The millennial generation has seen the decline of many industries, and diamond industry is one of them. The increase in the lab grown diamonds are changing the chemistry of diamond mining industry, and after six years of consultation, the US Federal Trade Commission has made many changes to the jewelry guidelines that feature diamonds. This even includes expanding the definition of “diamonds” to include the lab grown diamonds.
“Technological advances have made it possible to create diamonds in a laboratory,” the FTC said. “These stones have essentially the same optical, physical and chemical properties as mined diamonds. Thus, they are diamonds.” Further, the agency simply eliminated the word ‘natural’ from its 1956 definition of a diamond, as a “natural mineral consisting essentially of pure carbon crystallized in the isometric system.”
Lab-Grown Diamonds Offer an Ethical Solution
Synthetic lab grown diamonds offer an ethical solution to the hazards and risks associated with diamond mining. These diamonds help to avoid the environmental and human toll of mining, as they are made in a socially responsible way. In fact, many of the big shots in the diamond industry are now switching to the domain of synthetic diamonds because of the demands of non-conflict gemstones.
Interestingly, there is a huge differentiation between a natural earth mined diamond and a lab-created diamond. As per the latest statistics, manmade diamonds are available around one-fifth of the price of naturally-mined diamonds.
Simply put, people have started to acknowledge that synthetic diamonds are more ideal for lighter and playful occasions, whereas the mined ones are more suitable for the more meaningful occasions of life. At the same time, buyers look to steer clear of the blood diamonds, which are products of human rights abuses, child labor, and under-waged laborers.
At present, lab grown diamonds make up for only less than one percent of the market, but it is predicted that these diamonds might account for almost 7.5% of the total industry in a couple of years. Synthetic diamonds are not new to the industry, and their production dates back to 1950’s. However, the process was very expensive, time-consuming, and very much unpredictable at that time. With today’s latest technologies, all those issues have been sorted out, and it is possible to make a crystal clear diamond in just about 2 weeks.
Latest studies show that millennial users are now more and more interested in buying synthetic lab grown diamonds. The changing perception of customers could lead to a big change in the diamond industry soon, that was originally build around everlasting prominence and value.