Market, Future and History Of Lab Grown Diamonds

May 31, 2022

Lab Grown Diamonds – What Makes Millennials Choose Them?

The Reasons For Their Appeal –

Extracting natural diamonds from the earth is plagued by controversial practices and issues. Sixty-five percent of the world’s natural diamond is extracted from Africa. What makes mining diamonds unethical is forced labor, demanding conditions, and several other factors. Lab Grown Diamonds are grown in labs in a responsible way in an ethical environment with no forced labor involved. Lab diamonds are a more ethical and responsible choice. They do not cause any destruction or pollution to our mother earth.

Natural diamonds are forty percent more expensive than Lab-made diamonds. When studded with Lab Grown Diamonds, any jewelry gives off a charm of aura and sophistication. If buying a diamond necklace, ring, earring, or any other jewelry is unaffordable for you, you should opt for Lab diamond jewelry. You can say that engagement rings made of Lab Grown Diamonds are gaining popularity among couples because of their lower price and similarity with natural diamonds. Lab made diamonds come in various cuts, designs, and colors. You will find a brilliant variety of Lab made diamond jewelry if you want to gift something special to your loved ones. The rarity of natural diamonds makes them very expensive, but Lab made diamonds are available in various designs and hues.

BLGD offers customizable Lab made diamonds. You can customize your favorite gemstone's size, color, and shape. Lab diamonds can take a few weeks to a few months to be grown in labs. Diamonds grown in labs do not take millions of years to form, and thus they are more cost-effective than organic diamonds. The price difference between organic and Lab made diamonds will make you buy at least fifty percent larger Lab made gemstone. If you do not have a grand and extravagant style, you can always choose small lab grown diamonds to suit your choice.

The Market For Lab Grown Diamonds

In 2015, Lab made diamonds' market value was valued at USD 16.2 Billion. The global market of Lab Grown diamonds is expected to reach a whopping USD 27.6 Billion by the end of 2023. Between 2016-2023, a CAGR of 7.4% is being forecasted. The adaptability of Lab Grown diamonds in various industries due to their similar properties to natural diamonds is the driving factor for their rising trend.

Asia and the Pacific region is the largest market for Lab made diamonds. The rise in urbanization and expansion of mining and construction industries is the reason for the growth of Lab diamonds in the Asia-Pacific region. In 2015, the Asia-Pacific region had the largest revenue, i.e., 51.2%. The region is estimated to maintain its power during the forecasted 2016-2023 because of the rise in demand for Lab Grown Diamonds.

Consumers are getting the advantage of getting their favorable designs at a low cost. Likewise, various industries are increasing their revenue due to the rising popularity and use of lab diamonds in various industries.

The Future Of Diamonds – Lab Grown

We may eventually run out of natural diamonds, and thus the future of our diamond industry will be based on Lab Grown Diamonds. Mined diamonds that form naturally take millions and millions to form. Extracting diamonds will soon result in the depletion of the supply of the earth’s diamonds. When the demand for diamond jewelry increases, the industry will need more supply of diamonds. The increase in demand for diamonds is why one can say that the future of diamonds is Lab Grown. Both Lab made, and natural diamonds are graded based on 4C's - cut, color, carat, and clarity.

One can find the same superior attributes between Lab Grown diamonds and naturally extracted gemstones. One can practice more control over lab diamonds than one can ever do on natural ones. When scientists have higher control over Lab Grown diamonds, it sometimes results in even higher quality gemstones.

The composition of real carbon makes Lab gemstones 100% real diamonds. They exhibit similar luxurious charm and aura that one finds in natural diamonds. The best perk? Lab made diamonds are unique and very distinguished. You will find that no two natural diamonds are identical, and similar are Lab-made diamonds. However, this does not degrade the quality of lab gemstones. The conflict-free process in which lab created diamonds are made is better for the environment.

History Of Laboratory Grown Diamonds

In 1797, diamonds composed of carbon were first discovered. The discovery started the competition to produce the first synthetic diamond. Throughout the 19th century, many scientists tried to recreate the diamond growing process in a laboratory but were not quite successful. However, in 1954, GE made the first proper diamond in a lab. one made the diamond under the project codenamed "Project Super pressure.” The “Project Super pressure” started in 1940 but had to be postponed due to World War II.

The diamond produced by GE was too small to use for ornaments and was mostly used for industrial purposes. The discovery made by GE paved the way for growing gemstones that are gem-quality. A tube was utilized to heat and pressure to grow gem-quality stones. The graphite put in the center of the tube was subjected to heat and pressure until it grew into a diamond.

Although it was a ground-breaking discovery, using such extreme heat and pressure was very expensive and not very cost-efficient. However, in modern times, diamonds are grown in labs either through CVD or HPHT, which are very economical. They are easy to grow and produce superior-quality Lab Grown Diamonds.

Lab Grown Diamonds have experienced major changes since it was first discovered. It has come a long way from being only used in industries to being extensively used in ornaments. The process to grow Lab Grown diamonds have also undergone changes and modifications. CVD and HPHT methods are very cost-effective processes for growing diamonds in Labs. The future of the diamond industry is based on Lab Grown Diamonds since their market share is increasing at a rapid pace.

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