The term “millennials” refer to those born in the eighties, nineties or the early noughties period. Since marriage is age-appropriate for them, they are the ones who mostly buy bridal jewelry. So, the industry listens to their opinion on products, and pays attention to their traits.
One such trait is this: Several millennial couples are replacing natural diamonds with colorful, less expensive and more sustainable alternatives. The industry is seeing a shift in consumer behavior, and many organizations have done studies on that matter. A recent report highlighted the results of a study, commissioned by the IGDA (International Grown Diamond Association). The findings of that research on consumer behavior suggest that many millennial shoppers would consider a lab-made diamond for their engagement ring.
This is happening because of some factors, including the following.
These Diamonds Are Less Expensive
Artificial diamonds can be anywhere between 30% and 40% cheaper than natural diamonds of comparable quality and weight. Lab grown diamonds are less costly to make, hence the lower price. The relatively lower price is not a sign of lower quality, though. The physical appearance, chemical and optical properties of both a natural and a lab-grown counterpart are identical. Only a gemologist can tell the difference between both, and that too, only when they use a specialized tool.
These are Eco-Friendly
As you might expect, these diamonds are made in laboratories. Diamonds lie deep below the surface of the earth, so it takes plenty of earth removal to get these. That is not possible to perform without having some impact on the environment. Conversely, no mining is involved in making diamonds.
A mined diamond produces more carbon for every carat than what the lab ones emit. Laboratory diamonds do not have a fully clean carbon footprint, which is much lesser than the natural ones.
These are Ethical
Blood diamonds, or conflict diamonds, refer to the ones mined in war-torn zones and sold illicitly to finance insurgencies. Big steps have already been taken in the mining industry to keep conflict diamonds at bay. However, blood diamonds are still prevalent in the industry. With lab-made diamonds, the issue of conflict does not even enter the equation.
So these are the perfect option for people having limited money, caring about the environment, and wanting to help make it better, more habitable in whatever way they can.