Market and Value of Lab-Grown Diamonds Going Forward
There’s no denying that the diamond industry has significantly changed. Over the past four years, the man-made diamond market saw an increase of over 500 percent. According to the Newsnow, lab-grown engagement rings account for at least a quarter of all sales of many local jewelers in the United States. As the demand from the consumers rises, so does the supply and competition. While the global market of lab-created diamonds is now projected to reach $55.5 billion by 2031, many jewelry store owners are concerned: is there a value behind them without the rarity?
With the technological developments applied for the growth process, we can see more and more large stones appearing on the market. Some analysts predict the 10 carat category to become the most sought after within the decade. Although these forecasts are bold, many jewelry retailers question how they can appraise the standard 1 to 3 carat lab diamonds.
The answer is a bit complicated. While the manufactured diamonds are significantly more affordable than the mined stones, they aren’t and shouldn’t be considered cheap. They are grown specifically to be white and clean, which means their overall quality is generally much better than what you can find in mined diamonds. The usual lab-grown diamond color and clarity grades start from G and VS compared to many I-graded mined diamonds. Since the Rapaport price system based on the 4C scale is commonly accepted for appraising, the quality difference highly influences the price.
Another important aspect of the lab-grown diamonds value is the cost of additional services that are required to bring the ethical gems to the consumers. Besides the cutting, shipping, grading, and marketing, all of which do not come cheap, it is the sustainability which adds to their value. Ecological benefits are considered one of the main strengths of lab-grown diamonds and a huge part of overall consumers' desire to buy them. Setting up, upholding, and certifying the sustainable production are quite expensive, and all these practices bring up the value of man-made stones.
Sustainable, high-quality jewelry is what people crave nowadays. This is why the demand for lab-grown diamonds is peaking, and this is why consumers will continue to see value in these stones. And in the end of the day, it is the consumer that determines whether the product has value. According to countless happy owners of jewelry with man-made stones, a lab-grown diamond does.
If you are looking for sustainable high-quality lab-created diamonds, there’s no better place than LaBrilliante.
