In buying engagement and wedding ring diamonds, the top three most reflected factors are the price, the design, and the carat size. It is an open-secret, indeed, that lab grown diamonds boasts its sustainability and ethical production. For the past ten years, the attractive price point of these diamonds boosted the trajectory of its penetration in the industry of fine jewellery. This leads to a generous number of celebrities wearing and supporting the rise of lab grown diamonds. And more young adults are getting familiar and investing in lab-created gemstones. To experience a trustworthy involvement, visit Meycauayan Jewelries, today!
So, by how much did lab-grown diamonds progress in the market?
According to Global Diamond Report 2019 of Bain & Company and Antwerp World Diamond Centre, it specified that the lab grown diamonds market grew 15%-20% which followed a similar course in 2018. In its 2021-2022 report, lab grown diamond production reached six to seven million carats in 2020. This is against natural mined diamonds with 52 million carats in accumulated accounts and which by far is the highest level since 2013.
What are the two factors highly considered by the consumers?
In the same report, the popularity hike of lab grown diamonds is all thanks to the guilt-free combination of price differential and “green” leverage in pale comparison with natural mined stones. Highlights of the most recent Bain report include the “continued divergence of natural and lab-grown diamond markets”. This only shows that lab-grown diamonds are continuously moving in advantageous steps, from being introduced, familiarized, purchased, and to being accepted not only by select jewelry designers but with the growing community of retailers. According to Forbes, the world’s largest diamond jewelry retailer Signet is also the world’s largest buyer of lab-grown diamonds—both in rough and polished.
Why we should look forward to celebrating lab-grown diamonds!
The confidence of consumers to invest in lab-grown diamonds is not surprising at all. It is a continuous effort of educating the wider audience. President and Founder of ALTR Created Diamonds, Amish Shah, says that “consumer education is consumer acceptance”. He believes that the increased availability of lab-grown diamonds opens a new category for both the consumer and the industry. The attention and excitement for lab-grown diamonds is going nowhere but upwards in the sales report.
As the demand continues to grow, younger adults find the drive to environmental, social, and corporate responsibility in supporting lab-grown diamonds. The decision-making for these consumers is centred on the lab-grown diamonds being eco-friendly and having modest prices at the same time.
Are you on the look for an engagement ring? Want a guilt-free diamond wedding ring? Lab-grown diamond as a gift is consistently creating its trend, too. This is a crucial period to invest in lab-grown diamonds. Choose a lab-grown diamond jewelry that speaks closest to your nature! Today, diamonds are not only forever; diamonds are for everyone.
References:
- Bain & Company. “The Global Diamond Industry 2019.” PDF. December 11, 2019.
- https://www.bain.com/contentassets/e225bceffd7a48b5b450837adbbfee88/bain_report_global_diamond_report_2019.pdf.
- Constable, H. “The sparkling rise of lab grown diamond.” BBC Future Planet, Sustainability, February 10, 2020.
- https://www.bbc.com/future/article/20200207-the-sparkling-rise-of-the-lab-grown-diamond.
- Danziger, P. “Kay and Zales Parent Signet Jewelers Reported Strong Holiday Sales. Here’s Why It Will Continue.” Forbes, January 27, 2021.
- https://www.forbes.com/sites/pamdanziger/2021/02/14/lab-grown-or-natural-diamonds-the-choice-is-getting-clearer-for-consumers-and-retailers/?sh=db54c2c62f97.
