The advent of lab-produced diamonds has revolutionized the market forever it seems. Be it weddings or engagements, couples are increasingly choosing to invest in lab-grown variants.
Also known as lab-generated or cultured diamonds, these varieties are produced in controlled environments. The technological processes used to grow these gemstones are highly regulated.
Does this mean lab-grown diamonds are not authentic? Far from it since their chemical composition is similar to that of naturally mined diamonds. Not just customers but even industry leaders prefer the former over the latter.
If you’re still wondering why, we believe this article will remove all the confusion. Keep reading to know why lab-grown diamond engagement rings are much-appreciated among industry leaders in detail.
Greater Affordability
Customers seem to love lab-grown diamond engagement rings due to how affordable they are. Studies even found that the average engagement ring size has increased by two carats simply because of this.
Natural diamonds can only cater to a small percentage of the population. However, industry leaders are now able to expand their target audience simply by making the allure of luxury available to the common man.
Now, the cost-effectiveness factor itself carries with it much incentive. Let’s look at the many reasons why lab-grown diamonds are so affordable –
- They can be produced in labs faster than natural diamonds. A group of scientists in South Korea have been able to produce diamonds under normal pressure in just 15 minutes.
- The supply chain for these diamonds is also short since they are produced, cut, and polished at the same place.
- Less land space is needed to produce lab-grown diamonds as opposed to mining natural ones.
It’s cheaper on the part of producers and also a whole lot more convenient to culture diamonds in a lab. Sellers can produce all kinds of engagement ring styles and designs without much cost increase.
Quality and Consistency
It is not simply a law of economics that states a higher price may indicate higher quality to some customers. When it comes to valuable assets like diamonds, one is compelled to reconsider this.
If lab-grown diamonds are affordable, does it mean they are being produced at the expense of quality? That is not the case because another reason why industry leaders prefer these gemstones is their quality and consistency.
These diamonds are produced by a technique called Chemical Vapor Deposition or CVD. A thin diamond seed is first placed inside a sealed chamber. Then, a carbon-rich gas like methane is introduced too.
Once the gas breaks down into carbon atoms, the latter attaches to the seed and forms the diamond. As a result, lab-produced diamonds are composed of pure carbon without any traces of nitrogen.
If we compare the same with natural diamonds, around 98% of them contain some traces of nitrogen. This affects the dazzle or shine of the stone. Industry leaders know that customers vote their dollars in favor of shine and brilliance.
Since lab-grown diamonds are produced in highly controlled environments, they can practically be made flawless. The stunning clarity you observe in the case of lab-grown diamonds is not characteristic of natural ones.
Customization and Innovation
Over and above the other reasons for preferring lab-grown diamonds for engagement rings, customization is a big plus. Since man-made diamonds are the same in composition as natural ones, they are hard and durable.
To top it off, they can be precisely cut into a variety of shapes and sizes. For instance, Grown Brilliance shares that lab-grown diamonds can be available in shapes like cushion, pear, oval, and more.
From traditional elegance to modern chic, all kinds of stones can be produced. Even their colors can be modified to mimic natural diamonds available in pink, yellow, or green hues. Industry leaders can benefit by offering customers a wide scope for personal expression at affordable prices.
Low Environmental Impact
We are currently living in the age of the conscious consumer. This is most true in the area of eco-consciousness.
The good news is that lab-grown diamonds satisfy a customer’s desire in this area. In other words, lab-produced diamonds do not cause as much air and water pollution.
They do not require as much energy to be produced when compared to mining. This is reason enough to spark the interest of industry leaders. Since customers themselves prefer lab-produced diamond engagement rings due to eco-consciousness, industry leaders must do the same.
One thing to keep in mind is that the low environmental impact is true in some cases. According to the International Gem Society, these diamonds reduce carbon footprint only when produced using renewable energy sources. So, industry leaders must focus on the production process too, not just the hard facts.
Let’s draw to a close by stating that market predictions also favor industry leaders. Statista states that the lab-grown diamond market is expected to witness an increase of up to $52 billion by 2030.
It means customers will continue to side with lab-grown variants. As long as engagements are sealed with man-made diamond rings, industry leaders will have enough fuel to drive the market forward.