Despite the fact that lab diamonds are still an aspirational product, consumer demand for them is surging. This is great news for the industry, and should only continue to grow as more consumers become aware of the benefits.
However, if these synthetic gems are lab diamonds are the future priced against their natural counterparts, they may lose some of their value. This is because they lack the finite nature of a natural diamond that drives its value up.
1. They’re cheaper
Typically, lab-created diamonds are cheaper than their mined counterparts. They’re more affordable for consumers, which gives jewelers more margin to sell them and make a profit.
This makes them an attractive option for anyone shopping for a beautiful diamond without breaking the bank. Especially considering that the price of natural diamonds has been steadily climbing over the years. And that trend is expected to continue. That means lab diamonds will get even more affordable as time goes by. Eventually they’ll be as cheap as a natural bitsandboxes.
2. They’re more sustainable
Diamonds have long been the ultimate symbol of love and commitment. From songs about a girl’s best friend to ads promoting their eternal powers, diamonds are embedded in our culture.
However, there is only a limited amount of natural diamonds on Earth. Mining at current rates will eventually deplete these resources.
Lab created diamonds are far more sustainable than their mined counterparts. They also use renewable energy sources. This makes them a more environmentally friendly choice for engagement rings. However, lab-made diamonds do not have the same resale value as natural lifeline hospital.
3. They’re more durable
Billions of years in the making and subjected to extreme heat, pressure, and other natural forces, diamonds are known for their durability. Similarly, lab-created stones are just as strong and durable as their mined counterparts.
However, since there’s a finite amount of lab grown diamonds that can be produced, they may not hold value in the same way as their natural counterparts. This could make them less appealing to some buyers. However, this is not likely to impact the majority of diamond buyers. Hurwitz notes that many consumers are willing to pay for the durability and affordability of lab-created diamonds.
4. They’re more environmentally friendly
Diamond mining is a hugely damaging industry, and it’s not just the land that is affected. Millions of people work in the mines, and their lives can be impacted as a result of this.
Lab diamonds, on the other hand, don’t have this impact as they don’t require any water waste or land exploitation. They can also be traced with blockchain technology to guarantee their sustainability. This makes them a more ethical option for many consumers.
5. They’re more rare
Diamonds are a precious and rare commodity. Lab diamonds are produced in a laboratory, unlike natural ones which are created in the crushing pressure and extreme heat of our planet’s mantle.
However, this doesn’t mean that they are less rare than mined diamonds. It just means that they are more available to the average consumer. And that’s good news for sustainable jewelry. That’s what’s important for the long-term health of our planet. The world’s largest jewelry retailer, Signet (which owns Zales and Jared chains), recently made a major announcement to begin using lab diamonds.
6. They’re more aesthetically pleasing
Unlike diamond stimulants, like cubic zirconia and moissanite that are made of different raw materials, lab grown diamonds are 100% pure crystallized carbon. They’re also ten times harder and more durable than mined ones.
While some natural diamonds have proven to increase in value over time, most of us buy jewelry as an emotional investment rather than for its financial worth. Ultimately, lab created diamonds provide the same visual appeal as their more traditional counterparts, but for an often lower price tag. This includes the more affordable center stones for engagement rings.
7. They’re more comfortable to wear
As lab-created diamonds become more available, shoppers will likely continue to seek them out. As with natural diamonds, shoppers should still focus on the four Cs—color, clarity, cut and carat size—while considering resale value.
Hurwitz also points out that millennials are more conscious shoppers who want to purchase jewelry that doesn’t harm the Earth or people (a high five to that). Consumer confidence in lab-created diamonds has been growing on a consistent basis. This will only continue sccbuzz.
8. They’re more durable
Diamonds are incredibly durable, but lab-grown diamonds are even more so. They can withstand extreme heat and pressure, which is why they’re used in high-tech industries such as computer chips.
Jewelry retailers are taking note of the trend. Signet, the largest diamond retail chain in the world, has expanded its line of lab-grown engagement rings at Zales and Kay Jewelers. Meanwhile, fine jewellery brand Charles and Colvard has started offering man-made stones in its Helzberg stores.
9. They’re more affordable
Lab diamonds are less expensive than their natural counterparts and offer more value for your money. They also require significantly less energy to produce than mined diamonds.
However, there is a risk that they won’t hold the same value as natural diamonds in the future. That’s because the lab grown diamonds market for lab-created diamonds is relatively new and will typically not match the resale value of natural diamonds.
Regardless, the choice is ultimately yours to make. It’s about what makes the most sense for your significant other and your personal values.
10. They’re more customizable
Buying jewelry is an investment, both financially and emotionally. And while it’s important to shop for a stone that fits your budget, you should also consider the environmental and ethical implications of what you’re purchasing.
Many lab-grown diamond companies are striving to reduce their environmental impact. For example, Los Angeles-based VRAI has made efforts to cut energy use by using HPHT and CVD processes that require less electricity than natural diamond mining. Its products are carbon negative and fully traceable. This means you can feel good about your purchase while still shopping for that sparkle!