Recently, the market expectation for lab diamond rings is higher than the expectation for mined diamonds. In this case, customers enjoy lab grown diamonds that have all the physical, chemical, and optical characteristics of mined diamonds including the highly valued features of price, environment and anti-conflict.
Why Choose Lab Diamond Rings?
Lab diamond rings are becoming increasingly popular due to the several factors that are likely to appeal to the current generation more so the youthful people. Here are the primary reasons why people are increasingly choosing lab-grown diamonds for their rings:
Sustainability
Another feature that also cannot remain unnoticed is the extremely high ecological level that can be observed while using lab diamond rings. They are obtained through conventional mining that is very destructive and consumes a lot of resources in the process. Large scale hole making in the earth may require a lot of power, excavation and destruction of natural biomes. On the other hand, lab-grown diamonds are made by using far much less damage to the environment.
Affordability
For instance, lab-grown) diamonds cost 20-40% cheaper than their mined diamond equivalent in terms of quality. Of this price differential, most are attributed to lower costs incurred in their manufacture. Whereas mined diamonds are obtained with much digging, transporting and a refining process, lab diamonds are created in a laboratory at a much cheaper price.
Ethical Sourcing
Another major concern that lab diamond rings have dealt with is the question of the supply chain or more specifically, the supply of these diamonds. For a long time, people have connected the diamond business with social injustice, involving unconstructive working situations and monetary support of the conflict territories, also known as blood diamonds. These things are not a problem as long as the diamonds are lab-grown.
Quality and Variety
Lab diamonds are as good as natural diamonds in as much as everything is concerned with lab created diamond rings. They are graded based on the same criteria as mined diamonds: the four attributes of diamond which include cut, color, clarity and the carat. These characteristics of diamond can be defined by labs to attain high scores in all the above mentioned aspects, thereby providing a consumer with variety to choose from.
Also, lab diamonds can be created in numerous sizes and forms, and that means more diversification in engagement rings and other luxury accessories. With a choice of diamond shapes including round brilliant or cushion or emerald or oval or many others besides the choice of the lab diamonds will definitely leave you spoilt for choice.
The Growing Market for Lab Diamond Rings
It is important to indicate that the demand for lab diamond rings has been growing in the last three to four years. In a new report by market research firm Bain & Company, lab-grown diamonds are expected to have 10% penetration in retail by 2035 with engagement rings being a major driver of this market. This increased demand is with the millennials and GenZ generations who are conscious in their consumption patterns and are willing to pay a premium for sustainable products.
Even as lab diamond rings find their way into the market more stores are coming to the market to offer the service. Pandora Jewellery and De Beers among the jewellery industry leaders have developed their own stations that offer lab-grown diamonds. This mobilisation of lab diamonds is just paradigmatic of the larger transition that the jewellery industry is undergoing, that entails sustainable and socially responsible production.
Are Lab Diamond Rings Right for You?
It can however be deemed that the decision of choosing between a lab grown diamond, and a mined diamond depends on the individual’s preference. Lab diamonds are the future because more people are becoming conscious of their purchase decisions, thinking about the impacts of their purchase on the environment as well as the impact they are imposing on other people.
Traditional diamond rings are still the classic symbol of love and prestige for many; however, using your dollars to support lab diamond rings can make a socially responsible purchase without sacrificing some aspects of value. All these reasons make lab diamond rings more reasonable, environmentally friendly, and ethical, and so lab diamond rings increase their market share in coming years and become the norm in the jewelry market.
In Conclusion
Lab diamond rings are least suitable for those consumers who have just the love for the diamond blended with a sense of security on the social, ecological and the economic costs that will be involved when marketing the stone is undertaken. As the market for lab grown diamonds evolves, it is assumed that rings of this kind would be dominating the jewelry market due to necessary luxury, affordable price and environmental friendliness.