You’re about to start shopping for the perfectengagement ring and already have a few things in mind. You want somethingtrendy, sustainable and relatively affordable. Sounds like a lab grown diamondwould be a fantastic choice! These gorgeous stones are becoming increasinglypopular, and we’re here to tell you more about them!
Whatis a Lab Grown Diamond?
First, let’s settle a big misconception. Labgrown diamonds are real diamonds! They’re made of carbon and have the samequalities as natural diamonds, including look, durabilityand sparkle. They’re simply grown in laboratories. In fact, one of theprimary methods for creating lab grown diamonds involves recreating the highpressure and high temperature conditions that formed the natural versionsmillions of years ago beneath the Earth’s surface.
TheLab Grown Trend
Gem-quality, lab grown diamonds have beenavailable since the early 1970s, but they didn’t become popular until the pastseveral years. In 2018, the Federal Trade Commission officially determined thata diamond can originate underground or in a laboratory. That means lab grownstones go through the same strict grading process as natural diamonds (aka the 4 C’s) and are sold with certifiedreports.
Some retailers were initially hesitant tooffer lab grown diamonds, but customers showed interest. Now, 75-80% ofjewelers across the country reportedly sell the gems. And some have evenseen sales surpass natural stones. You might come across different statisticsas you start researching. But for reference, one independent diamond industryanalyst found that sales of lab grown diamondengagement rings were 63% higher in March than one year ago. At the same time,sales of rings with natural stones apparently dropped by 25%.
Certain jewelry experts agree that lab growndiamonds have caused a big shakeup in the industry and sparked new, creativeinspiration. And they don’t expect the trend to slow down any time soon. InOctober 2021, another diamond analyst calculated that roughly 3 million carats oflab grown gems were produced, compared with only about 300,000 carats a fewyears ago. By 2028, he expects lab grown diamond jewelry sales to increase 20%every year.
So, who’s driving these sales? Primarilyyounger shoppers, particularly those in their 20s and 30s. Since lab growndiamonds don’t require the difficult and expensive mining process, theiraffordability and eco-friendly nature have appealed to youngerfolks. But don’t rule out older groups! The stones are also popular among GenerationX and Baby Boomer shoppers, and some retailers think these buyers will help tocontinue the lab grown diamond boom.
*ProTip: The International Gemological Institute cautionsthat lab grown gems aren’t always produced under sustainable procedures. Ifyou’re unsure about a gem you’re eyeing, ask the jeweler for proof!
Howthe Ukrainian Crisis is Impacting Lab Grown Diamonds
Nearly one-third of the world’s rough diamondsupply comes from Russia, making the country the largest producer by volume.But in response to Russia’s invasion of Ukraine, President Joe Biden issued anexecutive order, prohibiting the import of natural Russian diamonds to the U.S. That’sbecause most diamonds are found in mines operated by diamond mining companyAlrosa, which is partly owned by the Russian government.
What does all of this mean? Now, there arefewer sources of natural diamonds when the global diamond supply was alreadylower than a decade ago. As you might expect, this is causing natural diamondprices to jump.
Some think this gives lab grown diamonds achance to make an even bigger splash and help curb the shortage. But eventhough these stones are growing in popularity, others think it’s too soon forthem to fill the gap.
FunLab Grown Diamond Facts
● Lab grown diamonds often cost30-40% less than natural diamonds!
● These gems can be just as romanticas their natural counterparts. For example, you can propose with a lab growndiamond that was created when you and your love started dating!
●Fancy cuts seem to be fashionable choices forlab grown diamonds. Virtual Diamond Boutique, a gemstone marketplace andsoftware company, found that oval-shaped stones made up 18% of searches for labgrown diamond shoppers. To compare, natural diamond shoppers only searched foroval cuts 10% of the time.
● Since lab grown gems are budget-friendly, bigger stones are all therage. According to BriteCo, a jewelry insurance and appraisal technology company, theaverage weight of a lab grown engagement ring stone jumped from 1.34 carats in2020 to nearly 1.50 carats in 2021. The average weight of a natural diamondengagement ring only increased from 1.16 to 1.25 carats during the sametimeframe.
Have aquestion? We can help!
Gage Diamonds is Chicago’s premier jewelry showroomand online retailer of engagement rings, wedding bands, and fine jewelry. Weoffer a selection of dazzling lab grown diamonds as well as handpicked,certified natural diamonds.
We’re committed to helping you find the ring of yourdreams. Browse our selection of lab grown diamonds and natural diamonds or set up an appointment witha member of our trusted staff at our in-person showroom.
We offer no-credit-needed financing – feel free to applyand get your approval within 24 hours!
Pay over time, because love shouldn’t wait.