4 Reasons the Millenials are Opting for Lab-Grown DiamondsRahul Beri
Millennials are not afraid to take the less road traveled, break the established norms and find their own way. They are comfortable with finding love in their 30s and marrying in their 40s. There is a shift in everything that’s making a new way, even for the diamond industries.
According to the CNBC article, – Bain and Company, in their global diamond industry report, stated that there’s a noticeable difference between the consumer’s preference and it is not the same as yesterday.
According to the industry experts, the choices of the new generation of people are different, which will affect the diamond industry for a long. Study shows that there has been a significant decrease in the demand for mined diamonds over the past 11years.
Another study by Forbes states that – Throughout the mined-diamond supply chain, sales are falling, with rough diamonds sales expected to decline by 25% and polished diamond sales to be off 10% by the end of the year.
Diamond expert Rochelle says – “The millennials are conscious of their choices, and it reflects in the way they are organizing their wedding to choosing the diamonds that are environmentally friendly.”
Here are the top 4 reasons millennials prefer Lab-Grown diamonds over mined diamonds:
1. Lab-Grown Diamonds are environmentally friendly
The top diamond companies like Tiffany and De Beers have launched numerous initiatives that inform their customers about the source of the diamonds. The diamond business now knows that people want to know if their diamond purchase harms the environment.
According to Bloomberg – ‘More customers want to know the making of diamonds they are considering to buy.’ This only shows people are growing conscious of their choices.
This generation has shown concern for environmental wellness, and young activists like Greta Thunberg are coming forward to participate in causes like Climate change, which shows millennials are concerned about the environment we live in.
Moreover, the facts about the mined diamonds are worrisome. According to The Diamond Foundry – A single carat of the diamond can unearth up to 250 tons of earth. The reports can go extreme when the research suggests that Diamond mining can even collapse the whole ecosystem.
On the other hand, the Lab-Grown diamonds are environmentally safe; hence, millennials opt for Lab diamonds.
On their feature of the growing popularity of the Lab Diamonds, the BBC states that- This new generation who are aware of Climate change is hardly lured by the mined diamonds than the lab diamonds they find much affordable.
2. Lab Diamonds are affordable.
There has been a shift to how the new generation of couples view marriage and relationships. They are not in a hurry to get hitched rather than finding themselves first. As the young folks are rediscovering and defining their ways of marriage, the old-school traditions of engagements and weddings are getting a back seat, and that directly affects the lavish ways of spending huge on engagement rings.
The Lab-grown diamonds are giving them the affordable option to enjoy their big moments without burning their pockets. Lab diamonds are 20-30% less expensive than mined diamonds. The cost figure is not the only factor that impresses the millennials but also the quality they find with the Lab diamond option.
The lab diamonds have the same physical and chemical properties. So, what exactly does that mean? The best option that can save one’s budget.
Millennials are known for switching up societal norms, and they’re no different when it comes to diamonds. As a generation that believes in change and active participation, is doing everything in their might to make the world a better place…be it opting for the diamonds that ensure the conflict-free source.
3. Societal Influence
When Mehan Markle announced her engagement with Prince Harry, all the eyes were on her ring. It was a classy three-carat cushion cut lab diamond ring, and in no time, it became the news of all huge publications like The Vogue and The Variety. This was not the first time when any celebrity was spotted wearing a lab diamond.
The big movie stars like Penelope Cruz, Emma Watson, and Nikki Reed are huge advocates of lab-grown diamonds and are often seen wearing and flaunting their lab-grown jewelry on the red carpet.
When the pictures of celebrities go out wearing their favorite accessories, of course, the millennials get swooned by. The booming world of Social Media makes it obvious to fall for things that the celebrities are endorsing. Moreover, it has paved the way for the new generation to accept lab diamonds as real diamonds, breaking the old-school sentiments attached to mined diamonds.
4. The Ethical Way
The new generation of people is aware of Blood Diamonds and the horrifying states of life associated with it. In their article Blood Diamonds, Time states that – “In 2003, the diamond industry established the Kimberley Process, an international certification system designed to reassure consumers that the diamonds they bought were conflict-free. But more than 10 years later, while the process did reduce the number of conflict diamonds on the market, it remains riddled with loopholes, unable to stop many diamonds mined in war zones or under other egregious circumstances from being sold in international markets.”
According to the millennials, they don’t want to invest in diamonds knowing their source is not ethical, especially when it comes to buying to propose their partner. They hesitate to buy mined diamonds for their happy moments. In contrast, Lab-Grown diamonds give them a better and ethical choice.
The Final Words
Millennials are paving the way for a new way of life with their conscience and awareness. They want to break free from the old-school traditions and the sentiments attached to them. With the evolution in everything, the diamond business has been affected for good. Owing to the various factors, from the environmental impact to the cost-effective solutions, the new generation opts for Lab-Grown Diamonds.