DON'T MISS A THING

Many questions about the new product called lab-grown diamond or LGD has been left in the past. Today, many consumers make their choice in favor of this innovative and ethically-sourced product as well as many entrepreneurs make a bet on it. What motivates both of them and how this motivation determines the prospects of the man-made diamond industry for the nearest future?

Before speaking about this, let’s take a look at the nature of lab-grown diamonds

Although also called synthetic diamonds, mistakenly associated with the meaning “false”, it is important to understand that lab-grown diamonds are true diamonds. Origin is a single difference between natural diamonds, formed in the soil, and man-made diamonds, produced in the laboratory under strict human control. The manufacturing process replicates all the conditions that used to happen naturally in the Earth’s crust – high pressure and high temperature. Thus, it results in getting the same gems as natural. Lab-grown diamonds have 100% carbon structure and qualities identical to their natural counterparts.

This fact is proven by gemologists, whose investigations allowed the global community to equalize the legislative statuses of natural and lab-grown diamonds by acknowledging them both diamonds. Gemologists’ research and testing made it possible to apply unified certification standards to certify both similarly. The 4C’s system evaluates the quality of natural diamonds; now, lab-grown diamonds also use this approach for evaluation.

If natural and lab-grown diamonds are identical, why do only the latter have such evolving popularity in the jewelry market?

#1 Ethical Sourcing

Here are a few aspects that fuel the interest of consumers and market players. But ethical sourcing, which is closely related to high awareness, sustainability, and responsible entrepreneurship, goes first on the priority.

It is worth mentioning that the lab-grown diamond industry is much safer than mining and friendlier to the environment. According to Madestones.com, the manufacturing process uses exponentially fewer resources than mining, meaning energy and water consumption, and has minor aftermaths, meaning carbon emission and earth disturbance. It also eliminates more ethical labor concerns than those reported through mining practices.

Although opposing ideas say that the laboratory manufacturing process is unsafe and consumes as many resources as mining, one cannot ignore the progressive potential inherent to the lab-grown diamonds industry. Maybe somewhere at the dawn of the emergence, the use of resources by two segments could be comparable, but not today. The production process is becoming more sophisticated and efficient year by year.

Trying to meet initial challenges, manufacturers have invested significantly in the development of the lab-grown diamond industry. They supported research and experiments, leading to improved technology and manufacturing processes, enabling quality improvements, compatible pricing, and better environmental friendliness.

Here are just a few examples of progress. If the carbon seeds were initially taken from the mined materials, today’s industry knows how to get carbon from the air or cremation ashes. Mining is unnecessary, but innovative approaches could help decrease air contamination and avoid creating additional threats.

Moreover, just a few years ago, scientists discovered a way to grow diamonds at room temperature just by applying the right angle of pressure needed to crystallize carbon seed. It means that industry can significantly decrease energy consumption and avoid making negative contributions to overheating the Earth.

Considering the tempos of discoveries, one can be sure that these are not the last ones, and the global community can observe new technological breakthroughs soon.

Financial security is the second weighted aspect.

It is important to know that you can afford charming things and not go bankrupt or into debt to purchase them. It is especially reasonable for those walking into marriage and with a long list of purchases to make almost simultaneously, and each of them to be very special.

Lab-grown diamonds are indeed special, and what is more pleasant about them is their price. If compared to the price of natural diamonds, it is affordable enough. While the average price of a 1.5-carat laboratory-grown diamond has decreased by over 74% from 2016 to 2023, the price for natural diamonds has risen by 3% per annum.

The third aspect is excellent market regulation and control.

Looking back to the moment of lab-grown diamonds’ emergence, one can see that start-ups in this segment were risky enough. The majority of manufacturers did not believe in the product and were not ready to invest in it because of uncertainty. There were a lot of open questions like “What is the value of lab-grown diamonds?”, “What are its properties, namely durability, clarity, and optical characteristics?”, “Would it be a “selling item”? “What is the quality?”, “Is this quality proven?” etc.

Now, almost 80% of the industry is looking at lab-grown diamonds (LGDs) to run their operations. This happened because of market transparency and greater control over the supply chain. Regulative bodies launched a few important initiatives. The register of Diamond’s story is one of them. Experts are developing the register of diamonds, intended to summarize all the information about the gem’s origin, properties, and transition from manufacturer to trader, from trader to retailer, end so on.

Fashion opportunities – the last but not the least influential aspect.

With lab-grown diamonds, jewelers have better opportunities to diversify their products. Laboratory processes and innovations allow manufacturers to grow diamonds of any size that can be further cut in a variety of ways. It is a cute opportunity for a unique and ultimately customized design.

Recently, the International Gemological Institute (IGI) certified a 50-carat lab-grown diamond – the largest polished man-made diamond in history. To get it, the producer grew the 150-carat rough. The process required eight months. Just imagine how many billions of years it takes to make this happen in nature. There is one interesting thing – the previous record with lab-grown diamonds was set last year with a 35-carat diamond. It took just one year to overcome this line and twice the size of the gem made in the laboratory.

What does it mean for the fashion segment? It means a breakthrough since jewelers can cut anything out of lab-grown diamonds. If you want a diamond flower for your ring – you can have it; if you prefer a duck ring – you can have it; if you want a whole-diamond ring – you can also have it without any limitations in size, thickness, or decoration.

So, what is the future?

The future of lab-grown diamonds is promising. The tendency of market expansion and heart win is likely to continue in the near-to-medium term, given its lower environmental footprint, affordability, and increasing acceptance.

Feature Image by Edgar Soto | Unsplash

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