According to a report by Morgan Stanley, lab-grown diamonds are growing rapidly by controlling approximately 8-10% of the market.
People are turning to lab-grown diamonds due to a variety of factors, such as the depletion of diamond mines, increased environmental threats from mining, and a lack of ethical policies in diamond mining. While purchasing lab-grown diamonds, users do not focus on the aesthetics and rarity of their jewels but seek assurance that they are sourcing responsibly without causing any harm to the environment.
However, as lab-grown diamonds are not mined, they are also very affordable, becoming one of the main reasons for the increase in demand for lab-grown diamonds.
According to a survey conducted in the US, it has been found that more than 70% of millennial opt for a lab-grown diamond. Millennials are price conscious and hence prefer to purchase lab-grown diamonds. For example, they get a bigger size of diamond for the same amount of money as mined diamonds. They are well aware of the source of lab-grown diamond.
The call for sustainability is now louder than ever among the millennials.
In modern times, millennials are the potential targets in every leading and growing sectors. They believe in spending less on high-value luxury items and are more willing to spend on experiences.However, these people are extremely brand-conscious. They mainly support various brands for products, but also look at the philosophies and values propagated by the brand.
Millennials are now looking for something ethical and sustainable in the diamond industry. People are moving towards lab-grown diamonds as the new alternative for engagement rings as well as everyday wear, as it comes with the added benefits of being an affordable, sustainable and more environmentally friendly product.
Furthermore, India is having huge potential to increase internal consumption of lab-grown diamonds with the largest millennial population.
Cultivated Diamonds are Pocket-Friendly
Lab-grown diamonds and online shopping go in sync with each other as millennial feel more compelled to shop at various online shops so they have access to the most affordable and unique options. With lab-grown diamonds being 30% – 60% less expensive than mined diamonds, well, they can really make their dollars stretch. Not only do they get something totally different, but they can get a bigger diamond to boot.
Lab-Grown Diamonds have Socially Responsible Values
While purchasing lab-grown diamonds, a customer makes a socially responsible purchase. Millennials look for ethical purchases to fulfill their social responsibility.
Millennials Prefer Their Own Personal Style rejecting the Social Stigmas of Label-Snobs
Millennials prioritize their own personal aesthetics and style over the illusion of sophistication or wealth. They would rather spend $100 on a piece that pleases them and looks good on them than $500 on a piece that society has deemed a respectable brand for wealthy people. Stigmas and labels don’t seem to matter as much to millennials anymore. What matters is how their piece looks and how it makes them feel. One of the supreme aspects of lab grown diamonds is they are generally more brilliant than mined diamonds. They tend to sparkle more in comparison. Aesthetically, the generation feels that they just all-around look better than mined diamonds since they lack any major imperfections caused by aging and damage.
At Greenlab Diamonds, we are not only affordable but give you better value for money. We manufacture diamonds that come in a variety of sizes and colors to suit your needs. Such diamonds are very environmentally friendly as compared to natural diamonds and don’t require the mining of raw diamond from nature, which can have far-reaching environmental impacts.
Greenlab Diamond is one of the biggest lab-grown diamond manufacturers in India, focusing on creating an ethical and sustainable product. Furthermore, we offer full transparency about our diamond manufacturing process and use the best materials in order to upheld the trust of customers and potential customers.
Keep visiting our website: https://www.greenlab.diamonds/