Words by Chris Tag, owner, Pompeii3
A rising trend is threatening to shake the traditional diamond industry to its core — lab grown diamonds.
Now, an 80 billion dollar industry is under new pressure to compete with diamonds that are lower cost, ethically made, and may even deliver better quality than naturally mined diamonds. So why do millennials, one of the largest consumers of diamond jewellery, prefer lab grown diamonds over naturally mined stones?
Whether you choose the High Pressure High Temperature (HPHT) or Chemical Vapor Deposition (CVD) methods, diamond buyers know that these pieces are generally priced about 30% lower than natural diamonds. Young people looking for more affordable gifts or wedding rings are now leaning towards lab products as a way to save money without losing the beauty and sparkle many jewellery lovers have come to expect.
With differences that are indistinguishable to the naked eye, buyers are getting exactly what they want for so much less.
Being a responsible jeweller is becoming much more important. Many conscientious consumers are looking for diamonds that are mined with proper human rights laws in effect. Some are having a hard time finding responsibly sourced diamonds, and turn instead to lab grown pieces.
Consumers also now know that mining affects more than just human lives, it also affects the environment, essentially poisoning the land around it. Lab grown diamonds have a minimal amount of waste production and leave a much smaller carbon footprint than modern mining practices, making it that much more attractive to eco-conscious consumers.
Since lab grown stones offer the sparkle and shine of real diamonds. To the naked eye, a lab created stone and a mined diamond look the same. In fact, lab processes are advancing further and further every day to create stones so similar to their natural counterparts that even examining a stone under a scope produces limited differences between the two. Many consumers are wondering why they should pay more for something that looks equality stunning when it comes to the three C’s (clarity, cut, and color).
Bringing Real, Affordable Diamonds to Consumers
If you own a small store, a moderate online shop, or even a massive chain, you need to keep in mind that, what consumers are looking for today are options. You want to keep your customers happy and coming back, so carrying more than just natural stones is becoming essential. Diversifying is a good move that will satisfy those looking for exclusive natural diamonds, as well as those who prefer the more affordable, eco-friendly option.
Next time you bring in new pieces, consider recent buying patterns to decide if lab grown diamonds are right for your consumer base.
Chris Tag is the owner of Pompeii3, an independent, family-owned and operated designer of fine diamond jewellery and retailer for over nine decades. He is constantly following market trends to ensure his company offers its customers the best pieces.