One of our customers inquired about a new engagement ring. The one she has is wonderful, but she has worn for the past 7 years and , and she wanted to have options to change out her rings for variety and different occasions and outfits casual or dressy. She asked specifically for a lab grown diamond, why? Because she can upgrade now, choose a larger diamond that is "real" with the price points of lab grown diamonds without sacrificing quality of the diamond. "I like to wear a ring that symbolizes my marriage but I want to change it up and have some options ” our customer says.
Until recent years, diamonds have been the ultimate show piece, which our only choice being extremely expensive natural minded diamonds. The diamond trade has always been controlled and dominated by high end luxury or global luxury brands like Van Cleef & Arpels, Tiffany, Cartier, DeBeers, and more. Consumers in search of the best diamonds were forced to compromise their choices in size, color, or quality of their purchases to match their budgeting the availability of natural mined diamonds.
Especially in the last year, lab-grown diamonds have gotten a huge boost in popularity and the production has increased dramatically, so they are available. The availability and the pricing has caused consumers to choose lab grown jewelry instead of natural mined diamond jewelry which has thrown the natural diamond industry plummeting downward in sales.
Many of our customers ask are asking for the lab grown option, but we do have customers who want natural earth minded diamonds and have no interest in lab grown. They feel they are buying a natural diamond because it is more valuable and prestigious. People still prefer the beauty, history and mystique that comes with a natural earth minded diamond.
The consumer now has the option of increasing the size of diamond or expanding their jewelry collection at a much more affordable price when considering the option of lab grown diamonds. Especially in the bridal sector, two out of three engaged couples are choosing lab grown diamonds she says. “Brides should wear ra ring that is perfect for them and that they can afford.” says our designer Sherri.
Changing behavior due to the fact that "diamonds of all kinds are an aspirational product, with offerings from luxury brands out of reach for about 95% of consumers" according to Forbes, is causing a consumer increase in the purchase of lab grown diamonds.
In the year 2018, the Federal Trade Commission (FTC) determined that lab-grown diamonds are, in fact, real diamonds. Indeed, according to the Gemological Institute of America, lab-grown diamonds have the same chemical and physical properties as the mined versions. In 2019, the institute, following the FTC’s guidance, stopped calling lab-grown diamonds “synthetic diamonds.”
Lab-grown diamonds are more eco-friendly than their natural minded Diamonds. They are not harming the earth's surface nor the environment because they are made in a laboratory. But, it takes a tremendous amount of energy to produce lab grown diamonds. They do not need to be mined which eliminates the controversial "mining of diamonds" practices. Where our lab grown diamonds are made under ethical working conditions, we source our minded diamonds through ethical and safe sources.
It is not just the younger audience seeking lab grown diamonds but the 50 somethings want "the bigger the better" more affordable upgrades. How can you blame them, they are indistinguishable to the eye and are "real" diamonds.
The question of quality comes into play with the increase in production of the lab grown diamonds. Our founder, Sherri says,"we are seeing a lot of average quality lab diamonds that do not have certification. It is important to not just get a certification, but we examine each diamond for its color, quality, dimensions, and overall appearance to make sure we have the highest quality certified stones."
Historically, customers would save for months to prior to purchasing that one diamond for their engagement ring. Our customers are now expanding their jewelry collections so they have more options in their collection for different styles to wear everyday. We have been able to increase our marketing to a much broader audience because lab diamond jewelry is affordable to a broader socio-economic group. You don't have to break the bank anymore to buy diamond jewelry. "We are seeing more and more repeat customers simply because our fine jewelry made with lab grown diamonds is affordable to so many more individuals. I get so excited when we can provide an affordable option to a young couple and they immediately purchase the diamond eternity band that they would have had to wait months to earn the funds to afford. I still love natural earth minded diamonds, but I also love having the alternative of lab grown diamond jewelry" -Our designer and founder, Sherri