The Rise of Lab Grown Diamonds: How They’re Reshaping the Jewellery Industry
Diamonds are a classic symbol of love, luxury and wealth, but with the growing trend of lab grown diamonds, these precious stones are now more accessible than ever. Lab grown diamonds are creating a new wave of jewelry and revolutionizing the industry. From their ethical production to the cost savings associated with them, lab grown diamonds are making a significant impact and challenging traditional diamonds. In this blog, we’ll explore the impact of lab grown diamonds on the jewelry industry and how they’re reshaping the way we buy and wear diamonds.
What Are Lab Grown Diamonds?
Lab grown diamonds, also known as man-made or synthetic diamonds, are created in a lab environment. They are chemically, physically and optically identical to natural diamonds, but have a fraction of the price tag. Lab grown diamonds are created using two methods: high pressure high temperature (HPHT) and chemical vapor deposition (CVD). HPHT involves creating a diamond seed and then using high temperatures and pressures to grow the diamond in a matter of weeks. CVD uses a mixture of gasses to create a diamond seed and then deposit carbon layers onto the seed to create a diamond.
The Benefits of Lab Grown Diamonds
There are numerous benefits associated with lab grown diamonds. The most significant is the cost savings. Lab grown diamonds are typically 30-40% cheaper than natural diamonds, making them a much more accessible option for those on a budget. Additionally, lab grown diamonds are a much more ethical choice than natural diamonds as they don’t involve any mining or environmental damage. Natural diamonds are often associated with conflict and exploitation, whereas lab grown diamonds are produced in a safe and controlled environment.
Another benefit of lab grown diamonds is the customisation options available. Lab grown diamonds can be cut and shaped into any desired shape or size, giving customers the freedom to create a unique and personalized piece of jewelry.
The Impact on the Jewelry Industry
The introduction of lab grown diamonds has had a significant impact on the jewelry industry. According to a 2020 survey by the Association of International Jewellery Manufacturers, over half of jewelry retailers (53%) now offer lab grown diamonds in their stores. This is a huge shift from previous years, when lab grown diamonds were viewed with skepticism and were mostly available online.
The increasing popularity of lab grown diamonds has also had an effect on the pricing of natural diamonds. The price of natural diamonds has decreased by an average of 10-15% over the past few years, as jewelers seek to remain competitive in the face of lab grown diamonds.
Conclusion
Lab grown diamonds are revolutionising the jewellery industry and reshaping the way we buy and wear diamonds. From their ethical production to the cost savings associated with them, lab grown diamonds are making a significant impact and challenging traditional diamonds. With more jewelers now offering lab grown diamonds in their stores, it’s clear that this trend is here to stay. Shopping for Lab Grown Diamonds? Visit ecolabdiamonds.com.au for the widest range of custom and ready to ship lab grown diamond jewellery in Australia.
