Why This Generation of Consumers is Attracted to Lab-Grown

It is known that every generation tries to be different and better than the one before. Whether it be in music, fashion, economics, or activism, every new generation of youth wants to define themselves and the world around them in their own unique way. Values change, standards are raised, and nothing ever stays the same for long. An inspiring and admirable attribute of Millennials and Gen Z is their passion towards improving the ethical standards of every industry, and their contribution to creating a more sustainable planet. Going vegan, boycotting fur products, advocating for worker and human rights issues in third-world nations is just a few of the endless actions this group has taken to shape their world. Their morals and values are a huge reason why lab-grown diamond engagement rings have grown (no pun intended) in popularity amongst this demographic. It is predicted that by 2020, Millennials and Gen Z will be the highest-spending generation, making them the “biggest wave of consumers” with lots of power as to how the diamond industry will change throughout the future. 

Lab-grown diamonds are well known for their ethical origins and affordability compared to mined diamonds. These engineered diamonds are typically 30-40% cheaper than diamonds mined from the Earth, and are grown at a faster rate. Usually, it takes millions, even billions, of years for a diamond to form and reach the Earth’s surface to be mined. Within the lab, machinery is capable of imitating the environment an Earth diamond is grown from by subjecting the ‘diamond seed’ to extreme pressure and temperature over the course of two weeks. Another benefit to choosing lab-grown that Millennials and Gen Z value is the ethical method of production behind the diamond. The diamond mining industry has been plagued with worker exploitation, basic human right violations, and destruction of environmental habitats and ecosystems for decades. The detrimental effects of diamond mining have, and will continue to put vulnerable people in harm’s way, destroy species habitats, and pollute our oceans. Lab-grown diamonds eliminate these problems completely, which is why they have gained a lot of attention from young consumers who maintain high ethical standards for the products they buy.

  We believe in this generation of consumers to change the narrative of the diamond industry, by choosing eco-friendly, lab-grown diamonds when it comes to engagement rings. Not only will they save money (to help pay for their now upcoming wedding), but they will have contributed to making this world a better place, not just for themselves, but for everyone and everything in it.

 

Source:International Institute of Gemology

 

 

 


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