Forever? Or for Everyone?
In a report by Thomson Reuters, investment management firm Morgan Stanley currently estimates the worth of the diamond industry at over 17.5 billion dollars, a staggering amount, but not surprising when considering what a diamond symbolizes. De Beers jewelers pioneered the notion of a diamond equating true love, planting the idea that if you love someone you need to buy them a diamond, creating a multi-billion dollar industry that continues to expand.
However, in recent time there has been a surge in the popularity of created diamonds, which are proving to be the go-to alternative among younger buyers.
Created diamonds are diamonds grown in labs, using state of the art facilities to mimic the processes that happen in the natural world. There are numerous advantages that come with creating a diamond, including the fact that processes are sped up dramatically only taking about 10-12 weeks in total.
As the world becomes a smaller place, more people are becoming concerned about how their lifestyle choices impact the environment, and unlike mined diamonds the collection of created diamonds have a much smaller carbon footprint. The jewels are also conflict free, ensuring no wars or slavery are involved with the harvesting process.
In addition to environmental advantages, lab-grown diamonds can cost up to 40 percent less than their mined equivalents, proving to be a popular choice among the millennial population. As more young people have their sights set on traveling the world, they are choosing to spend money on experiences rather than material possessions.
According to the Financial Times, created diamonds are only an estimated 2 percent of the diamond supply but this figure is expected to grow till 10 percent by 2030, with big jewelers such as Barneys and Swarovski now selling lab-grown alternatives to take advantage of the market.
Throughout history, diamonds were seen as the go-to jewelry choice for the ultra-rich, representing eternity and following the ‘diamonds are forever’ ideology. But with the narrative quickly changing, will the ‘diamonds are for-everyone’ mentality come out on top?
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Image obtained from: http://nationaljewelcreations.com/