Man-made diamonds are now in! And are the new standard for engagement rings
Each stone carries the weight of tradition, romance, and often a significant financial investment.
However, innovations in lab-grown diamonds (man-made) are disrupting this market, by revolutionising how consumers perceive and purchase these iconic symbols of love.
From a process that originated in the 1950s, when scientists first created synthetic diamonds for industrial purposes, to mass-market production that now offers customers an array of options in size, shape, and quality.
Experts predict that the lab-grown diamonds market will continue to grow over £30 billion in the next four years (2028) - a compound annual growth rate of almost 9 per cent.
Attributed to technological advances, High-Pressure High Temperature (HPHT) and Chemical Vapour Disposition (CVD), these processes have allowed for the production of larger, higher quality diamonds.
By replicating the extreme heat and pressure conditions under which natural diamonds form, scientists can grow diamonds in a matter of weeks instead of the millions of years it takes in nature - and both these methods also offer a clear conscience.
They require significantly less energy and water to produce and do not contribute to the environmental damage or ethical dilemmas associated with mining.
‘The more appealing choice for modern consumers’
Once viewed as inferior or "fake" compared to natural diamonds, lab-grown diamonds are now celebrated for their innovation, sustainability, and affordability.
Major jewellery retailers have embraced them, offering a wide range of lab-grown diamond engagement rings and other jewellery.
This acceptance by established brands has further legitimized lab-grown diamonds in the eyes of consumers.
In January 2021, Russia-based mining company, Alrosa, revealed the sales of raw and polished diamonds generated a total of $4.16 billion.
Rough diamond sales accounted for $3.97 billion, while polished diamond sales contributed $192 million.
This surge in demand for diamonds is a key factor driving the growth of the lab-grown diamond market - and demonstrates how these diamonds continue to gain acceptance and popularity; they are poised to become the new standard for engagement rings.
The combination of ethical production, environmental sustainability, cost-effectiveness, and high quality makes lab-grown diamonds an appealing choice for modern consumers.
As the technology for growing diamonds advances, production costs are expected to decrease even further, making lab-grown diamonds more accessible to a broader audience.
In the future, the distinction between lab-grown and mined diamonds may become less significant as consumers focus more on the symbolism of the ring and the values it represents.