Have you seen any articles on the internet that have the words ‘millennials are killing X’ in the headline? We’ll assume the answer is yes, because they’re everywhere. And if you believe everything you read, the diamond industry is about to be crossed off the millennial murder list and buried six feet under. It’s true that many couples are turning away from traditional diamond engagement rings in favour of colourful gemstones, less costly options or more sustainable choices. But the diamond industry doesn’t need to die – it just needs to evolve… from mined diamonds to lab diamonds!
Here’s why lab grown diamonds are the perfect solution for cash strapped millennials and concerned jewellers…
They’re budget friendly
Without a doubt, the biggest draw for lab grown diamonds is price. They can be up to 30% cheaper than mined diamonds, and usually have at least 10 – 15% shaved off the price tag. The lower price is no indication of lower quality, either. In fact price is the only difference between the two; the chemical make-up and appearance is exactly the same. Only gemologists can tell difference between lab grown and mined diamonds, and only if they have specialist equipment to hand. The reason for the lower price? They’re simply less costly to produce. Music to cash-strapped millennial’s ears.
You’ve probably figured this one out already, but lab grown diamonds are grown in… you guessed it, a lab. Mined diamonds lie deep beneath the earth’s surface, so lots of drilling and earth removal is necessary to get to them. That’s impossible to do without having some negative effect on the environment. Lab grown diamonds don’t have a 100% clean carbon footprint either, of course, but it’s a huge improvement on their mined counterparts. On the whole, millennials are far more caring about the environment than previous generations have been, so that’s another big win for lab grown diamonds.
Although big steps have been taken in the right direction, the issue of conflict diamonds is still prevalent within the diamond industry. Conflict diamonds, or blood diamonds, are gems that have been mined in war zones and sold illegally (and sometimes legally) to fund insurgencies. You don’t need us to tell you what the knock-on effects are that are – let’s just say it’s not good for anyone. With lab grown diamonds, this doesn’t come into the equation at all. Minimum environmental impact AND zero risk of exploitation or socio-economic damage? Sign us up.
For couples who care about the environment, want to help make the world a better place in whatever small way they can, AND have limited funds available to them, it’s easy to see why lab grown diamonds are the perfect choice. We’re calling it now – before too long, lab grown diamonds will have a much bigger chunk of the engagement ring market than they do now. What then for mined diamonds? Who knows.