Lab-Grown Diamonds and Millennial Consumers: A Mutual Love Story

It has been noticed, especially among the younger generation, that once more consumers become educated about an industry or a specific product and its controversies, the bar of ethics is significantly raised among companies and suppliers. The diamond industry is a clear example of this phenomenon. Chris Casey, president of the Lab Grown Diamond Council (LGDC) states “compliance with labour and environmental standards are consumers’ top concerns when purchasing any kind of gemstones and other products.”.

Millennial shoppers want to know where a potential diamond they purchase came from, and at what ethical cost. “Today’s younger consumers want insight into the sourcing of virtually every product they purchase. When it comes to lab-grown diamonds, they are asking retail sales associates whether they are ‘eco-friendly’ or ‘sustainable’,”, Casey reported to MINING.com. The LGDC’s conducted research shows that over 80% of millennials and other consumers are interested and will buy products that are “independently verified for environmental and social product attributes”.

To avoid potential deception and inaccurate assumptions, the LGDC would like to work with the US Federal Trade Commission to develop of “full certified sustainability standard”, which will clearly define products that are truly sustainable and eco-friendly. Once implemented, companies will have to complete a thorough comprehensive assessment of their lab-grown diamond production process, compliance auditing, diamond testing, and traceability evaluation. This new certification process will ensure company-to-consumer transparency regarding their products and its origins, and ensuring 100% sustainability and the highest of ethical standards. The formal process is expected to begin early 2020.

Source: Safehaven.com