Make An Appointment

+612 9232 2328

Open 6 Days A Week. Monday - Saturday

diamonds

Are Lab-Grown Diamonds The Future?

 

Lots of small diamonds in a metal tray

Although diamonds have been around and adored by humans for quite literally thousands of years, there continues to be a state of progression and growth within the industry. There are an unlimited amount of engagement rings, metals to choose from, as well as different gemstones and cuts.

 

It wasn’t until around the 1950s that the first synthetic diamond (also known as a man-made or lab diamond) was created. The intense scientific processes that were used in order to literally “grow” a diamond surprised the world. Soon enough, jewellers began including lab-grown diamonds in their selection.

 

It wasn’t until recent years that the popularity and appeal of lab-grown diamonds started to soar. This is because the creation of synthetic diamonds has become a lot cheaper, and the lab diamonds themselves are getting more and more affordable.

 

This article aims to inform you of knowledge and predictions regarding lab-grown diamonds and their future, plus the benefits they have brought to both the diamond and jewellery industry. We will take a look at the market of the lab diamond industry as well as the prices in comparison to natural diamonds, sustainability and the other uses of diamonds.

The Lab-Grown Diamond Market Is Growing

According to various experts and statistics, there is no doubt that the market for lab-grown diamonds is growing and will continue to grow well into the future, especially when it comes to custom engagement rings.

 

Lab diamond creation facilities have been supplying lots of high-end and popular retailers, and the rate of which appears to be growing every year. It is estimated that by the end of 2022, the sales of anything lab-grown diamond-related is to be around over $8 Billion. This means that it is approaching about 10 percent of the entire market for diamond jewellery. In 2023, it is estimated to be at $10 billion. 

 

Even in the year 2020, around six to seven million carats worth of diamonds were lab-grown. This led mainstream brands to adopt and buy into the lab-grown market. By 2030, the lab-grown diamond market is predicted to be at around $50 billion.

 

Due to the coronavirus pandemic hitting hard in 2020, a lot of mining was put on pause due to the virus restrictions. Since lab-grown diamonds require far fewer people involved to produce, they began to soar in popularity. 

 

The two main methods in producing these man-made diamonds are known as “HPHT” and “CVD”.

HPHT stands for high-pressure high-temperature. While CVD stands for chemical vapour deposition. HPHT is the oldest method of creating lab diamonds, but it is predicted that in the future, the CVD method will take over.

The Prices of Lab-Grown vs Natural Diamonds

Since lab-grown diamonds can be produced at a relatively lower cost than natural diamonds, this means that they are going to be cheaper. One thing to note is that natural diamonds are seen as more valuable because of their intense and long process in which they are formed deep within the earth. 

 

It takes billions of years for carbon underground to turn into a diamond. The carbon is subjected to high pressures along with high temperatures and will eventually form the precious gem. Natural diamonds, like gold, are scarce and technically limited in amount. This means that their value is going to be higher than diamonds that have been grown in a lab.

 

Also, the actual costs of obtaining lab diamonds are cheaper than natural ones simply because of the required labour costs. If we are trying to obtain organic diamonds from deep within the earth, you need lots of people and machinery to achieve this, as well as people required to cut and polish.

 

Since lab diamonds are made in a more controlled and monitored manner, less time needs to be spent cutting and polishing the diamonds into the right size.

Sustainability

In this day and age, a large majority of society has become aware and concerned with the issues that climate change can bring. A lot of businesses worldwide have pledged to act in a “greener” fashion in order to reduce their carbon footprint.

 

Particularly in younger generations such as those part of the Millenial and Generation Z groups, the lab-grown market has seen a sharp increase in appeal. The processes required to extract natural diamonds from the earth simply have a higher carbon footprint as opposed to creating a diamond in a lab.

 

So since society and modern culture have been encouraging more eco-friendly living, the demand for lab-grown diamonds has increased. 

 

However, this does not exactly mean that the lab-grown diamond industry is completely green. The electricity required is very large, and companies have been trying their best in order to make the creation process a little more sustainable.

 

Using renewable energy, for example, is one of the ways that these companies can reduce their environmental impact when creating man made diamonds.

The Other Uses for Lab-Grown Diamonds

Even though diamonds have been used for industrial purposes like in drill bits and saws, for example, most of their market is from the jewellery industry. Many people are not fully aware of the various uses for diamonds other than being used in pieces of jewellery like necklaces, earrings, bracelets, watches, rings, etc.

 

Diamonds, particularly lab-grown ones, can be used for anything tech-related, medical, industrial and scientific. Since lab-grown diamonds are physically the same as natural diamonds, a lot of companies that require diamonds for these alternative uses have been turning towards lab-grown producers.

 

This is because as mentioned before, they are cheaper to create and to buy while being able to get produced infinitely. 

 

A lot of folks are not aware that diamonds in general are being used in so many different things. Take your phone for instance – the wires, circuitry and even glass on the screen are reliant on diamonds to produce. Even other pieces of tech like desktop computers and laptops would not be possible without the use of diamonds.

Conclusion

Hopefully, after reading this article, the significance and power of lab-grown diamonds have been made clear. To put it simply, these diamonds are likely going to exist far into the future due to their sustainability benefits, cost and widespread appeal.

 

The lab-grown diamond market has been growing in recent years and is expected to hit $50 billion by the time we reach 2030. Many mainstream brands have been including lab-grown diamonds in their collections. 

 

Man-made diamonds are also cheaper to produce, and purchase – while being physically identical to organic diamonds. This in turn has been a big bonus to people who are wanting to save a bit on their budget.

 

Lab diamonds also are inherently more sustainable than natural diamonds. This is because they do not require nearly as many people, machines, and land area as natural diamonds.

 

Whether you are thinking about proposing, or expecting a proposal – it is wise to look at the differences between natural diamonds and lab diamonds. Also, you may want to consider if you would prefer to go for a ready-made ring or a bespoke custom diamond engagement ring.

 

Australian Diamond Brokers sell some of the finest rings in Sydney. Visit our website to take a look at our selection of high-end jewellery.

by Australian Diamond Brokers : August 19th 2022 Come visit our store or browse our website to find out more.