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The market for lab-grown diamonds has seen a steady but swift incline in growth since 2019. There were a lot of misconceptions, fear and vagueness following the concept of lab-grown diamonds earlier. Are those real? Are they worthy? Is the concept of lab-grown diamonds a scam? Well, there still exists a need for a lot of clarity in this concept. However, seeing the current growth expansion, one could assure a great blingy future for these man-made diamonds in the market.
Lab Grown diamonds are real diamonds. Their awareness has increased amongst retailers, buyers, designers and consumers and today most people are aware of their existence. Back in 2010, only 9% of consumers were aware of the existence of lab-grown diamonds. Today, the leading brands have started endorsing the use of lab-grown diamonds. Influencers and celebrities are supporting the purchase of lab-grown diamonds. This shift has established trust amongst consumers for lab-grown diamonds and the global increase in its demand is a sign.
Lab Grown Diamonds are made in Laboratories. Two prominent methods, CVD and HPHT are used to develop diamonds from a carbon seed. The produced end result is exactly similar to the mined diamonds. The resemblance is so much similar that even experienced traders couldn’t differentiate between the two through the naked eye. The only way to identify the mined or lab-grown diamond is the nitrogen particles present in mined diamonds. Other than that, the chemical and physical composition of both diamonds remains precisely the same.
Lab Grown diamonds are developed at 60% cost of mined diamonds. They cast a brilliant shine and most importantly, they can be developed in any shape and size of your choice. The enhanced flexibility and affordability are making people shift from mined diamonds to lab-grown diamonds eventually.
According to the reports by Diamond Sector, 2019 and the following years would prove themselves to be the growth stage years for the lab-grown diamond sector. It has been seen from the eyes of uncertainty for the longest time.
The leading and trusted jewellery brands across the World have started supporting lab-grown diamonds. Season after season, the lab diamond jewellery collection is being launched. The trust factor of people in man-made diamonds is truly increasing.
FTC has remodified their definition of diamonds in jewellery by removing natural from its description. The idea that man-made diamonds are as real as mined diamonds need to sip in.
The segment of lab-grown diamonds is growing at an annual rate of 15-20%. It is predicted that the annual sales of Lab-grown diamonds in the coming years would cross $200 Million in the coming years.
The market of lab-grown diamonds is no longer in its nascent stage. It is growing tremendously and is engulfing diamond enthusiasts in its brilliant shine. A lot of clarity and education would help clear up the air surrounding man-made diamonds. But one thing that remains certain is their bright future, Globally.
