An exquisitely cut and beautifully set diamond has long since been the leading choice of ring for newly engaged couples, but today’s bridal market consumers are increasingly choosing lab-grown diamond for their engagement rings.
In a few short years, lab-grown diamonds have disrupted the jewellery sector and caught the attention of a key consumer- the Millennial. The millennial is a conscious consumer who is interested in the origin and sustainability of their purchase like no other generation before them. Lab-grown diamonds are conflict-free and ethically produced, which is of great importance to today’s consumer. Buyers can be confident that their lab-grown diamond is certified in exactly the same way as a mined diamond. Coupled with the fact that a consumer can buy a larger, better quality lab-grown diamond for the same price as a smaller mined diamond, it’s clear to see why lab-grown diamonds continue to appeal to the bridal market.
A study published by the International Grown Diamond Association in 2019* found that a huge 66% of millennials actively shopping for engagement rings would consider buying a lab-grown diamond ring, while 23% of those said they would definitely be buying a ring with lab-grown diamonds.
The appeal of the lab-grown diamond is growing exponentially, and this growth in consciousness has been quite organic, driven by very little marketing. As more and more consumers realise what exceptional value for money lab-grown diamonds offer, as well as their sustainablilty when compared to mined diamonds, we predict that the future is very bright indeed for our beloved lab-grown gems.