How Popular are Lab Grown Diamonds
Can you believe that in 2006, there wasn’t a single search on Google for the term Lab Grown Diamonds? Fast forward to today, and many sites are receiving increased traffic as a result of people searching for LGD.
Does this mean that man-made jewelry is popular? Well, yes and no. You see, searches for a term in Google may simply be an indication that more people are curious about the term and have very little knowledge about it.
That was a common opinion for some time. Increased searches on Google trends could have been a result of ignorance about a new term that shows up here and there. However, when the Russia, Ukraine conflict began, there was an upsurge in searches for lab-grown diamonds. Why was this? Well, a lot of Americans were cautious about how their purchases of different goods would affect the conflict. It is known that Russia has one of the biggest mines for natural diamonds and people were looking for an alternative to those diamonds which were considered blood diamonds since their sale will increase funding for the invasion of Ukraine. This is one of the biggest indicators that more people know about lab-grown diamonds. But there is even more evidence of their popularity.
Who buys Diamonds?
One of the biggest diamond miners in the world, De Beers, can be credited with creating a huge market for diamonds among lovers. Engagement rings are a big diamond product that is highly coveted by people in love.
When you think about it though – who are the people most likely to get engaged? Studies reveal that adults between 18 and 40 are the ones who will most likely purchase an engagement ring. These are the millennials and Generation Z. Diamond expert Dan Moran is quoted by Cnn saying that the typical buyers of engagement rings are price conscious. LGD present a budget-friendly option that still offers the same sentiment that natural diamonds provide but without the guilt that someone died so that they could have a precious stone.
This brings up another characteristic of the buyers of these diamonds. Lab-grown diamonds are often presented as blood free and environmentally friendly. A number of people today give more thought to the origins of the products they buy. It is not just about diamonds, even clothing. Certain designer brands that have been known to make their clothing in countries associated with poor labor practices like child labor are being shunned or forced to adopt new manufacturing practices. So, the same with jewelry, many people would rather. Buy diamonds that are kind to the environment as well as to humans. Lab-grown diamonds are exactly that and are growing in popularity as more people find out about them.
Lab Grown Diamonds in the Celebrity World
When you speak of popularity, there are some names in the music, fashion, and entertainment industry that epitomize popularity. Therefore, when certain people wear or endorse a particular thing, you can bet it will become popular in no time. Lab-grown diamonds have caught the eyes of celebrities and many have been seen wearing jewelry made with LGD. Here are some of the famous ones who have popularized the gems.
Rihanna: She is a millennial and one of the most influential musicians of her time. With over 120 million followers on Instagram and among the top 4 most followed individuals on Twitter, she can be used as a measurement of popularity. The music star is also the founder of the fashion house Savage X Fenty. She dazzled her fans when she opened up her New York Fenty show wearing designer lab-grown diamond earrings by Anabela Chan. Remember, this is the singer of the song, “Shine bright like a diamond.” It says a lot if the diamonds she chooses to wear are those grown in a lab.
Meghan Markle: She is a movie star, but now she is also royalty and popular all over the world. In January 2019, she stepped out onto the streets of London heading to a meeting. Being royalty, she obviously was the focus of attention, but the piece worn on her ears seemed to attract more attention than anything else she wore that day. The pair of drop diamond earrings made by Sidney Nehause caused excitement across the world especially when it was revealed that they were made in a lab. It took 5 days to make the diamonds and then a few more for them to be expertly embedded into the earrings. Well, if lab-grown diamonds are good enough for royalty, everyone else must find them perfect.
The 2 celebrities are just a sample of the many celebrities who rock the shiny rocks either as earrings, necklaces, or even rings. Other big names who have been known to own lab-grown diamonds include Jennifer Lopez, Lady Gaga, and Jeniffer Hudson. There are probably many more who we may not yet know about but the endorsement from these mentioned has done its job to increase the popularity of these diamonds.
Popularity in Numbers
At the end of it all, the best way to establish how popular lab-grown diamonds are is to look at the numbers. Edahn Golan, an industry analyst recently interviewed by CNN reveals that the numbers are great. There is a steady rise in the purchase of LGD. This indicates growing popularity. The industry grew by 63% in 2021 compared to the year before which was 25%. Engagement rings seem to be the most purchased item among buyers 40 years and below.
The diamonds are obviously a better bargain for people who cannot afford the huge price of natural diamonds.
Even though the sales of natural diamonds still dwarf lab-grown diamonds, it is evident that a lot more people know about them today than before. The sales continue to rise with big industry players noting that they are selling fewer natural diamonds these days than before. On the other hand, there is an 80% rise in the number of LGD sold within the period January to February.
Verdict
About 60% of men surveyed in the UK revealed they would buy lab grown diamond engagement rings. This may help to show just how popular the diamonds are. With availability, more people will learn about them and warm up to purchasing them.
