The Impact of lab grown diamond on the jewelry industry

Release time:



Since ancient times, diamonds have dominated the jewelry market, with the earliest records tracing back to Sanskrit manuscripts from 320-296 BC. As time passed, diamonds began to make waves in Europe, particularly with their presence in the French crown. Through the romanticization in Hollywood movies, the popularity of diamonds among the masses has also steadily increased.

Around the 1950s, the General Electric company developed a synthetic diamond, now widely known as the lab-grown diamond. These lab-grown diamonds can be produced using two methods - the Chemical Vapor Deposition (CVD) method and the High Pressure & High Temperature (HPHT) method. Although they are seen as replicas, diamonds manufactured in laboratories usually have superior quality compared to natural diamonds. This is because, even though the lab environment is designed to simulate the atmosphere of the earth’s crust, it’s still a controlled setting where the quality of the growing diamond can be easily monitored and adjusted to achieve the best results

Initially, the adoption of lab-grown diamonds was gradual, but they are now gaining significant traction in the fashion and jewelry industry. This surge in popularity can be attributed to the increasing demand for eco-friendly jewelry and cost-effective diamonds. Furthermore, the option to tailor a lab-grown diamond to one’s preferences has made it an extremely desirable gemstone for the younger generation.

While Lab grown diamonds currently constitute a minor portion of the total diamond industry, their prevalence is projected to skyrocket in the future. In 2020, the global market value of lab-grown diamonds stood at $19.3 billion, a figure anticipated to escalate to $49.9 billion by 2030. This upward trend in the market share of lab-produced diamonds signifies an increase in consumer consciousness and worldwide acceptance of these gems.

If synthetic diamonds are to ever surpass natural diamonds, they must outshine them in their most significant role - as a symbol of love in marriage proposals. This is where diamonds truly sparkle without any rivals, right? So, what approach could make these lab-grown gems the preferred choice of fashion jewelry for future brides?

Presently, 60 percent of men buy diamond jewelry for their to-be brides. But as the cost of man made diamonds are economical, they will prefer buying lab made diamonds over natural diamonds since it does not burn a hole in their pocket. But till now, the data suggests that the market share by the number of units sold in marriage proposals with that as a piece of fashion jewelry, it’s the same. This is a good sign for lab grown diamonds as this suggests that they can easily fit into either of the categories.

Another interesting event that happened recently is the price of both diamonds. The prices of lab grown diamonds took a dip last year, while the cost of natural diamonds shot up as much as 30 percent. Currently, a lab grown diamond and a natural diamond of the same quality and appearance have a cost difference of 75-85 percent, which is not small enough to be ignored by retail consumers or even by a diamond jewelry-making company.

Related news


Online Message

If you are interested in our products, please leave a message here and we will reply to you as soon as possible.