Why Lab-Grown Diamond Sales Are on the Rise
There is a surge in demand for lab-grown diamonds- for engagement rings, wedding rings, and everything in between. The U.S has recorded an increase in the sales of lab-grown diamonds, rising from 3% in 2020 to 7% in 2022. This sudden rise in sales is due to one major factor, price. The starting price of a lab-grown diamond is $2,000, which is about 40%to 45% less than that of a natural diamond with a starting price of $5,000. Nonetheless, other factors have influenced the sudden surge in demand for lab-grown diamonds, and we will be discussing them below. There are about 150 lab created diamond companies around the world that make lab-grown diamonds and most of them are in North America.
Factors influencing the rise in sales of lab-grown diamonds
Years ago, diamonds were mostly found among the elites of society. With the rise in the production of lab-grown diamonds, even the average American can afford one if the payment is done in installments. Although several people are still hung up on natural diamonds, there is no sign of its lab-grown counterpart recording a decrease in demand any time soon. “What then is influencing its surge?” you may ask.
-
The affordability of lab-created diamonds is one of the major reasons why most people choose cultured diamond pieces of jewelry over natural diamonds. Whether you want a rare diamond cut, unique diamond shape, or even the most expensive diamond cut, it still won't cost as much as a mined diamond of the same shape, cut, clarity, and carat size. So why settle for an expensive option when you can have the same quality at a more affordable rate?
Additionally, despite having the same physical and chemical compositions, experts have signified that lab-created diamonds tend to be more durable than mined diamonds because they are created under well-controlled conditions. Also, apart from the mining process being expensive, it takes billions of years for a natural diamond to form beneath the earth’s mantle, limiting their availability; however, lab-created Diamonds take few weeks to months to create, and are readily available without the excessive cost of mining and transportation, among other factors.
-
Lab diamonds are also called sustainable diamonds because their production does not involve practices that cause severe damage to the environment and life. Mining has caused several irreparable damages to the environment, contaminating water sources, causing air pollution, utilizing fossil fuels, etc., leaving a harmful environmental footprint. Because we now live in a world where a considerate number of people are conscious about sustainability and making choices that will benefit the environment rather than harm it, there's no sign of the demand for lab-grown diamonds plummeting any time soon.
According to experts, the amount of energy required to mine a single carat of a diamond is exceedingly more than what is required to create one in the lab. In fact, for every carat of diamond mined, 57kg of carbon is released into the environment and lab diamonds release only a few grams. There are also speculations that the size of some diamond mines is so large that they are seen from space via NASA’s Terra satellite.
-
As discussed earlier, lab-created diamonds are a sustainable alternative to natural diamonds and another reason is that it does not involve unethical work practices like a natural diamond. These unethical practices include lack of transparency, labor abuse, and human rights abuse- murder, torture, forced labor, violence, etc., which is why mined diamonds are mostly referred to as “conflict diamonds or blood diamonds”. So, lab diamonds have no conflicted past and are a cleaner option for someone who will rather not associate themselves with such practices and build their special moments on a blood diamond.
-
Unlike mined diamonds, colored diamonds with steady and vibrant colors like these options from Sunny Eden™ can be grown in the lab and remain readily available and accessible. If you are lucky to find a colored mined diamond, then be ready to pay a very high price for it. On the other hand, colored lab-grown diamonds cost only a fraction, which makes them more affordable than their mined counterparts of the same carat size, cut, clarity, etc.
Consider buying lab-grown diamond rings
The introduction of lab-grown diamonds has greatly influenced the narrative of engagement rings and wedding rings because most people can now afford a diamond and create memories around it. It’s beautiful to see couples sending locks of their hair to jewelers like SunnyEden™ to form a diamond out of it and even personalize a heartfelt message or something memorable in the diamond.
Personalization and customization make lab-grown diamond rings very special in so many ways. Whether you are looking for unusual diamond cuts, old diamond cuts, or even the most expensive diamond shape, a lab-grown diamond doesn't fall short in providing you with these.
FAQs about lab-grown diamonds:
-
Yes, they are. Lab-grown diamonds and natural diamonds are both composed of pure carbon and remain the hardest substance on earth. If you were given a natural diamond and one that is created in the lab, you could barely tell the difference without the help of an industry expert and that is because they are both real diamonds with the same physical and chemical compositions. They have better clarity than natural diamonds, which is why they tend to be brighter.
-
The increase in the production of lab-created diamonds across the world and the lack of supply constraints will continue to decrease the resale value of these diamonds and even if you desire an upgrade in the future, you might pay more for it. So, if you intend to make a stable investment out of your lab-grown diamond, you should know that market value decreases with time.
Also, there's barely any rarity with lab-created diamonds because they are sometimes produced in mass, taking away the "one of a kind" feeling that comes with mined diamonds unless you request a custom order and unusual diamond cuts.
-
Yes, like natural diamonds, lab-created diamonds are certified. These certifications are crucial because it gives you the necessary information about the diamond and its characteristics. Before a diamond is certified, expert jewelers will evaluate and scrutinize every part of it with special tools to determine its color, clarity, cut, and cut, and record these findings in a certificate. Several diamond grading labs in the world carry out these evaluations. However, the top three certificates that are widely recognized are IGI, GIA, and AGS.
Conclusion
The wide price gap between natural and lab-grown diamonds continues to influence the rise in sales of the latter, providing a luxury product for sale at a fairer price. Additionally, there’s been an increase in the eco-consciousness among millennials and Generation Z, which has prompted them to make sustainable choices for themselves, others, and the environment.
Furthermore, the chances of getting a colored lab-grown diamond- for your proposal, marriage, earrings, etc.- are higher and because you can barely trace the origin of natural diamonds to know whether or not they are conflict-free, a lab-grown diamond is a cleaner option, conscience-wise because you know its origin.
