Key Industry Trends Influenced by Lab Grown Diamonds

Lab grown Diamonds have been fighting the battle of acceptance for six decades now. Finally, their time has come. Nowadays, both diamond buyers and sellers are accepting them as mainstream gems.

The myths and misconceptions surrounding synthetic diamonds continue to exist. Despite that, the lab grown diamond industry has grown by leaps and bounds.

The lab created diamond industry is estimated to grow up to $15 billion by 2035. At this pace, they are bound to leave an impact on the industry. So, how are these manmade diamonds shaping up key industry trends? Let's take a quick look!

Mined diamonds take a billion years to be formed. To excavate these diamonds from the earth's crust is a tedious task. So far, jewelry lovers have regarded diamonds as enigmatic. For them, purchasing exquisite diamond jewelry was a luxury.

But now, diamonds can be produced in labs. These diamonds are purer than those found in nature, and they are 20-30% cheaper than mined diamonds. With the advent of lab grown diamonds, diamonds are now becoming affordable.

When diamonds are available at a lesser price, why wait for the right occasion? Synthetic diamonds have the same chemical composition as mined diamonds, and they are a cheaper alternative. These diamonds entice diamond lovers to purchase more often. Thus, the demand for diamonds is shooting up. This upsurge in diamond consumption is lab-grown diamond’s gift to the industry.

Thanks to lab grown diamonds, a whole new target audience has emerged, and they are called the millennial. Mined diamonds with expensive price tags have been out of reach for them. But with lab made diamonds, that is not the case. Also, lab grown diamonds are sustainable. So, they hold a certain appeal for this generation, most of who believe that mining diamonds have adverse environmental effects.

The younger generation is motivated by social influencers and customer reviews. It is likely to lead to an uptick in online shopping for diamonds. So, this is yet another purchase trend influenced by lab grown diamonds.

To sum it up, lab grown diamonds are here to stay. The position of these diamonds has been further secured by the entry of industry giants like De Beers. Until recently De Beers was resistant to lab diamonds. But, in the last year, they launched their lab-grown fashion jewelry retailer, Lightbox. This move by one of the industry’s biggest influencers is bound to have an impact. The lab-grown diamond market in the US has demonstrated rapid growth over the last year.

As a diamond manufacturing company, Classic Grown Diamonds embraces change. We do our best to keep up with emerging trends. Our ideology is reflected in our products. Check out our outstanding range of lab grown diamonds. Also, don’t forget to follow us on social media. Stay updated with all the good stuff we have!