Recent MVEye study says that the U.S. consumers' awareness of man-made stones rose to 80% in 2020. Compared to almost zero awareness back in 2005, this is a huge leap and an incredible achievement for a fast-growing industry. Other markets are getting close, with 77% awareness in western european countries, such as Great Britain, Germany, France, Italy, and Spain.
Such rapid increase of the public’s interest is easy to explain. The 2020 saw people facing a lot of financial difficulties due to the lockdowns and spread of The COVID pandemic. Jewelry symbolizes positive and ever-lasting emotions and people, which were stuck in their houses, craved for such emotions more than ever. However, they needed something more affordable than luxury with mined diamonds. And lab-grown diamond jewelry was this exact option.
Non-bridal jewelry, such as studs and bracelets faced the strongest demand. According to the industry analyst Edahn Golan, sales of lab-grown diamond earrings grew 126% in the U.S. in the final quarter of 2020, compared with the year earlier. Millennials may be the main source of such demand. According to Bain & CO, they already represent half of luxury consumers, with projection to fulfill two third of this market by 2025.
With all that in mind, Pandora’s decision to completely switch from mined to lab-grown diamonds seems like a smart move. LaBrilliante urges other retailers to stay on top of the fast-changing industry. Lab-Grown diamonds are the diamonds of the future!