There is no doubt that consumers, especially the younger, millennial generation, have become more educated about companies and their products than ever before. People want to know where their products came from, how they were made, and if either of these processes conflict with their own morals and ethics. This phenomenon is one of the driving factors behind the exponential growth of the lab-grown diamond industry.
In 2015, the lab-grown diamond market was valued at $16.2 Billion USD, and is expected to nearly double, reaching a value of $27.6 Billion USD by the year 2023. Asian-Pacific regions have become the largest market for lab-grown gems, accounting for the largest revenue shares throughout the rest of the world as of 2015. The Middle-East and Africa are predicted to be the fastest growing market in the up-incoming years due to the rising demand of these man-made diamonds in these locations. One major factor for the global shift towards LGD’s is rapid urbanization, which is causing many jewelry industries to pursue more cost effective processes and higher quality products to meet the trends of the market. Another factor that is playing a huge role in the revolutionization of the diamond industry is advanced technology, and how we are using it to create more eco-friendly alternatives in comparison to mining the Earth.
The future of lab-grown diamonds is looking very bright, and with more awareness and education about this alternative being brought to light, the industry will only become more popular as time goes on. Sustainable, more affordable, and identical appearance to a mined gem? It’s not too good to be true, it’s lab-grown!Source: MENAFN