Impact of Man Made Diamonds on the Diamond Industry

Diamonds have ruled the jewelry market from the very beginning of time, with the earliest mention in Sanskrit manuscripts dating back to 320-296 BC. And as time passed, diamonds started making headlines in Europe, with their presence in the French crown, and got popularity among the masses through romanticization in Hollywood movies.

But around 1950, the General Electric company created a synthetic diamond which is now popularly known as the lab grown diamond. Lab grown diamonds can be manufactured using two methods - the carbon vapor deposition (CVD) method and the High Pressure & High Temperature (HPHT) method. Though they are considered replicas, diamonds made in laboratories are generally superior in terms of quality when compared to natural diamonds. This is because of the fact that although the lab environment is designed to match the atmosphere of the earth’s crust, it’s still a controlled setup, and the quality of the growing diamond can be monitored easily and modified to get the best results.

Laboratory-grown diamonds picked up slowly, but now they are becoming increasingly popular in the fashion and jewelry industry, owing to a rise in demand for sustainable jewelry and affordable diamonds. Also, the ability to customize a lab grown diamond as per your needs makes it a highly sought-after jewel amongst the younger generation.

Though man made diamonds still occupy a small percentage of the overall diamond industry, it is expected to rise exponentially in the coming years. In 2020, the market share of lab created diamonds on a global level was valued at $19.3 billion and that number is expected to reach $49.9 billion by 2030. This growth in the market share of diamonds made in labs indicates the rise in consumer awareness and the acceptance of the product globally.

But if lab grown diamond is to ever replace the natural diamond, it has to beat diamond in its biggest game - the love symbol for marriage proposals. That’s the place where diamonds shine without any competition, isn’t it? So, what strategy will make the lab grown counterpart a piece of fashion jewelry preferred by the to-be brides?

Presently, 60 percent of men buy diamond jewelry for their to-be brides. But as the cost of man made diamonds are economical, they will prefer buying lab made diamonds over natural diamonds since it does not burn a hole in their pocket. But till now, the data suggests that the market share by the number of units sold in marriage proposals with that as a piece of fashion jewelry, it’s the same. This is a good sign for lab grown diamonds as this suggests that they can easily fit into either of the categories.

Another interesting event that happened recently is the price of both diamonds. The prices of lab grown diamonds took a dip last year, while the cost of natural diamonds shot up as much as 30 percent. Currently, a lab grown diamond and a natural diamond of the same quality and appearance have a cost difference of 75-85 percent, which is not small enough to be ignored by retail consumers or even by a diamond jewelry-making company.

At Classic Grown Diamonds, we are the largest manufacturer and wholesaler of lab grown diamonds. We have a wide array of manmade diamonds which are chemically, physically and optically identical to 100% mined diamonds. To explore the greatest deals on our loose small diamonds, loose lab grown diamonds, loose manmade diamonds, loose solitaire diamonds & fancy shaped diamonds call us on +1 212 221 3667 or submit an enquiry at sales@classicgrowndiamonds.com today.