“They came, and they conquered.” Nothing else describes the story of lab-grown diamonds better. Lab growth has taken over the diamond jewelry industry in the last few years, and the demand and popularity are continually increasing. It is incredible how something as beautiful can be grown in a laboratory. Not only are they environment and pocket-friendly, but they also come high in quality and are easy on pockets. Initially, people were quite skeptical about its quality. Still, with the development of technologies, there has been a massive growth in the gem quality of lab-grown diamonds in the last ten years.
Here, we will discuss the reasons behind the growth and popularity of gem-quality lab-grown diamonds.
Diamond Detection Technology
Around a decade ago, when lab-grown diamonds were introduced in the market, people were concerned about them being sold disguised as natural diamonds by alteration. This problem was solved with the introduction of diamond detection technologies, and most of the natural diamond traders now have in-house testing equipment. You will be amazed by how compact and user-friendly these lab-grown diamond detection technologies are. The traders usually have them in their facility, or they source the readily available testing services. This created a stand-alone market for lab-grown diamonds, giving it a distinct identity.
Entry Of Big Brands In The Market
Some of the most popular and trusted luxury jewellery brands, like DeBeers, have entered the market and created a storm. It suddenly boosts the credibility and interest of the market in lab-grown diamonds. People who used not to consider them legitimate now have different thoughts about the same because of this. When Debeers entered the market with Lightbox, there was a demand hike in the lab-grown diamond market. The credibility and trust of people rely on such brands, and their move in a positive direction brings along people’s confidence, too.
Lab-grown Diamond Grading
Reputed diamond grading companies like IGI ( International Gemological Institute) and GIA (Gemological Institute of America), which grade all types of natural gems and diamonds worldwide, started grading lab-grown diamonds and providing quality certificates. Lab-grown diamonds are graded on 4’c (cut, carat, clarity, color), just like any other diamond. This started qualifying lab-grown diamonds as gems as they are treated equally as natural diamonds by these institutes while grading them, there are no other standards for lab-grown diamonds.
These boosted the growth of lab-grown diamonds in the market. The production of gem-quality lab-grown diamonds became commercial with a continuous increase in quality from O.1m carats to about 40-50 carats now. The popularity of diamonds has now changed the market in the following ways.
- Demand For Bigger Diamonds
Improved laboratory technology helps make high-quality diamonds available in big sizes at lower prices than natural diamonds, which has led to an increase in demand for bigger diamonds. The demand for a polished stone of 0.2- 0.25 from a decade ago has now shifted to about 2 carats—preference for big lab-grown diamonds in engagement rings rather than small natural diamonds at a much lower price.
2. Decreasing Price Of Lab-grown Diamonds
One thing about technology is that it continuously evolves and gets better; it keeps getting more efficient and provides the same thing in better quality and at a lesser cost. The same is the case with diamonds, as the technology keeps improving, the price of lab-grown diamonds keeps decreasing. Also, with the technology getting commercial, the producers have increased which is also a reason for the price decrease. Despite the price reduction, the business still stays profitable. On the contrary, the price of natural diamonds keeps increasing as they come from limited resources.
3. Increasing Sales Of Lab-grown Diamonds In Comparison To Natural Diamonds
The sale of lab-grown diamonds is continuously increasing since the start of the last decade, but there was a major hike noticed in the year 2019 resulting in the growth of lab-grown diamonds by 50%. By the year 2022, it was noticed that the sale of 2-carat lab-grown diamonds was 50 times more than the sale of natural diamonds. The lab-grown diamond market still kept increasing when the overall jewelry market was not doing so well at the end of the year. As a result, the sale of loose lab-grown diamonds surpassed the sale of loose natural diamonds for the very first time in the year 2022.
Conclusion
The lab-grown diamond market has matured. With the increased awareness, consumers now know that lab-grown diamonds have the same properties, structure, and qualities as natural diamonds. Apart from the environmental consciousness of today’s generation, the factor of getting more for less price also plays a major role in the popularity of lab-grown diamonds.
The most wonderful thing about gem-quality lab-grown diamonds is that as technology keeps advancing, the quality will keep on improving. The current standards will be surpassed, and we will further witness the highest quality of diamonds ever seen in the future.
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Written by:
Pinaki Kotecha
Affiliate Writer with Monkey Ads
