Since their widespread introduction to the market practically a decade in the past, lab-grown diamonds have carved out a considerable slice of the market. Trade analyst Paul Zimnisky just lately instructed the information company AFP that lab-grown stones accounted for 18.5 p.c of diamond gross sales in 2023 and would exceed 20 p.c this yr. Maybe this isn’t shocking now that scientists can develop diamonds in simply 150 minutes—quicker than you’ll be able to watch Oppenheimer.
Within the US, lab-grown diamonds had been forecast to surpass pure stones by way of models offered by the beginning of 2024. But on the similar time, their values have plummeted: the per-carat worth caved nearly 90 p.c within the 5 years to 2023, in response to analyst Edahn Golan.
De Beers, which fiercely resisted the introduction of lab-grown stones however finally launched its personal vary known as Lightbox, slashed costs in Could 2024 earlier than saying that it was closing down its lab-grown client vary solely in June, after six years, stating that the economics of lab-grown diamonds for jewellery had been not sustainable.
Certainly, the proliferation of lab-grown diamonds in worth factors that De Beers doesn’t wish to entertain maybe underlines the model’s resolution to double down on costly mined gems. Pandora just lately launched a marketing campaign, fronted by Pamela Anderson, showcasing its lab-grown diamond assortment items beginning at lower than $300.
Nonetheless, a lab-grown diamond can tackle shapes not normally doable from mined stones—one thing watchmaker TAG Heuer has exploited to nice impact with its Carrera Plasma one-off designs. They’re predictable, constant, and untroubled by the moral and environmental points that plague conventional diamond mining.
Their inflow has, anecdotally at the very least, contributed to a rise in engagement-ring diamond sizes throughout the board, because the bigger sizes made doable by machine has compelled these buying pure stones to lift their carat recreation. However they’ve a PR drawback: Regardless of providing vastly improved worth and significantly better eco credentials, in the event that they turn out to be too low cost, lab-grown diamonds will lose their sparkle amongst patrons who need to know {that a} image of affection got here at a significant value.
Now, lab-grown diamond jewelers are pivoting to a extra premium mannequin, looking for to ascertain differentiation inside the lab-grown market and attraction to clients’ higher nature in addition to their magpie instincts. And, for some, it is working.