Will demand for natural diamonds decrease due to synthetic diamonds?

The diamond jewellery industry is an ever evolving industry which has something new to offer each year. It has dominated the jewellery industry by being the most sought after stone especially for occasions like engagement and weddings. There have been many alternative gemstones that hit the market and enjoyed a short lived popularity, but the classic diamond never lost its sparkle up until now.

Even though naturally mined diamonds still continue to dominate the jewellery market today, they have been facing a tough competition from their contemporaries which are the man made lab grown diamonds. The lab grown diamonds were first introduced to the world sometime around 1980’s and were considered to be a breakthrough discovery at that time. Grown in labs using high temperature and high pressure, these sparkling stones look exactly like naturally mined diamonds to the naked eye. Only a trained eye will be able to tell the difference between the two. These lab grown diamonds did not enter the jewellery industry immediately after their introduction. In fact they were first used for industrial purposes such as cutting.

Slowly as their popularity increased, the lab grown diamonds crept their way into the jewellery industry. In the beginning, they were ridiculed as being a fake diamond without any value but with time people started buying jewellery made of lab grown diamonds since you could not tell the difference between the synthetic and the natural diamond. In the past few years, the sale of synthetic diamond jewellery such as lab grown diamond engagement rings has witnessed a major thrust because of the changing mindset of the people. As more and more people are becoming aware of the impact of their choices on the planet, the industries who have a large carbon footprint or the industries whose existence is harming the planet are witnessing a steady decline in their business.

The environmentally aware people today are making a conscious effort towards reducing the carbon footprint and boycotting the industries who pose a threat to the environment and human conditions in any way. The naturally occurring diamonds are mined from under the Earth’s crust in a non-eco-friendly manner under inhumane conditions. Since buying jewellery made of naturally occurring diamonds would mean supporting it, most people are opting to buy jewellery made of alternative gemstone or jewellery made of lab grown diamonds if they want to buy diamonds at all. Most companies who deal with engagement rings hatton garden and other places have been forced to accept the lab grown diamond jewellery in order to keep afloat.

Today, a large number of people would rather buy jewellery made of lab grown diamonds rather than the ones made of natural diamonds. According to experts, the sale of lab grown diamond jewellery is expected to rise by 10% this year and is only going to increase in the subsequent years. Although natural diamond jewellery industry has seen a decline of 25% in the recent time, the demand for these is not going to die out abruptly. Since the resale value of the lab grown diamonds is not as much as the naturally occurring ones, the jewellery made of natural diamonds will still be popular among the more traditional people. So even though lab grown diamonds are gaining a huge fan following, they will not be able to wipe out the natural diamonds completely at least for the next 10 years.

One thought on “Will demand for natural diamonds decrease due to synthetic diamonds?

Leave a Reply

Your email address will not be published. Required fields are marked *

Get an author account in just $20 till the end of this year.

Once you have posted the article it will go for review you have to contact directly to pay 5$ or RS800 for publishing.