In the last decade or so, there has been a rapid change in the jewelry industry due to premier technology and consumer demands and concerns for the environment and Affordability. But perhaps the most striking one is the rising demand for diamond rings that are produced in laboratories. These diamonds are referred to as “synthetic” diamonds or “man made diamonds” that are produced in laboratories that replicate other natural environments in which the diamond is formed in the earth.
Why Choose Lab Created Diamond Rings?
Ethical and Environmental Considerations
The biggest and obvious consumer motivator pushing them to the purchasing of lab created diamond rings is the ethical aspect. Ranking of countries by mining and production of diamonds All around the globe diamond mining was seen as environmentally degrading, its peoples’ human rights violating and as providing conflict instruments and funds, the so-called “blood diamonds.” These issues, nevertheless, are not applicable to lab created diamonds.
Earlier, the idea of lab created diamonds was not very popular for engagement; however, today with all these concerns about sustainability and ethical origin of diamonds, they are in trend for engagement. These so-called “conflict-free” diamonds have recently appeared and met a new generation of people who do not value only the stone but where it comes from.
Affordability and Value
Man made diamonds are also cheaper than natural diamonds, provided they were produced in a laboratory. Despite the fact that natural diamonds may be more valued because they are rare and mining/ distribution are expensive, lab created diamonds are another source that is equally good yet affordable. New industry articles on laboratory-created diamonds show that they can be up to 30-40% cheaper than mined diamonds of equal carat and clarity.
This has a value proposition for consumers meaning they can afford larger diamonds or higher quality ones for that matter at a cheaper price. Lab created diamond rings are rapidly becoming popular for engagement or wedding rings as it enables two people to get a much bigger and dazzling diamond compared to the budget they have.
Technological Advancements and Quality
Let me tell you that today lab created diamonds have undergone a great improvement concerning their quality. In the beginning people may have had a concern that they are buying a lab created diamond which might lack the shine and the caliber of the mined diamond. But due to the technological enhancements there are synthetic diamonds that appear similar to the natural diamonds hailing from the earth, in terms of cut, clarity, color, and brilliance.
Current information and statistics reveal that brilliant and high quality lab grown diamonds are now possible with improvement in the CVD and HPHT technologies. Because these diamonds are cultured they can be made to order and thus are guaranteed to meet a certain standard which in this case is quality.
Popularity of Lab Created Diamond Rings
Lab grown diamonds have been increasing quickly in the recent past, the synthetic diamond market research showed that this industry will expand at an estimated CAGR of 10.8% over the period 2021 to 2030 as indicated by Grand View Research. The following reasons have been found to cause this growth; these include; sustainability, technology improvement, and shift in perception towards more sustainable products.
Also, the latest generations, millennials, and Gen Z are also responsible for this trend. Such consumers are likely to include the reception of sustainability, ethical differentiation, and transparency. Actually, they are gradually opting for Lab created diamond rings as are their values and preferences.
Customization and Design Options
Another fact people like about Lab created diamond rings is that they are flexible in the manner they can be designed. Providing the consumer with a wider variety of options, diamond shapes, sizes and settings can always be changed to match some individual’s requirements. Even if you are in need of the traditional round-cut solitaire or an ornate design, the lab-created diamonds can fit any of it.
Furthermore, the relatively low price of man-made diamonds enables clients to spend the money received on other attributes of the ring, such as elegant engravings, unusual settings or other gems like sapphires, rubies, or emeralds. Basically, the end product is a unique and singular piece of jewelry that is as unique as the couple itself and their beliefs.
Conclusion
The growing trend in lab created diamond rings is about changing the social construct of what it means to be a luxury, beautiful, and sustainable product. The lab created diamonds are equally as ethical as mined diamonds, much more affordable, and were found to be of a higher quality, making them a worthy competitor to mined diamonds.
