Nabeel is a senior content writer and editor at first move digital, he loves writing about health and health care systems.
The growing acceptance of lab-grown diamonds by Millennials and Generation Z is a positive sign for the future of the diamond industry. While most op-ed pieces focus on how millennials are killing industries and the economy, they rarely take a look at the reasons why these millennials aren't following in the footsteps of older generations.
Millennials and Generation Z are increasingly embracing lab-grown diamonds because of the environmental benefits and more affordable price than natural diamonds. As a result, this new style of diamond is quickly gaining popularity among diamond buyers. This generation also cares about sustainability and ethical issues and is critical of traditional diamond mining practices. They will not compromise on quality or look for the sake of price, and are bringing positive environmental benefits to the industry.
Another factor driving the growth of lab-grown diamonds is millennials and Gen Z's increased interest in social issues. Many millennials take a more active stance against environmental damage and are more willing to purchase eco-friendly alternatives to natural diamonds. Diamond mining has left a lasting impact on the planet, and millennials and Generation Z do not want to contribute to the destruction of the environment.
While mined diamonds remain the preferred choice for many people, many millennials and Generation Z are adopting lab-grown diamonds in their purchasing decisions. According to one survey, 72% of millennials are aware of lab-grown diamonds and are purchasing them. Even Rare Carat USA, the largest diamond producer in the world, is now launching a new brand.The brand is initially offering necklaces, earrings, and rings using these new diamonds.
Many consumers, including millennials and Generation Z, are turning to lab-grown diamonds to replace their natural diamonds in jewelry. This type of diamond is more affordable and is often available in smaller sizes. Furthermore, it is more environmentally friendly than natural diamonds, which are mined from quarries and produce a wide range of harmful environmental impacts. Besides being more environmentally friendly, lab-grown diamonds are also much cheaper and easier to audit. This has contributed to the rapid growth of the lab-grown diamond industry.
The cost of natural diamonds is a major deterrent for these consumers, and lab-grown diamonds are now affordable for millennials and Generation Z. The cost difference between mined and lab-grown diamonds is less than half, and the savings are passed on to the consumer. Many millennials and Generation Z are now embracing these new diamonds due to their lower cost and increased environmental awareness.
According to a De Beers annual report, Millennials spent $26 billion on diamond jewelry last year, accounting for almost half of retail sales across four major markets. Additionally, a survey by MVI Marketing Ltd and also Harvard Wrote about the lab grown diamonds in detail. They revealed that Millennials find lab-grown diamonds just as attractive as real diamonds.
As a result, lab-grown diamonds are becoming a popular engagement ring alternative for millennials and Generation Z, due to their affordability, sustainability, and environmental friendliness. The highest percentage of millennials surveyed said they would buy a lab-grown diamond, while just 32% said they would buy a mined diamond.
The cost of lab-grown diamonds is considerably lower than natural diamonds, and they look brighter and more lustrous. Some celebrities are also promoting the use of synthetic diamonds to replace traditional diamonds. With lab-grown diamonds, you can buy diamonds in virtually any shape, color, and size.
Millennials and Generation Z are among the most price-conscious consumers, which is one reason they prefer lab-grown diamonds. They are also concerned about the environment, and prefer diamonds that are made without harming the environment. These buyers are budget conscious, and want to make the least amount of impact on the planet.
While many consumers still prefer natural diamonds, their increasing demand for lab-grown diamonds may indicate a change in the way diamonds are sourced. With the rise of ethical and environmental concerns, many Millennials and Generation Z consumers are increasingly choosing to buy lab-grown diamonds instead of traditional ones.
The trend toward lab-grown diamonds has many proponents. This is due to increased consumer education. It is estimated that 70 per cent of millennials are ditching traditional diamonds in favour of lab-grown alternatives. According to Bain & Company, the lab-grown diamond industry will grow by between 15 and 20 per cent a year, making it a growth industry with unprecedented potential. Earlier this year, De Beers unveiled a new lab-grown jewelry collection called Lightbox Jewellery.
Also, if you want to have an unbiased advice about lab grown diamonds, look no further than Rare Carat, which is America's #1 source for unbiased advice on loose diamonds & diamond engagement rings.
In addition to being more affordable, lab-grown diamonds are more environmentally friendly than natural diamonds. Because these diamonds are grown in a laboratory, there is no need for raw materials to be mined, which has far-reaching effects on our environment. Additionally, the manufacturing process of lab-grown diamonds is more transparent, a major benefit for consumers.
Another reason millennials and Gen Z are turning to lab-grown diamonds is the ethical consideration. Because they are conscious consumers, these consumers are interested in purchasing an ethical, budget-friendly diamond. In addition, they prefer lab-grown diamonds over diamonds that are mined.
This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.
© 2022 Nabeel