A recent report by CNN shared that the sale of Engagement Rings with Lab Grown diamonds has taken off, with an increas of 63% over the last year. Consumers are becoming aware that the mined and grown diamonds contain the same carbon structure so they brilliance and hardness are the same.
The key drive in sales is the significant price difference where a mined round 1ct diamond with a VS1 clarity and G colour is $12500, while the lab grown equivalent is only $2750. A saving of around 80%!!
The shift is supported with Mined diamonds having a controversial history that’s tied to the use of child labour in some African diamond mines as well as sales of illegally-traded “conflict diamonds” that fund conflict in war-torn areas.
Among Millennials and Gen Z, their eco-conscious mindset and ethical concerns about natural diamond sourcing is another factor influencing their preference for non-traditional engagement rings, according to a report from wedding planning website The Knot.
The support for this shift to lab grown diamonds is shown by major retail groups including Pardora, Zales and Charles and Colvard. This shows this is not a trend and will be a feature of jewellery ranges for years to come.
Protect the environment, save money and spoil yourself today.