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Why are millennials and Gen Z driving demand for lab-grown diamonds ?
Global demand is shifting towards lab-grown diamond, and this trend has been driven in greatly by ethically and budget-minded millennials or Gen Z. These days, millennials and Gen Z are paying more attention than ever on how their products are made and where their products come from.
Lab-grown diamonds offer clear advantages over traditional diamonds in terms of value, quality, and environmental sustainability - issues that many Millennials and Gen Z care deeply about. They are much more conscious about the ethical and environmental consideration and are critical of practices used in the traditional diamond industry.
Lab-grown diamonds are real diamonds, just like the ones found in nature. The only difference is that they are created in a laboratory rather than being mined from the earth. Unlike traditionally mined diamonds, lab-grown diamonds are created using advanced technological processes that mimic the conditions under which natural diamonds are formed. These man-made diamonds are physically and chemically identical to mined diamonds, making them just as beautiful as traditional diamonds. They are created in a controlled environment which means that they are ethically produced.
Here are some of the things that millennials and Gen Z care about when choosing an engagement ring and jewelry and why, for them, lab-grown is the way to go.
Value for money
The millennial and Gen Z generations are the most price-conscious groups of consumers. So, it's no surprise that they're attracted to lab grown diamonds, which are more affordable than natural diamonds. Budget conscious millennials and Gen Z are savvy buyers who have done their research beforehand.
Lab-grown diamonds are typically less expensive than natural diamonds of comparable quality, making them a great value for money. In addition, lab-grown diamonds can be produced in a wide range of colors and sizes which makes them a more attractive option for younger consumers who are on a tight budget. Many of them are also keenly aware that the market price for diamonds is artificially controlled. To Peggy, 32, a recently engaged millennial, it’s a no-brainer. “My engagement ring is lab grown. It’s way more ethical than mined diamonds. And it’s cheaper and bigger, too. Why not get a diamond that’s bigger in size for the same amount!”
An Ethical Alternative
Millennials and Gen Z are globally-aware and this means they care about making a positive impact on the world. They care about issues around the environment, social responsibility, and ethically sourced goods. The diamond mining process can have a huge negative impact on the environment, including deforestation, soil erosion, and water pollution. Lab-grown diamonds don't require mining, so they don't have the same impact on the environment as the traditional diamond industry. They are also more ethical, unlike the traditional diamond industry.
Consumption as a matter of ethical concern is not a new thing. When Victor, 34, was looking for engagement rings for his wife 4 years ago, he was already looking for lab-grown. “I don’t care that the diamond comes from the ground. I would actually prefer that it’s grown in a lab - I know what a lab is, and what they do - I can be assured that environments aren’t being destroyed and people in those communities aren’t being exploited.”
The lab-grown diamond trend
Lab-grown diamonds are more affordable, better value for money, and come in a variety of sizes and colors. They are more environmentally friendly than natural diamonds because they don't require the mining of raw materials from the earth which can have far-reaching environmental impacts.
As a result, it is important for companies to focus on creating an ethical and sustainable product if they want to appeal to these generations. Furthermore, it is essential for brands to be transparent about their manufacturing process and use of materials in order to gain the trust of potential customers.
Simply put, lab-grown diamonds are the future.