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Here’s why more people are buying lab-grown diamonds

Did you know that 70 percent of millennials would consider buying lab-grown diamonds over mined ones?

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A study done by The Millennials Impact Project showed that individuals born between 1980-2000 have five major causes they care about — among those is climate change. For many members of this generation, this concern for the environment reflects on their choice of jewels; they prefer diamonds that didn’t cause harm to the environment. In fact, a study found that nearly 70 percent of millennials said they would consider buying a man-made diamond over a natural one.

In the past few years, advancements in technology have allowed lab-grown diamonds to come into existence. This man-made precious stones made big strides last year, and they continue to gain prominence — and market share — in the diamond industry.

In fact, in the summer of 2018, the Federal Trade Commission went so far as to change their definition of diamond to include those grown in a lab. This was a huge step for the man-made diamond industry — but things aren’t stopping there. By 2020, the market share of man-made diamonds is expected to increase by four percent — a statistic that may make mined diamond producers a little nervous.

What is it about these lab-grown diamonds that are attracting so many consumers — a whole generation of them even?

Real diamonds for less the price

For starters, let’s talk money. It’s rare that people think they can actually save money on diamond jewelry.

But lab-grown diamonds are the exception. Since the supply chain on these stones is so much shorter, most man-made diamond companies price their stones accordingly — at about 20-30 percent less than the price of its mined diamond counterpart.

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This means you could either save that 20-30 percent and invest it, or you could surprise buy a stone that’s larger. Still, do your research, even in the lab-grown industry. Keep 20-30 percent as a baseline as you do your due diligence.

Reddit is a great resource for information and personal opinions. Many websites also include comparison charts to help you make the best decision on your lab-grown diamond ring.

According to a study, millennials are now concerned with climate change. (Photo by DepositPhotos)

Ethical and eco-friendly diamonds

Lab-grown diamonds are also eco-friendly and ethically sourced. Given that the future of our planet is one of the top concerns of millennials, it makes sense that they’re the standout consumers of this “green” diamond alternative. The differences in the impact between mined diamonds and lab-grown isn’t just slight — the numbers are staggering.

For starters, air emissions on a single carat of mined diamond are 1.5 billion times higher than those of a lab-grown one. Not to mention the 126 gallons of water that mined diamonds use per carat.

The environment isn’t the only concern. Diamond mining is an extremely dangerous profession and the industry is known for child labor and inhumane treatment of workers.

All-in-all, purchasing a lab-grown diamond not only cuts down your ring cost (or gets you a bigger ring), but it ensures a 100 percent ethically sourced stone. It comes with the peace of mind that your jewelry didn’t harm the environment or people in its production because you made the conscious decision to go lab-grown.

(Featured image by DepositPhotos)

Desmond O’Flynn is Irish but he’s not into boxing. He writes about finance and investing, as well as world politics and global economy. He used to believe that he didn’t have the luck of the Irish since he failed his art class thrice, but this immediately changed after meeting his wife Katarina, a startup interior design consultant based in Dublin. He is also a financial adviser.

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