Increasing Demand Of Lab Grown Diamonds
Man-Made diamonds, which are also referred to as Lab Created diamonds or Synthetic diamonds, are shaped using extremely advanced technical processes within strictly controlled laboratory conditions that mimics the environment under which natural diamonds form in the mantle beneath the Earth’s crust. Lab-grown diamonds are gaining an increasing share of the global diamond market each year, and with that, the volume of lab-grown diamonds produced is growing. Lab-grown diamonds, also known as synthetic diamonds, have the same physical properties of natural diamonds because they are created in a lab using a process that replicates the natural diamond growing process, but takes weeks rather than billions of years.
These carbon diamonds that have been grown in a laboratory, much like flowers grown in a conservatory. They are as authentic as diamonds pulled from the earth, and they twinkle just as brilliantly. Lab-grown diamonds are a rapidly growing trend in the industry. In recent years awareness of moral concerns regarding the compassionate and biological issues surrounding the mining of diamonds coupled with the high cost of mined natural diamonds, has led to an increase in the popularity of Man-Made Diamonds. Young diamond-buyers are strained to them by price, transparency and for ecological reasons, with this segment of the market increasing by between 15% and 20% annually, according to the global report. If you are considering the purchase of a piece of jewelry incorporating a Synthetic diamond then you may be interested to read our guide to this fascinating alternative to natural diamonds.
Whether you call them lab grown diamonds, lab created diamonds, synthetic diamonds or man-made diamonds, they’re all one and the same. Lab-grown and natural sapphires have remained separate markets for more than 20 years, and synthetic sapphires account for 15% of the total gem-quality market in volume. Lab-grown diamond prices have been falling, which may lead to a sustainable business in costume jewelry. As mines diminish, lab-grown diamonds could offset a portion of the reduction in supply of natural diamonds. This forecast does not consider several factors that could disrupt the supply–demand balance in the short term and slow the overall global trajectory.
Lab-grown diamonds are currently sold at a considerably cheap price compared to natural diamonds, but the cost continues to decline due to mass production, Consumer confidence and demand for diamond jewelry could be negatively affected if the US recession is longer than expected or if the slowdown and uncertainty in China caused by trade tension continue. Ongoing currency fluctuations and short-term policy changes in India could disrupt that country’s potential, as they have in the past. The biggest potential disruption is consumer preference. Continued and concerted marketing efforts are imperative to sustain long-term demand. Lab grown diamonds aren’t associated with the unethical practices that are inherent with mined diamonds.
The reason lab diamonds have the edge on mined diamonds here is down to their purity and hardness, with lab-grown diamonds found to be ten times more durable than natural diamonds. We’re talking about earth displacement, ocean dredging and habitat destruction. If you love diamonds, go guilt free. Get the sparkle you want without the high price tag and unethical concerns. Rather than taking billions of years to form like natural diamonds, lab-grown diamonds can be grown in one to four weeks depending on their size. The lab-grown diamond industry has been steadily growing over the past decade as the technology improves and more companies have become involved in their manufacture. By 2030, the global market volume of lab-grown diamonds is forecast to be nearly 19.2 million carats.