Nearly 70% of survey respondents would consider lab grown diamonds for an engagement ring center stone.
Source MVI Marketing
Like everything evolving these days, jewelry is no different to other industries and technological advancement is signaling a trend towards lab-grown diamonds instead of mined diamonds for various reasons.
It's Time to Embrace lab-Grown Diamonds
Whereas large-scale diamond mining is environmentally damaging and wasteful – mines can be several kilometres wide, and to produce just one carat of diamond material, miners must sift through up to 250 tonnes of rock – lab-grown diamonds are providing a more sustainable option. In addition, the International Grown Diamond Association (IGDA) claims that natural diamond mining produces 1.5bn times more carbon emissions than lab-grown diamonds, at 57,000g per carat, versus 0.028g per carat. Furthermore, lab-grown diamonds are free from ties to conflict and, ultimately, traceable from laboratory to market, with stones laser-engraved with trackable serial numbers from their point of origin.
And for consumers – in particular, value-driven Millennials – the emergence of lab-grown diamonds offers not only greater choice, but a more positive view of the jewelry trade. As a recent study by MVI Marketing shows, 70% of US Millennials said they would consider buying lab-grown diamonds in 2018 – up from 57% in 2017 – with cost and ethics their main drivers.
Source: LS:N Global
Lab-grown diamonds are reshaping the jewelry industry as they offer consumers choice, quality and a guilt-free luxury product that is accessible with far less environmental impact than their mined counterparts.