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Lab-grown diamonds, made for decades as an inexpensive alternative to mined stones for industrial purposes, are cracking the consumer market, largely thanks to millennials’ evolving shopping tastes.
In a recent survey of 1,000 consumers aged between 21 and 40, half of which had household incomes of $50,000 or higher, nearly 70% said they would consider buying a lab-grown diamond for an engagement ring, MVI Marketing revealed earlier this year. That was a 13 percentage-point increase from the year before, when 57% said the same.
The entry of new actors in the synthetic diamond market, particularly giant producer De Beers and its Lightbox brand, has created even greater awareness for lab diamonds and is spurring more consumer activity.
Yet, many claim that despite the increasing popularity of synthetic diamonds, mined ones remain a superior choice.
Pure at Birth has created the following infographic to help you decide:
3 Comments
Deirdre
Are the lab produced diamonds going to
retail for less?
kevin johnson
30 to forty percent you just have to do a lot of shopping around for quality and price. they are also afraid they will catch on become in high demand drop price drastically and kill their rigged slave business. they are basically to late, once they have quality contemporary designs and low prices with celeb accepttance game over. 2025 they will be number 1 and value will steady by design and quality
damus dunnravan
well i agree that Lab Grown Diamonds are indeed catching up to and overtaking Natural Diamonds , its just a matter of time. And they are already selling for at least 70% of the Natural Price all things being equal. HPHT (high pressure high temperature ) technology is also being overtaken by CVD (chemical vapor deposition) technology, CVD produces higher clarity Diamonds when compared to HPHT. so as technology progresses we will continue to get Lab grown diamonds cheaper – its a fact. the Natural Diamond pipelines will slowly adjust their pricing downwards to remain competitive and this will also avail quite a lot of industrial Boart ! this will be good news for industry, as higher strength Alloys will be workable cheaper.
Anyway sorry De beers, Alrosa and Friends – unless you also invest in this technology yourselves otherwise the clock is ticking. However, what a relief to impoverished 3rd world countries where Blood Diamonds funded wars and instability , Lab grown Diamonds are indeed the way.