Lab-Grown Diamond Is The New Disruption In The Jewellery Industry
The lab grown diamond wave has been gaining traction over the past few years with the lab-grown diamond jewellery market expected to be worth almost US$15 billion by 2035. The steady growth in demand is partly due to today’s consumers becoming increasingly receptive to a new alternative that still retains gem quality without the luxurious price tag.
CREATING DIAMONDS THROUGH SCIENCE AND TECHNOLOGY
Mined diamonds took over 1 billion years to form in the Earth’s crust, but thanks to 60 years of research and development, there is a breakthrough to create diamonds and offer new options for consumers worldwide. Set in a laboratory, diamonds are grown in highly-controlled conditions that simulate and reproduce the Earth’s natural growing environment with intense pressure and heat.
There are two methods of growing diamonds in a lab: High pressure high temperature (HPHT) and Chemical vapor deposition (CVD). High pressure high temperature diamonds involves building up the pressure and heat (more than 70,000 times the sea level’s pressure and 1,500 degrees Celsius) in a chamber with a diamond ‘seed’. Diamonds created through CVD are done through a controlled chamber filled with heated hydrocarbon gas, allowing pure carbon atoms within the gas to fall onto the diamond plates until it crystallises.
While they are created with advanced technology, lab grown diamonds share the same chemical composition of a mined diamond, including optical and physical properties.
SHIFTING CONSUMER ATTITUDES
Luxury takes on a different notion today as millennials are less concerned with designer labels. Instead, they are drawn to products that reflect and represent their identity and values. Plus, when it comes to significant purchases like a diamond engagement ring, they are always looking for a great deal. And the lab grown diamonds may just spell a big transition in the diamond jewellery market.
At the same time, today’s shoppers are more likely to lean towards the ecological ramifications of diamond mining when making their diamond purchase. They shop with socially and economically conscious reasons – and the lab grown diamond market caters to those preferences with an environmentally friendly option. Diamonds grown in the lab make for an ideal eco-friendlier choice as they require reduced energy resources and leaves a lesser carbon footprint.
BIGGER SIZE AND SAVINGS
Technology-based diamonds revitalise the jewellery industry and offers a fresh take on luxury and premium options today. People have treasured these dazzling gems for decades, and with the introduction of lab grown diamonds, it leaves a little more cash in a shopper’s wallet.
For a typical 1 carat diamond engagement ring, shoppers can pay as much as 50% lesser for lab grown diamonds as compared to mined diamonds.
Because the supply chain and process time for lab grown diamonds are shorter, this makes them a significantly less expensive option. This presents lab grown diamonds as the ideal solution to couples looking for bigger carat and affordable diamond engagement rings that are light on their pockets.
The perception that lab grown diamonds are sustainable with a more attractive price tag will continue to drive the demand for them and disrupt the jewellery market. At the end of the day, lab grown diamonds are still diamonds made from pure carbon and undergo 4Cs to ascertain their individual quality.