In 2019, Meghan Markle donned a creative diamond earring that sparked curiosity amongst the masses. These glittering earrings had diamonds all over them. This style statement had another interesting twist to it that shook everyone. The diamonds that were adorned on the earring were lab-grown. With this one can simply see that all diamonds shine and are the same irrespective of their occurrence (lab-grown or naturally extracted).
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Our environment is continuously degrading due to our unlimited wants and limited resources. Lab-grown diamonds can be the one way where we can consciously make choice of prioritizing nature. Sustainability is the right path and people are increasingly choosing it. Lab-grown diamonds are the best choice in sustainability as it does not degrade the environment any further and do not increase the toll of extracting them. With advancing tech lab grown diamonds are seeing cornerstone improvements. Read the article below to understand the future of lab-created gemstones and how can it unfold to meet the demands of the world.
Current trends and innovations
Lab-grown diamonds have created a massive demand in the market. It can be due to low prices leading to affordability or due to their environmental benefits. Below mentioned are the trends and innovations that have created a huge impact on the lab-grown diamond industry. Check out the below key pointers to have a look at the innovations in lab-created gemstones.
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The increasing demand:
India has seen a significant rise in the export of lab-grown diamonds with a 106.46% increase in export from 2020 to 2021 to 2021 to 2022 reaching $ 1.3 billion.
1. Price difference:
Lab-grown diamonds use advanced processes for the formulation of crystals but are still 70-80% cheaper than natural diamonds. It makes it easily affordable among the masses and thus is increasingly accessible to people all over the globe.
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The evolution of customers’ habits and preferences:
Today a product has to match the evolving tastes and needs of consumers. Consumers these days are very aware of what they consume and from where it is sourced. This increasing awareness has impacted the lab-grown industry at large. People now want to use products that are safe for the environment and are made by causing zero harm to Mother Nature. Lab-grown gemstones fit perfectly in this sphere.
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Perfection at its peak:
Lab-grown diamonds are formed due to technically advanced processes such as high-pressure, high-temperature (HPHT), or chemical vapor deposition (CVD). These processes help to replicate the natural form of the diamond. However, due to the control of humans, they can be given a desired and more perfect shape and structure. They are comparatively more flawless. Also, due to the increasing demand, the diamonds are now curated in multicolored gems to match every style and taste.
Technological advancements in lab-grown diamonds
The two key processes HPHT and CVD have helped to revolutionize the lab room diamond industry. These advancements have enabled the growth of diamonds in a variety of colors, shapes, and sizes. These technological specializations have led to some key advancements such as:-
2. High-precision:
Lab diamonds are now curated to attain high precision. Technological advancement has led to control of the growth environment and allows for high precision.
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Cost-effectiveness:
Lab-created gemstones have made diamonds a household name. These diamonds are comparatively cheaper than the natural diamonds. The look and composition of the lab-grown diamond are almost the same as natural diamond. Their cost-effective nature is preferred by millennials as well as adults who want value for money. It is a safe choice for fashion enthusiasts wanting to try diamonds on a budget.
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Multicolored range:
The diamonds that were mined naturally in the environment were nearly colorless. Technological advancements have made it possible to give diamonds, the desired colors such as blue and pink. Tech has made the diamond color palette, dynamic and beautiful.
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Market prediction about lab-grown diamonds
Multiple studies have been done on the market prediction for lab-created jewelry because it is buzzing in the news and fashion statements all over the globe. As per the study by Research and Markets:-
- The lab-grow diamond market size is projected to grow from 23.3 billion in 2023 to 25.68 billion in 2024.
- The industry will grow at a CAGR of 10.2% and is expected to reach dollar 35 .97 billion in 2028 with a CAGR of 8.8%.
- Some of the major trends that can be expected in the upcoming period include more advanced development in the lab, the lab, grown diamond tech, product innovation, increased use of laser tech, and enhanced industry collaborations.
Impact on the traditional jewelry industry
Lab-grown diamonds have completely disrupted the pace of the conventional jewelry industry. Due to its affordability, people are now more keen to buy them. These diamonds represent a broader shift towards ethics, sustainability, and innovation and match the changing consumer values of today. As per the predictions, the market share of lab-grown diamonds will definitely see a surge. The affordable luxury appeal is perfect for the millennial generation, and it also needs consumer demand at a quicker rate. Traditional Jewellers will need to adapt and innovate to stay in the competitive jewelry market. Jewelers embrace lab-created gemstones that can cater to a vast segment with unique designs and multiple colors.
Conclusion
The future of lab-created gemstones looks promising. With the ever-increasing technology, the quality and affordability of gems are increasing. Lab-created gemstones are reshaping consumer preferences. It possesses multiple advantages over traditional jewelry. It is way above just a trend. It is here to stay and strategies must be deployed in such a manner that it becomes compatible with the lab-created gemstones. The future of these lab-created gemstones includes increased precision, refinement, and quality.
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