Man Made Diamonds: The Growing Competition In Industry

March 27, 2023

Man Made Diamonds: The Future of the Diamond Industry

The competition in lab grown diamonds is increasing rapidly in the domain of the diamond industry. The reason behind it is the demand for these diamonds is rising, and more firms are entering the market. The global diamond industry has been facing a low profile lately, while man made diamonds seem to have emerged from natural diamonds.

Gradually lab diamonds have established themselves a growing footprint in the gems and jewelry industry. The mining industry is worried that lab made diamond industry will bring havoc to their operations. There are many reasons that the industry is observing a transition phase from mined diamonds to lab diamonds.

Some of the reasons are increased awareness among consumers that laboratory-made diamonds are real diamonds, an increasing number of brands and celebs supporting buying lab diamonds over natural ones, and the main fact that natural diamond reserves are exhausting. Some reports reveal that the biggest mines will dry gradually by 2030.

Some of the best brands, designers, diamond-producing tycoons, diamond dealers, and retailers are suddenly shifting toward lab grown diamonds.

Millennials Carving The Future For Man Made Diamonds

Millennials today look forward to having a transparency level and contributing to practicing a sustainable lifestyle whenever they purchase a product. Since diamonds are a form of possession, people these days make sure they get the transparency factor by getting information such as how their diamond was created.

Moreover, millennials are conscious buyers and want to know diamonds' origin and formation. They are more concerned about society and ensure to return to society by purchasing ethical and cruelty-free diamonds.

Chemical Vapour Deposition Diamond Process

Also, they are particular about their lifestyle choices and believe in positive attributes association. They prefer buying diamonds produced in a clean environment.

Also, they are particular about their lifestyle choices and believe in positive attributes association. They prefer buying diamonds produced in a clean environment.

Read More: A Guide to the Grading Of Lab Grown Diamonds

Celebrity Figures Endorsing Man Made Diamonds

An increasing number of celebrities are choosing lab made diamond jewelry that is entirely ethical and gives no harm to the environment. Celeb figures supporting lab diamonds are transforming the way people make diamond choices. They influence and encourage people to make similar choices by showing the benefits of owning a lab diamond.

The list of names of celebrities going for conscious, ethical, and responsible choices to make a statement is too long.

The Popularity and Growth of Lab Grown Diamond Market

According to a recent Journal report, the market for man made diamonds is increasing rapidly in the United States. The first quarter of 2022 saw a steep rise of 7% in sales of lab created diamonds, which accounted for 3% of sales back in 2020. The possibility of an increase in sales is due to the popularity of lab created engagement rings because the average expenditure for an engagement ring also increased by 6.1% in 2021.

The proportion of engagement rings made of lab made diamonds saw an increase of 19% in 2020 to 24% in 2021, concluding that lab diamonds are in high demand.

With the increase in acceptance among diamond jewelry makers, dealers, retailers, and consumers, new reports show that 51% of consumers are now aware of man created diamonds compared to 9% awareness in 2010. (The figures are mentioned according to the International Grown Diamond Association report).

Lab grown diamonds do not require the destruction of the natural ecosystem, they have got a lot of environmental benefits. Also, they do not contribute to the crisis of global warming.

With some of the vital factors keeping in favor of lab made diamonds, the future of the lab diamond industry looks promising and will brighten the lights of billions around the world.

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