Recently, lab-grown diamonds have spiked in popularity. The artificial stones are cheaper and therefore more accessible. However, will this trend significantly impact the market for natural gems? This article examines whether real or synthetic diamonds will become a girl’s best friend…
Lab-Grown Diamonds and Natural Diamonds are TWINS!
In the battle between lab-created and mined jewels, the first question is obvious. Is there a difference?
CHEMICALLY SPEAKING, NO. THEY ARE IDENTICAL.
On top of that, LGDs are rated on the same 4Cs criteria as their natural counterparts:
- Clarity
- Color
- Cut
- And, carats.
Further, lab-grown diamonds are five times less expensive on average.
An advantage of these stones that the largest youth population — located in India — has taken note of…
Millennials and Gen Z LOVE the Price Point
Pooja Sheth, founder of Limelight Lab Grown Diamonds told CNBC that less than 5% of Indian women can afford natural diamonds. As a result, younger generations are turning to man-made gems as a solution.
Sheth also commented:
“…CONSUMERS ARE FEELING IT’S MORE VALUE FOR MONEY TO PURCHASE A LAB-GROWN DIAMOND AND THERE IS A HUGE AMOUNT OF INCREMENTAL DEMAND FROM NEW PURCHASES WHO HAVE NEVER BOUGHT A DIAMOND BEFORE.”
Additionally, Limelight Diamonds alone has produced over 10,000 carats worth of jewels from April 2022 to March this year.
For those reasons, it seems to be one of those products created for everyone. Nonetheless, consumers still feel LGDs lack the romantic quality of the real deal…
Consumers See Lab-Grown Diamonds as an “Entry-Point”
Don’t cry for natural diamonds yet…
Sales of synthetic sparklers still comprise only 20% of the market.
Tehmasp Printer, CEO of the International Gemological Institute, has this prediction…
“MILLENNIALS AND GEN ZS MAY OPT FOR AN LGD WHEN THEY WANT TO GET MARRIED, BUT SWITCH TO A NATURALLY MINED DIAMOND DOWN THE ROAD.”
But regardless of where this trend takes us, real stones are safe for the time being. And, we’re not getting over shiny rocks in any form any time soon…
Be Great,
GCTV Staff
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