Sun. Jul 14th, 2024

Lab created diamonds represent a small percentage of today’s global diamond market. However, the fact is that the demand for lab created diamonds has been growing every year.

Jewelry made from lab grown diamonds costs 30 to 40 percent less compared to those made from natural diamonds. The growing consumer interest in ethical diamond sourcing makes these gemstones an appealing option to mined diamonds.

The best lab grown diamonds combine stunning looks and lower prices with ethical sourcing. This has made an impact on the diamond industry that even the world’s largest diamond mining companies are recognizing it.

Younger buyers of diamond jewelry find lab created diamonds more appealing. This is not because of their lower prices but rather due to the great awareness of the ethical and environmental problems associated with mined diamonds.

What Are Lab-Created Diamonds?

As the name suggests, lab created diamond jewellery are created in laboratories. To understand this process, you may need to start by knowing how natural diamonds are formed.

Mined diamonds form up to 150 miles below the earth’s crust. This is when carbon gets compressed at extremely high temperatures and pressures. 

When it comes to lab created diamonds, scientists produce them under the same conditions but in laboratories, as previously mentioned. This is done using a variety of methods to compress carbon at high temperatures and pressure to make it crystallize.

Lab-Created Diamonds Are Changing the Diamond Industry

The lab grown diamond industry has been booming for some time now compared to naturally mined diamonds. Their cost is also lower, which is another contributing factor to the growing interest in them.

There are good structures in place when it comes to the proper ethical production of lab grown diamonds. This is especially true in situations where green energy is used in the manufacturing process.

Despite the expansion, it’s recommended that sellers make it clear when a diamond is not natural. That’s because getting it wrong could lead to a loss of money or reputation. Let’s now talk about how lab created diamonds are changing the global market.

  1. The Affordability Appeal

Apart from the feel-good appeal of being kinder to the environment, affordability is what has been drawing people to lab created diamonds.

Searches for things like how much it will cost to buy lab grown diamonds have been increasing. This can be attributed to the fact that finances are at the top of people’s concerns. Remember that life goes on and people are still getting married. Anniversaries and graduations also keep coming up, and as such, there’s a need for occasion-appropriate gifts.

Although mined diamonds still attract clients, consumers are willing to give lab created diamonds a chance. That’s especially true because they are significantly cheaper and almost identical to natural diamonds. This gives brands a golden chance to bring consumers over to their side by fronting price differences and similar features. 

  1. Brand Loyalty

What makes the deal when it comes to buying that lab grown diamond tennis bracelet is no longer just the big name of the brand. It’s also about the price and the overall reviews. The fact that consumers are increasingly detaching from brands is becoming a challenge for diamond manufacturers.

This is especially the case when it comes to ensuring loyalty. Note that brands must establish a personal connection with their customers. The nature of their diamond products is that they are present in the most special and private moments of their consumers’ lives. Such moments include:

  • Birthdays
  • Weddings
  • Graduations
  • Anniversaries

In a world that is still dealing with the effects of the pandemic, people appreciate brands that show an awareness of current difficulties. That is why brands need to convey the feeling that they will do their utmost to be with their clients in such moments.

  1. Open-Minded Users Crave Information

Among search categories, there has been an increase in the category that comprises lab grown diamonds. This is an indication that the consumer market is willing to have its mindset changed about mined diamonds.

There’s no doubt that people will still have doubts and stereotypes about lab grown diamonds. However, they are now very interested in learning more. They want to know about the differences in prices and how their features differ in comparison to mined diamonds. They also want to know about the main differences between lab created diamonds and traditionally mined diamonds.

The pandemic forced people to hurtle rather unceremoniously into the new normal. As such, the newly found routines and habits have caused people to be more open-minded. And consumers of diamond products are now considering alternatives to mined diamonds.

Whether it’s a response to economic pressures or a change in priorities, this new-found openness has implications for brand loyalty down the road. In the meantime, there’s an opportunity for lab created diamond engagement rings to assume an educator’s role.

This may mean producing more informational content to establish topical authority and build trust. It helps to target early-stage prospective consumers who are keen on learning more.

  1. An Ethical Solution

It’s no secret that mined diamonds are associated with environmental devastation. The mining process is also associated with violence and labor exploitation. This has caused a lot of consumers to point out their frustration with the natural diamond industry.

That’s not all, because the profit from mining diamonds is sometimes used to support foreign conflicts. Recent searches for lab grown diamonds have significantly increased. Thus, it’s safe to say that this is a good time for brands to ramp up their sustainability discourse. They have, for instance, been weaving the eco-friendly narrative more strongly into brand communication.

Final Take Away

The demand for lab grown diamonds is set to continue rising. The major purchasers of man-made diamonds nowadays are the younger population, and as a result, perceptions about these gems are changing. In all likelihood, this means that there will be an increased demand for lab created diamonds.

The only factor preventing lab grown diamonds from taking over the market right now is perception. It is now much more challenging for mining corporations and jewelers to influence the public’s view as a result of the Federal Trade Commission‘s (FTC) decision that every diamond, whether lab created or mined from the ground, has the same worth.

It’s a question of what consumers prefer when it comes to lab grown diamonds at this time. And, as demand rises, so will the market.