds-a symbol of love, commitment and prestige, have served and enhanced engagement rings & necklaces for centuries now. But behind these glittering gems adorned by all, lies a complicated industry with environmental and humanitarian challenges. But now, we have a choice. Presenting to you all, Lab-grown diamonds-a sustainable & innovative alternative to naturally mined diamonds.
Let’s dive deep into the future of diamonds and learn why lab-grown gems are stealing the spotlight? Because we know, you’re as much thrilled to know this, as we’re.
Lab-grown diamonds: What’s the buzz about?
Lab-grown diamonds, also known as scientific or man-made diamonds, are created in a laboratory under controlled environments. They have the same chemical composition and physical attributes like hardness, brightness and overall sparkle, just like their mine counterparts. However, the key difference lies in the origin. While natural diamonds are formed deep in the earth’s crust in over billions of years, it takes just about 4 weeks for Lab – grown diamonds to be manufactured in laboratory.
Why Are Lab-Grown Diamonds Gaining Popularity?
- Reduced Environmental Impact and carbon emissions: With all the efforts going on in the world about becoming carbon neutral to reduce global warming, it has now actually risen awareness about reducing carbon footprints at individual level. The same should be practiced while making your luxury purchases. Don’t you think so? (We hope you do.) For your knowledge, let me reiterate that mined diamonds cause pollution, consumes energy and disrupts the ecosystem.
Lab-grown diamonds has proven to be a sustainable substitute to natural diamonds.
2. Ethical Considerations: Mining of diamonds poses humanitarian risks and potential for conflicts, lab-grown diamonds now, officially provide a safe-haven and eliminate the potential for conflict. No blood diamonds here!
Consumers, today are becoming increasingly informed, and are valuing ethical sourcing and transparency among other things.
3. Price-point: Time is priceless. That is why, the value of a billion-year-old diamond signifies rarity and thus the price hike. On the other hand, lab-grown diamonds although impeccable, can’t symbolise the same rarity as natural diamonds, and hence amount to almost half the price.
Hence, you get the sparkle without the hefty price tag or investing your entire life-time’s saving. That’s a win-win situation. Hence, lab-grown diamonds are gaining popularity in the hearts of millennials and gen-Z.
The future Outlook
In the recent years, awareness is growing and we can see people making more informed decisions. As consumers are becoming more conscious about their daily choices and the impact those choices may have, particularly environmentally (COVID 19 give me chills till date); we can see a growing acceptance towards sustainable lifestyles in every front including luxury purchases like that of diamonds (by embracing lab-grown diamonds; plugging-in was necessary, please don’t mind). The same is evident from factors like increasing adoption of EV vehicles, more awareness and usage of recyclable or paper packaging, more & more brands spreading conscious consumerism and embracing sustainability like Patagonia, mama Earth, Schneider Electrics, etc.
Especially, the recent generations of millennials and Gen-Z are embracing lab-grown diamonds.
The same is becoming more acceptable among the common folks as celebrity and public figures are seen embracing them. We have seen Meghan Markle flaunting her lab-grown diamonds pieces and then Lady Gaga at her premier of “A star in Born” in 2018, Emma Watson at 2018 Vanity Fair Oscars, Friends Iconic Star Jennifer Aniston flaunting her Lab grown-diamond necklace to the 2020 Golden Globes and then recently, Bindi Irwin choosing to wear a lab-grown diamond ring for her engagement, among many others.
When such notable figures are seen embracing something less popular, it becomes more trustworthy and worth a try.
As it’s now become more like a trend, we will see the growing popularity of lab-grown diamonds in coming times.
Let’s rely on some research findings to back our statement. According to a recent report published by Allied Market Research on Lab-grown diamonds (2024), the global lab grown diamonds market was valued at $24.0 billion in 2022, and is projected to reach $59.2 billion by 2032, growing at a CAGR (compound annual growth rate) of 9.6% from 2023 to 2032. Advances in technology will make lab-grown diamonds even more accessible.
Lab grown diamonds are disrupting the tradition, sparking conversations and instigating jewellery lovers. With the foundation of sustainability, affordability and transparency in manufacturing, lab-grown diamond Jewellery is sure rise on pedestal and capture a significant mind share and not just market share in the coming years. Now, whether or not they fully take over the natural diamond industry remains to be seen, but one thing is certain: the future of diamonds is brilliantly sustainable.
So, all the beautiful folks out there, who have made it till here, treat yourself like someone you love!
Don’t wait for someone special to enjoy a princess treatment (or prince treatment for that matter), when you know you already are! Gift yourself the beacon of love, a diamond for a diamond.
Hope you know your worth as much as we do. See you again!