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.
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.
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
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)
What’s New in the Neo-banking Scene in Switzerland?
Swiss neo-banking is becoming increasingly similar to foreign competitors in their product offerings and features. Many are now mimicking the...
Investing Apps: Why Are Retail Investors Using Them?
Investment apps have become increasingly popular among retail investors. Notably, the popularity of investment apps has been triggered by the...
ESG: Tech Companies Must Also Become Responsible
ESG has become vital for many companies in traditional industries like mining. But what are tech companies doing to keep...
Credit for European Companies Cheaper Than a Year Ago Despite Rising Euribor
While market interest rates have seen significant increases, new company financing rates remain lower than they were a year ago....
New Research Shows CBD Relieves Severe Anxiety in Young People
A new study has confirmed the effectiveness of CBD in treating severe anxiety, this time in a test group of...