Why are lab-grown diamonds trending?
The convergence of a few key factors has helped lab-grown diamond jewelry gain sudden and much-deserved popularity. These key factors include technology, access to information, and change in generational mindset. The Hollywood film, “Blood Diamond” (2006), sheds a disturbing light on the most romanticized purchases in one’s life and made many consumers reflect on the origin of their engagement ring, causing them looking for alternatives.
Diamond is the hardest naturally occurring substance found on earth. Earlier, it had been replicated with many similarities. But with the advent of Chemical Vapor (CVD) and High Pressure High Temperature (HPHT) processes, lab-grown diamonds are chemically, physically, and optically identical to mined diamonds. Furthermore, these processes have increased the supply, thereby reducing the cost of lab-grown diamonds.
With information available at one’s fingertips, many consumers are now aware of diamond origins and wish to opt for conflict-free and eco-friendly alternatives. Conflict diamonds are often produced in areas of conflict, controlled by rebel groups, who sell diamonds to fund their military. Whereas mined diamonds are dug from the earth, excavating tons of rock and wasting millions of gallons of water in the process. Lab-grown diamonds, on the other hand, are created in an eco-friendly laboratory. Whether colored gemstones such as sapphire, ruby or blue topaz, or diamond substitutes like moissanite, cubic zirconia or lab-grown diamonds – today consumers are deliberately choosing alternatives. For those particularly looking for a neutral color palette like mined diamonds, lab-grown diamonds are the closest alternative. Furthermore, they are also a 10 on Moh’s hardness scale, identical to mined diamonds, and harder than moissanite and cubic zirconia.
Unlike the past generations, millennials have a changed mindset. In general, they prefer conflict-free and eco-friendly products. In addition to this, the average millennial tends to spend less on jewelry and more on experiences, making the attractive price point of lab-grown diamond jewelry the most viable option.
With the advancement of technology, the availability and accessibility of information, and a change in the preferences of millennials, the future for romance is looking greener, cleaner and brighter with lab-grown diamonds.