Diamond market may be warming to lab-made gems

of which’s cut like a diamond, of which shines like a diamond as well as, essentially, of which actually is usually a diamond. although of which didn’t form underground.

There’s today a cheaper, more ethically sourced option for diamond lovers – though not every diamond retailer is usually sold on the idea. Synthetic diamonds, which are grown in a laboratory using advanced technology, hold the same chemical composition as a traditional diamond, although leave a little more cash in a shopper’s wallet. Lab-grown diamonds are just as real as mined diamonds, although take about 3 billion less years to form, give or take.

These man-made gems are still a niche product inside jewelry industry, although some experts expect sales to ramp up within the next few years. According to Morgan Stanley, sales of lab-grown diamonds make up just 1 percent of the global market of rough diamonds.

Amish Shah, the president of ALTR Created Diamonds, which produces synthetic diamonds, said the category’s estimated market value stands at $150 million, although could grow to $1 billion by 2020.

One factor playing in favor of created diamonds is usually shifting consumer attitudes. Millennials have shown less desire to buy mined diamonds than previous generations — many say they’d rather save their money or purchase a gem of which was produced with sustainability as well as ethics in mind. Traditional diamonds must be mined by the ground, which can have a negative impact on the environment such as soil erosion as well as deforestation. Not to mention, of which many diamond mines are in conflict zones, as well as consumers may worry about mining profits supporting violence inside region.

“For customers of which are seeking to minimize the environmental impact of a jewelry purchase, lab-created diamonds are an ideal eco-friendly choice as they require no mining,” said Kathryn Money, the vice president of strategy as well as merchandising at Brilliant Earth, a retailer for ethically sourced fine jewelry.

Also, synthetic diamonds generally costing about 30 to 40 percent less than mined diamonds.

About 70 percent of millennials said they would likely consider buying a lab-grown diamond for an engagement ring center stone, according to a study by MVI Marketing. Meanwhile, searches for lab-grown diamonds on Google have almost tripled inside last decade, according to Money.

of which’s a big shift. Consumers have generally been more accepting of different types of synthetic gems. According to the Gemological Institute of America, different lab-grown gems have existed for decades, although they’ve had little impact on sales of natural gems.

“The market for natural colored gems (ruby, sapphire, emerald, etc.) has co-existed with synthetics for more than a century,” a representative for the institute said in an email. “Demand for natural rubies, sapphires as well as emeralds remains as strong as ever as well as synthetics have evolved into a separate market. of which is usually possible of which the markets for natural as well as synthetic diamonds may develop inside same way.”

Even though lab-grown diamonds may not be a threat to the mined diamond market, some jewelry retailers still believe of which natural diamonds are the best choice for consumer to make.

Signet Jewelers, the earth’s largest retailer of diamond jewelry, which owns companies like Kay Jewelers as well as Zales, does not sell synthetic diamonds, though of which does sell different synthetic gems like sapphires as well as rubies.

David Bouffard, the vice president of Signet Corporate Affairs, said Signet’s research “shows of which our customers, including millennials, prefer natural over synthetic diamonds, especially as of which relates to bridal jewelry.”

Signet is usually a founding member of the Responsible Jewellery Council, which develops key standards for the jewelry industry. The group says of which is usually essential of which lab-grown diamonds are labeled so consumers are aware of the product they are buying.

although supporters of lab-made diamonds insist these gems are the real deal.

“Created diamonds are real diamonds,” Shah said. “They are just as real as the beautiful flowers by the greenhouse.”

Lab-created diamonds can be made two ways: the high pressure, high temperature (HPHT) as well as the chemical vapor deposition (CVD) methods. According to the Gemological Institute of America, the HPHT method mimics the high pressure as well as temperature conditions of which form a diamond underground. In these conditions, carbon atoms build on a tiny man-made or natural diamond seed.

The CVD method is usually done by breaking down carbon-rich gas in a vacuum chamber. The gas breaks down into carbon as well as hydrogen atoms, which are depositing as well as build on a diamond seed.

Money said there have been recent advancements in lab-made diamonds, which can today be made larger as well as of higher quality. To the naked eye, synthetic diamonds can be of such high quality of which they can’t be told apart by traditional diamonds. Instead specialized instruments would likely need to be used.

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