The fine jewelry market is undergoing a huge transformation right now. Lab-grown diamonds are becoming more sustainable and scalable than ever as well. If you look at lab-grown diamonds, it’s easy to see that they are being driven by numerous advanced technologies, including chemical vapor deposition and high pressure, high temperature treatment. The result is diamonds that don’t cause any environmental damage, and that don’t need to be mined through traditional means.
The Timeless Appeal of Diamonds
Diamonds have timeless appeal, and have done for quite some time. Modern media has a huge part to play here as well. If you look at movies, like Ocean’s Eight, you’ll notice that the whole thing is centered on a diamond heist at the Met Gala, an event that people often wear very expensive diamond jewelry. In iGaming, you also have the popular casino game Diamond Charge Megaways. This is an online slot that uses the Megaways mechanic, and offers 117,649 ways to win. The icons in the game, help to reflect the value of the gemstone. Diamonds also have a role to play in music as well. Grills became iconic in the 2000s, and had a large influence on album covers, music videos and even performances.
As diamonds have such an appeal, it makes sense that people are trying to find new ways to try and make them more widely available. That’s why lab-grown diamonds are so popular, as they not only have a traceable origin story and lower carbon footprint, they also have different pricing models that help things to feel more transparent and fair. This is making a huge difference to the luxury jewelry market, and according to Forbes is having an impact on pricing.
The Value of Diamonds is Being Redefined
For decades, the diamond industry has been shrouded in mystique. With that said, scarcity is no longer the hallmark of value. Lab-grown diamonds challenge the luxury model, and they also help to match exclusivity with precision and accessibility. Shifts like this help to provide bigger carat options and more modern aesthetics as well, which help it to seem more relevant. Retailers, industry analysts and investors are also watching as lab-grown diamond brands continue to outperform more traditional players, especially in eCommerce and in direct-to-consumer channels. In fact, retailers like Ellisons Jewellers predict that lab-grown diamonds are going to surpass £10 billion by the end of 2025. Signals like this show that the sector is not niche anymore, in fact, it’s becoming more mainstream than ever. Interestingly, it’s now possible to create diamonds of different shapes with intention, rather than sifting through thousands of gems to find ones suited for each design.
This just goes to show that lab-grown diamonds are not diluting the luxury jewelry market, and if anything, they are helping it to grow faster and bigger than ever. They are here to stay, and they are presenting a unique opportunity for the jewelry industry. It is also providing people who want to buy diamonds with more options than ever, which is very interesting to say the least, especially when you look at our shift to more sustainable living, and people’s changing preferences toward the jewelry sector.
