The news about reaching a record level of lab-grown diamond sales in 2022 is one of the sensational latest news that has overflowed newsfeeds. Reaching 10% of global sales is indeed an incredible surge in popularity if considering the fact that just 50 years ago lab-grown diamonds emerged as a new challenging phenomenon and should fight for a place under the sun. Unacceptance and refuting nature took a lot of time and effort before the new jewelry phenomenon became embraced by the market players and buyers. It happens just a decade ago and today lab-grown diamonds are a must-have option for any fashionista, they are a central accent in the marketing policy of many world-known jewelry brands. And analysts predict further growth from $ 11.3 billion in 2022 to $ 15.9 billion by 2027, at a compound annual growth rate (CAGR) of 7.1% from 2022 to 2027
How could it happen in such a short period?
From the beginning of time, jewelry was a way of self-expression that helped people to say others who they are, and which values they follow. Every epoch is characterized by a certain lifestyle, set of beliefs, and kinds of industrial activities, which usually were reflected in things, including those people used to wear as adornment. Because of this jewelry can tell the story of a given period to which it belongs. Similarly, the analysis of historical context, including social tendencies and type of economy, can shed light on the reasons for the popularity of jewelry.
You might not notice this connection but if inspecting your inner motivation at the moment when you are choosing jewelry, you will see that you purchase only those items that the most precisely can tell about your personality. So, in light of this idea, the answer to the question put in the title is quite evident – we buy lab-grown diamonds because they reflect perfectly our collective social identity; here is the secret of their popularity.
To verify this idea, let’s talk about who we are and why we like lab-grown diamonds. Before this self-inspection, it is worth devoting a few words to the product itself, its story, and its nature.
So, what is a lab-grown diamond?
Lab-grown diamond is an innovative product, an analog of a natural diamond that has the same optical and chemical properties but it is made by people. The process of growth of manufactured diamonds is also identical to natural growth with a single difference – it occurs in laboratory settings under human control. Gemologists succeeded replicate the condition of high temperature and pressure under which the diamonds are formed usually in nature and managed to get the same gems as a result of crystalizing carbon seeds.
The similarity between natural and lab-grown diamonds is proven by appropriate institutions. Now, lab-grown diamonds are GIA certified and are evaluated on the standards inherent to natural diamonds esteem – 4Cs system. By the way, the emergence of lab-created diamonds has significantly reshaped the approaches to quality evaluation. While at the very beginning, the need to prove compliance to the standards was a core purpose of certification, now certification is a way to distinguish two products and ensure that diamond is made in the laboratory but not beneath the Earth. One cannot see the difference with the naked eye.
Environmental awareness as a driven force for lab-grown diamonds
Madestones, which stood at the origin of the industry, believes that lab-grown diamonds are not a business option but an embodiment of modern philosophy. They were called to life as a more ethical alternative to mined diamonds. They do not require mining and the emergence of them indeed debunked the most widespread stereotype saying that beauty needs sacrificing; now we know that beauty can be and should be safe.
Although the skeptics accent that the laboratory’s functioning is not as safe as one can expect, the manufacturing process is a few times safer than mining. Moreover, progress does not stay immovable. Technology enabled to get carbon to crystallize at room temperature which means shortening electricity consumption and preventing atmosphere overheating. Be sure, this is not a limit to scientific achievements; the process will keep changing and becoming safer.
To highly aware people it is a reason to prefer lab-grown diamonds. In such a way they not only make a sustainable choice but also contribute to progressive changes for the sake of today’s and tomorrow’s safety across the globe.
Things vs emotions
The current situation in the world demonstrated the fragility of things and people became more devoted to emotions. Modern people are not ready to pay a lot for things, but they can spend money on unique emotional experiences. Because of this, they more often prefer lab-grown diamonds to natural stones, which are 50-70% more expensive. This choice is for man-made diamonds even in the most responsible cases like engagements or weddings, when couples usually used to choose natural diamonds.
Although the challenging situation with Covid-19 makes couples look back to everlasting wedding traditions, the vast majority of them opted for lab-grown diamond rings instead of choosing conventional natural diamonds. It happens not because of price. Lab-grown diamonds are easy to customize and opting for them allows not only to save money for the further emotional experience like honeymoon travel but also to offer a special custom design with a unique appeal to personal stories. The symbolism attached matters more than money.
Unfortunately, besides romantic and happy emotions people experience loss and sorrow. These feelings are not less important and require some kind of “an embodiment”. Lab-grown diamonds allow us to commemorate the beloved who left just by turning their cremation ashes into a diamond. This unique service also has two dimensions – ecological and emotional. It is always better to know that your dearest is not a pile of ash but a customized diamond telling about him or her in a beautiful way.
In ancient times people needed centuries to pass from wooden to stone labor instruments. Today, we need a few years or even months to improve our gadgets or any other things we deploy for daily activity. Lab-grown diamonds are playing a significant role in the progressive pace of events. Initially, they were found as a way to modernize many processes in industrial areas. Machinery, aviation, construction, and medicine – are just a few of the implication areas where lab-grown diamonds are needed as extra-solid material with a high level of conductivity. We need lab-grown diamonds in our phones to make them work faster and more effectively, for example.
It happens to be that lab-grown diamonds are innovations found to foster innovations.
Paradoxical but interesting fact. By the way, this fact bolds once more that every phenomenon or thing has its time to emerge, and its development is driven by the values of the people who have brought it to life.
Since society can unlikely take a step back from mentioned values, one can be sure that such a favorable environment for lab-grown diamonds will be preserved for the next decades and, thus, further growth in popularity is warranted.