The anticipation is like never before. What was thought to be a downturn caused by a global pandemic proved to be a catalyst for growth in the lab diamond industry. With a compound annual growth rate of 9.4 percent forecasted from 2021 to 2028, the industry shows no signs of a diminished sparkle.

Lab Diamonds

Lab grown diamonds  are created in state-of-the-art laboratories by emulating the natural diamond creation process of the earth. A diamond fragment acting as a seed is placed in a controlled environment along with carbon and subjected to high temperature and pressure. This process results in a lab-created gemstone with the same sparkle and shine as a mined stone.

Lab Diamond Industry Lab Diamond Industry Photo: FriendlyDiamonds

The Demand For Lab Grown Diamonds

Lab-created gems still comprise of a small percentage when compared to the diamond jewelry market of the world. But the demand for these sustainable gemstones is growing. With market shares ramping up, the US is currently the largest market, comprising more than 90 percent of the global share.

How The Pandemic Influenced Demand

With the world on pause for almost two years, weddings and proposals came to a halt. While talks of divorce made the rounds, the kindling relationships of unmarried couples either living under the same roof or in quarantine led to the want of getting married. This year is expected to have 2.47 million weddings, and 2023 projects 2.24 million. These numbers project a significant upward curve considering 2021 had just 1.93 million marriages.

Consumer Awareness

Before the world went indoors, consumers were already prioritizing sustainability. But post the pandemic, almost half of all global consumers decided to become more environmentally conscious. Lab diamonds being a far more sustainable option than their mined counterparts led to a demand for lab diamond jewelry. Most couples making an eco-friendly choice chose lab diamond rings.

Affordability

When buying engagement rings, men consider the cost of the diamond before making their buy. Women consider the engagement ring settings, the ring design, and the gem’s carat size, all of which affect the cost. Unlike the diamond mining industry, the lab diamond industry has a smaller supply chain right from its source, thus leading to a more affordably priced gemstone for the end consumer.  

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The Friendly Diamonds Equation

Based in New York, Friendly Diamonds is an online jewelry brand dedicated to the cause of creating a sustainable, eco-friendly, transparent, all-inclusive jewelry industry. All lab diamonds sold on the online portal are completely conflict-free and ethically sourced in laboratories that maintain only the highest ecological standards.

The Friendly Diamonds Experience   

Friendly Diamonds is a customer-driven brand committed to giving its clientele the ultimate jewelry experience. With consumers wanting more control over their jewelry buys, the brand offers the opportunity to create your very own engagement ring with customizations to the last detail giving their customers value for money. With competitively priced certified gems, the brand offers budget-friendly solutions for all customers without compromising on quality. You will find a wide assortment of designs, including engagement rings, couple bands, eternity bands, stud earrings, pendants, and bracelets, all crafted with eco-friendly lab gems.  

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With lab diamonds being an affordable option with the same physical and chemical properties as mined stones and consumers making sustainable choices like never before, the lab diamond trend is headed upward.