Lab-Grown Diamonds Will Be Everywhere
It seems as if the lab-grown diamond market achieves new milestones every other week. Whether it’s customers’ demand, improving sales or production breakthroughs - the industry is on the constant rise. And by the looks of it, it’s not going to stop.
Pandora CEO Alexander Lacik estimates that the lab-created diamond will become more popular than the mined ones within a decade. He cited the price point and sustainability as the main driving force behind this paradigm shift. The retail brand experienced a 88% increase in its man-made diamond sales this year, and Lacik’s current plan is to double down when it comes to promoting the LGD jewelry. Based on these results, the company raised its full-year sales forecast. Pandora expects its overall sales to increase 12% by the end of the year against 8% that they predicted at the beginning of 2024. The strong demand for lab-grown diamonds is outlined as the key factor for this update.
While the lab-grown fashion jewelry brands appeal to masses, there are also more and more high-end brands adopting or shifting entirely to man-made stones. Social media, such as Instagram and Tik Tok, have given jewelers new ways to attract younger customers, and a lot of large retail stores are using them to the fullest extent promoting lab-grown diamonds to Gen Z. When it comes to the man-made jewelry items, branding and personal style help companies receive a very significant markup from the lab-grown diamond sales, while keeping them a luxury purchase that have the same meaning as mined stone to the younger audience.
Jewelers are not the only group that benefits from lab-created gems. According to Sarine, the Israel-based manufacturer of technology for the diamond planning, their margins rose an additional 7% due to increased demand from the growing companies. And when it comes to industrial production, man-made diamonds are at the forefront of innovation, moving science and technology further.
Lab-grown diamonds are climbing the new heights and are not going anywhere. Taking over each corner of the jewelry industry, they can be a useful tool for jewelers and a great purchase for a consumer. Labrilliante is always ready to help you fulfill all your lab-created diamond needs.
