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The wedding season is here and with it, the demand for diamonds. Around 85% of engagement ring sales are diamonds, and how they end up in jewelry boxes is a long, controversial process. Certain diamond mines in Africa have been accused of exploiting children for unpaid labor and exploiting mine diamonds, which are gems that fund conflicts in war-torn areas. Diamonds are pricey due to their limited supply, which has been created over hundreds of billions of years in the mine.

Millennials and Generation Z are more likely to be planning engagements and they tend to prefer sustainability, morality, and value for money in their large purchases, which means natural diamonds are losing popularity. Lab diamonds are gaining popularity as a result and sales of engagement rings featuring lab diamonds are rising after natural diamond sales are dropping. Jewelry companies are paying attention to these trends.

A year ago, Pandora introduced a new brilliance collection, the business’s first line of jewelry made exclusively of laboratory-grown diamonds. It will go global this year in response to consumer demand, the jewelry maven said. Last year, the company unveiled its brilliance line for the first time, using only lab-grown diamonds. Despite the fact that the company’s current inventory of mine diamonds will remain on the market, for now, they will be phased out. That same month, Signet, the world’s largest jewelry firm, noted the growing popularity of lab-grown diamonds. As a result, Signet has expanded its lab-grown diamond line at both Zales and Kay Jewelers stores. Despite the upward trend, will laboratory diamonds become the norm anytime soon? According to CNN Business, only seven percent of the specialty diamond jewelry market is associated with man-made diamonds despite the surge in popularity. 

And while that’s up from three percent of the market in 2020, it’s still, not a lot of the market share.

Still, companies like Pandora and Cignet are hoping that even though they may not be as traditional as those found in a mine.

Lab-grown diamonds will soon shine, just as bright. 

What do you think of those lab-grown diamonds? Let us know in the comments.

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