You’re about to start shopping for the perfect engagement ring and already have a few things in mind. You want something trendy, sustainable and relatively affordable. Sounds like a lab grown diamond would be a fantastic choice! These gorgeous stones are becoming increasingly popular, and we’re here to tell you more about them!
What is a Lab Grown Diamond?
First, let’s settle a big misconception. Lab grown diamonds are real diamonds! They’re made of carbon and have the same qualities as natural diamonds, including look, durability and sparkle. They’re simply grown in laboratories. In fact, one of the primary methods for creating lab grown diamonds involves recreating the high pressure and high temperature conditions that formed the natural versions millions of years ago beneath the Earth’s surface.
The Lab Grown Trend
Gem-quality, lab grown diamonds have been available since the early 1970s, but they didn’t become popular until the past several years. In 2018, the Federal Trade Commission officially determined that a diamond can originate underground or in a laboratory. That means lab grown stones go through the same strict grading process as natural diamonds (aka the 4 C’s) and are sold with certified reports.
Some retailers were initially hesitant to offer lab grown diamonds, but customers showed interest. Now, 75-80% of jewelers across the country reportedly sell the gems. And some have even seen sales surpass natural stones. You might come across different statistics as you start researching. But for reference, one independent diamond industry analyst found that sales of lab grown diamond engagement rings were 63% higher in March than one year ago. At the same time, sales of rings with natural stones apparently dropped by 25%.
Certain jewelry experts agree that lab grown diamonds have caused a big shakeup in the industry and sparked new, creative inspiration. And they don’t expect the trend to slow down any time soon. In October 2021, another diamond analyst calculated that roughly 3 million carats of lab grown gems were produced, compared with only about 300,000 carats a few years ago. By 2028, he expects lab grown diamond jewelry sales to increase 20% every year.
So, who’s driving these sales? Primarily younger shoppers, particularly those in their 20s and 30s. Since lab grown diamonds don’t require the difficult and expensive mining process, their affordability and eco-friendly nature have appealed to younger folks. But don’t rule out older groups! The stones are also popular among Generation X and Baby Boomer shoppers, and some retailers think these buyers will help to continue the lab grown diamond boom.
*Pro Tip: The International Gemological Institute cautions that lab grown gems aren’t always produced under sustainable procedures. If you’re unsure about a gem you’re eyeing, ask the jeweler for proof!
How the Ukrainian Crisis is Impacting Lab Grown Diamonds
Nearly one-third of the world’s rough diamond supply comes from Russia, making the country the largest producer by volume. But in response to Russia’s invasion of Ukraine, President Joe Biden issued an executive order, prohibiting the import of natural Russian diamonds to the U.S. That’s because most diamonds are found in mines operated by diamond mining company Alrosa, which is partly owned by the Russian government.
What does all of this mean? Now, there are fewer sources of natural diamonds when the global diamond supply was already lower than a decade ago. As you might expect, this is causing natural diamond prices to jump.
Some think this gives lab grown diamonds a chance to make an even bigger splash and help curb the shortage. But even though these stones are growing in popularity, others think it’s too soon for them to fill the gap.
Fun Lab Grown Diamond Facts
● Lab grown diamonds often cost 30-40% less than natural diamonds!
● These gems can be just as romantic as their natural counterparts. For example, you can propose with a lab grown diamond that was created when you and your love started dating!
● Fancy cuts seem to be fashionable choices for lab grown diamonds. Virtual Diamond Boutique, a gemstone marketplace and software company, found that oval-shaped stones made up 18% of searches for lab grown diamond shoppers. To compare, natural diamond shoppers only searched for oval cuts 10% of the time.
● Since lab grown gems are budget-friendly, bigger stones are all the rage. According to BriteCo, a jewelry insurance and appraisal technology company, the average weight of a lab grown engagement ring stone jumped from 1.34 carats in 2020 to nearly 1.50 carats in 2021. The average weight of a natural diamond engagement ring only increased from 1.16 to 1.25 carats during the same timeframe.
Have a question? We can help!
Gage Diamonds is Chicago's premier jewelry showroom and online retailer of engagement rings, wedding bands, and fine jewelry. We offer a selection of dazzling lab grown diamonds as well as handpicked, certified natural diamonds.
We’re committed to helping you find the ring of your dreams. Browse our selection of lab grown diamonds and natural diamonds or set up an appointment with a member of our trusted staff at our in-person showroom.
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