Monday, March 27, 2023

Why is the Demand for Lab grown diamonds increasing rapidly?


The demand for lab grown diamonds has shot up rapidly since a year. Theglobal diamond market shows that the US and UK are the major buyers of Lab grown diamonds which in turn reflects the wide acceptance for Lab grown Diamonds by their population. Despite the economic implications of the pandemic, it has been seen that its demand has surged up, this is due to its price which makes it affordable to the major population of a country.

As the effect of the pandemic seems tobe dwindling, the number of weddings and other celebrations hasaccelerated.With the restrictions imposed on such functions, families had cut down on the wedding budget, as a result of which the to be couples have started opting for Lab grown diamond rings as their wedding or engagement rings. The sales of lab grown engagement rings in UKis in heights.

People always prefer buying things that suits their budget. Though, since the olden days diamonds have been considered as the jewelleries for upper class but now with the introduction of lab grown diamond buyers from middle class are too included in the buyer list thus shooting up its demand. Jewellers and retailers focus on their extra margins. The margins incurred from the lab grown diamonds are far better and more than the natural diamonds. Especially the present generation who are environmentally and sociallyresponsibleare opting more for these.

When it comes to men, the parameters considered by them before buying a diamond are that they prioritize theprice of diamonds followed by the design. Whereas the women’s priority is mostly the design followed by the carat and price which goes hand in hand. Altogether if we sum this up, buying good design diamonds that suits your budget is the ultimate motive. All these features are provided by lab grown diamonds and hence people’s preferences have changed.

With the penetration of lab grown diamonds in the market the sale and demand for natural diamond has been slashed down. This fall indemand for the natural ones and rise in the demand for other can be credited to its high difference in price and the ads flashing the green benefits of manufactured diamonds.

According to the latest reports, the artificial diamond market is growing rapidly due to the technological advancements and rising acceptance all around the globe by a wide range of price sensitive consumers. One more reason to support the point can be theconsumer’s acceptance because of their education leading to the awareness and confidence on the lab grown diamond industry.

Natural diamonds are rare and finite whereas lab grown diamonds are in abundance and manufactured like other products. The value of the natural diamonds are calculated based on its availability thus are expensive. Though both look alike the only difference that lies between the two is the quality.

The purchase of diamond is an emotional investment by the consumers as each purchase of diamonds has an emotional connect with it. With the available choices provided by the retailer the consumers are eager to purchase lab grown diamonds that are cost effective. Now, people feel owning a diamond is no more like a dream come true rather they can easily own them or can easilygift to their beloved to make them feel special. In other words, we can say it’s just how the home décor of a house hints about the owner’s interest, the same way a diamond jewellery when gifted hints about the feeling of the giver.


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