Lab grown diamond engagement rings - Shilat

Lab grown diamond engagement rings

The Rising Popularity of Engagement Lab Grown Diamond Rings

loose briiliant cut labLab grown diamonds also known as created diamonds, cultured diamonds, or cultivated diamonds, are becoming an increasingly popular option for engagement and wedding rings. As technology improves and production scales up, lab grown diamonds offer an ethical, affordable, and sustainable alternative to mined diamonds.

 A Market on the Rise 

The global market for lab grown diamonds continues to expand rapidly. In fact, industry analysis projects the market to grow at a compound annual growth rate of 6.4% from 2022-2027, reaching $49.9 billion by 2027 [1]. Several key factors are fueling this growth:
lab grown diamond
Consumer interest - According to a recent survey, over 72% of engagement rings sold in 2022 were lab-grown, indicating significant demand [4].

Expanded production - Global lab grown diamond production is expected to reach 20.5 million carats by 2026, growing at 22.6% CAGR from 2021-2026 [2].  

Retail adoption - The share of lab-grown diamond engagement rings increased from 1.7% in 2019 to 17.3% in early 2023 [2]. 
 

Identical Properties Without Environmental Harm

Lab grown diamonds have the same properties as mined diamonds, but their production generates little if any mining-related waste or pollution [3].

Value Comparison  

A 1 carat lab grown diamond ring costs 30-40% less than an equivalent natural diamond ring [4]. Prices become more consumer-friendly as production scales.

Customized Design Opportunities

Lab grown diamonds offer extensive inventory for customized rings [5]. Shoppers can hand-pick certified loose diamonds across a spectrum of colors and clarity's.

 

Socially Responsible Appeal

Lab grown diamonds resonate with consumers seeking sustainable and ethical options not reliant on controversial mining practices [3].

Industry Disruption 
The global diamond jewelry market dropped to ~$64 billion in 2020, while the lab-grown diamond market grew 15-20% in 2019, reaching 6-7 million carats [5].


Sources :

[1] https://www.forbes.com/sites/katematthams/2023/11/30/are-consumers-paying-too-much-for-lab-grown-diamond-rings/

[2] https://www.edahngolan.com/diamond-analytics-when-will-lab-grown-dimaond-sales-be-the-majority/

[3] https://www.forbes.com/sites/pamdanziger/2021/02/14/lab-grown-or-natural-diamonds-the-choice-is-getting-clearer-for-consumers-and-retailers/

[4] https://www.queensmith.co.uk/journal/how-popular-are-lab-diamond-rings

[5] https://www.linkedin.com/pulse/diamonds-diamond-jewelry-market-growth-research-xzapf

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