Lab grown diamonds were first created in 1950’s, but back then nobody really cared for them and most people thought that they were artificial diamonds stones. But 50 years hence, the lab grown diamonds have made place for themselves in the jewellery market and are quite popular among the people today. The sales pertaining to the jewellery made of lab grown diamonds have steadily increased over the years and have surpassed the sales of jewellery made of naturally occurring diamonds.
Research conducted in early 2022 has shown that the sales of engagement rings made of lab diamonds UK was 63% more than the previous year and the rings made of natural diamonds demonstrated a 25% decline in sales as compared to the previous. A large number of people have started accepting lab grown diamonds as a part of their engagement rings and this has become a cause for concern in the natural diamond industry. The cause for this are many.
One of the prime reasons why people are opting for lab grown diamonds instead of naturally occurring diamonds is the cost. Synthetic or lab grown diamonds considerably cheaper than the naturally occurring diamonds. There is almost a 73% price difference between a one carat natural diamond and a one carat lab grown diamonds. The difference in cost is due to the less cost of production of the synthetic diamonds since it does not require mining and processing like the natural diamonds. Additionally, there is less labour involved in the production of the lab grown diamonds. The reduced cost of the lab grown diamond allows the buyers to invest in a larger stone.
The recent Ukraine- Russia war has also had an impact on the diamond industry. Russia is one of the major producers of natural diamonds in the world and the sanctions imposed by the western countries have tightened the diamond supply coming from Russia. As a result of the reduced supply, the prices of natural diamonds has increased causing more people to opt for the budget friendly lab grown diamonds.
Another reason for the growing popularity of the lab grown diamonds is the increased awareness among the millennials and Gen Z. Statistics have shown that the maximum people who buy lab grown diamond jewellery are young people below the age of 40 who are more conscious regarding the impact of their choices on the environment. Mined diamonds have been associated environmental concerns of mining and its effect on the neighbouring areas and biodiversity. They have also been linked to illegal diamond trade that fund wars and also child labour in some African countries. Therefore, the young generation, who is more aware about these issues, tends to buy lab grown diamonds because they do not want to contribute to the above mentioned issues.
Today, the lab grown diamond Hatton Garden engagement rings are more popular than the engagement rings made of mined diamonds. Therefore, you are likely to find a huge variety in the lab grown diamond rings when you visit the store.