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.