The popularity of lab grown diamonds has been increasing over the last decade, shattering expectations in the jewelry world. Industry analyst Edahn Golan reports that the sales of loose lab grown diamond units tripled from 2020 to 2022, increasing from 13.7% to 33.8%. His report suggested that by May of 2023, up to 50% of loose diamonds sold in the U.S. were lab grown.
So why are lab grown diamonds so sought after and what does this mean for consumer demand for diamond jewelry? Learn more about lab diamonds and how they are changing the global diamond industry for the better.
When Did Lab Created Stones First Appear in the Diamond Market?
The history of lab grown diamonds begins in the 1950s when the High Pressure High Temperature (HPHT) method was developed for creating stones. This method replicates the natural heat and pressure required for diamond formation under the Earth’s crust.
These manufactured diamonds had the same properties as natural stones but were used for industrial applications, such as cutting and grinding tools, rather than consumer jewelry.
In the 1980s, scientists introduced the Chemical Vapor Deposition (CVD) method, which allowed for more control over the diamond’s appearance and was more energy-efficient. This method involved depositing carbon atom layers on a substrate, enabling the production of gem-quality diamonds with less environmental impact.
By the 2000s, these advancements had made lab grown diamonds commercially available on the U.S. market. This provided consumers with ethically sourced options for fine jewelry like lab grown diamond rings, necklaces and bracelets.
Impact on the Natural Diamond Industry
The full impact of lab grown diamonds on the industry remains to be seen; however, these manufactured gems are already making big changes. Here is how these precious stones have influenced the diamond and jewelry industries:
Increasing ethical choices. Consumers concerned about the ethical implications of diamond mining have turned to lab grown diamonds as a conflict-free alternative. These stones are 100% conflict-free and created in safe lab conditions, minimizing the potential for ethical or moral concerns.
Enhancing affordability. Lab grown diamonds typically cost less than their mined
counterparts, making diamond jewelry more accessible to a broader audience. The lower wholesale price of manufactured stones has lowered natural diamond prices by as much as 40% for some retailers.
Fueling innovation. The technology behind lab grown diamonds has spurred innovation in other areas of gemstone production and jewelry manufacturing. Lab created gems like opal, quartz and emerald are created in a lab using various processes and can be used to complement pieces like lab grown diamond bracelets or rings.
Influencing industry standards. As lab grown diamonds become more prevalent, they push the entire industry toward greater transparency and ethical practices in sourcing and production. For instance, some retailers only sell lab grown diamond rings with stones certified by the IGI (International Gemological Institute) and GIA (Gemological Institute of America).
Lab Created Diamonds in Modern Jewelry
Man-made stones have impacted the demand for diamonds worldwide, especially fine jewelry like engagement rings, necklaces and fashion pieces. For instance, lab grown diamond sales for engagement rings increased from 1.7% in 2020 to 17.3% in February 2023.
The shift toward lab diamonds isn’t solely due to their lower cost than natural stones. They also open up greater possibilities for creativity and personalization in luxury jewelry designs. With manufactured stones, you can pick a lab grown diamond tennis bracelet design you like, then personalize it with yellow, white or rose gold and choose the carat weight that fits your preferences.
Some retailers even allow you to design your diamond jewelry. Customized services connect you with artisans who can help you create a piece that incorporates your unique ideas. This level of personalization can be hard to accomplish with natural diamonds, making lab grown stones ideal for modern, meaningful jewelry.
The Future of Jewelry: Trends and Predictions
As technological advancements continue to drive down costs and improve the quality of lab grown diamonds, their impact on the traditional diamond market is expected to increase. Lab grown diamonds are already finding innovative uses beyond jewelry, such as in industrial applications, optics and quantum computing.
Experts predict that lab created diamonds will challenge the dominance of mined diamonds in the jewelry market. This will likely disrupt established norms and widen accessibility for diamonds sold in the United States to consumers.
Discover the New Era of Diamonds
As global awareness around ethical sourcing grows, lab grown diamonds are emerging not merely as a short-term trend but as a lasting pledge toward quality and responsible practices.
Whether you’re looking for a stunning lab grown diamond bracelet or lab grown diamond engagement ring, these exceptional gemstones offer a guilt-free way to indulge in luxury while embracing a more ethically sound future for the industry.
