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Millennials and Generation Z increasingly embracing lab-grown diamonds

Millennials and Generation Z increasingly embracing lab-grown diamonds
Millennials and Generation Z increasingly embracing lab-grown diamonds

What is Rare Carat and How Does it Work? | Rare Carat

Rare Carat is a search engine that helps anyone buy diamonds from our dealers and brokers. It offers tools like the Rare Carat Report and Rare Carat Deal Score to help diamond buyers intelligently evaluate diamonds for sale using machine learning and human expertise.

How Does Rare Carat Work?

Finally, we cut out the middle man to give you the lowest prices on diamonds. Since we don’t have stores or salespeople, this saves you money! We connect you directly with dealers and providers of GIA certificates for all our natural diamonds and IGI, GIA or GCAL certificates for home-grown diamonds. Once you order your diamond, if you have it set in a ring, the diamond is sent to one of our ring makers to be set. All packages are shipped overnight via FedEx or UPS. Each package is properly insured and will need to be signed for by someone 18 years of age or older upon delivery. You will receive a follow-up message by email the day before the package to ensure that someone is at home to sign for it. From start to finish, Rare Carat is there for you every step of the way.

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Absolutely! All our products are covered by a warranty against manufacturing defects. Look here – Carat Rare Guarantee

What Do Consumers Say about Rare Carat?

“Buying diamonds online is the best! I’m nervous about buying diamonds online because it’s hard for me to judge diamonds from pictures and I’m afraid of fraud or theft. However, I have Satisfied with the product I finally bought. Even my local dealer (who tried to sell me inferior products

Diamonds at a high price) agreed that I had a high-quality stone at a price that he could not afford. As someone who cares a lot about quality, parameters and of course value for money, Rare Carat USA is perfect for me. I recommend going to a few jewelers yourself to find out what you like and what you don’t like, but use those sizes and characteristics to find the right stone at Rare Carat – Value can’t beat it. “

Millennials and Generation Z 

When Isabelle Crew chose a Lab Grown Diamonds instead of a fire cut for her engagement ring, a friend warned her that it would have a low resale value.

But with the 1.7-carat oval solitaire diamond of her dreams shining on her finger, the 28-year-old Toronton said it’s easy to laugh off those concerns. “It’s an engagement ring. I hope I don’t have to sell it one day,” Crew said. Three years later, Crew – who chose a home-grown diamond because of the environment and social relations – remained happy in marriage and satisfied with his ring. And despite the word “resale value”, Crew said that many people reacted positively to his choice. “I got a lot of compliments on my engagement ring … and now, I honestly think at least five of my friends got one,” she said.

More than 70 years after the international mining giant De Beers launched the “A Diamond is Forever” advertising campaign, with huge profits, diamonds have become an 84 billion US dollar market. But while diamonds are still seen in 2022 as a symbol of enduring love, Millennials and Generation Z are increasingly rejecting stones that are naturally formed in the earth in favor of a man-made, grown-up approach.

In fact, industry statistics show that lab-grown diamonds outpace the growth of the diamond market as a whole. Although laboratory-grown diamonds represent only about 10% of the total market, their share in the overall market has doubled between 2020 and 2022.

Lab-grown diamonds are real, not fake, and they have the same physical, chemical, and optical properties as diamonds mined from the ground. And instead of doing it naturally Over the course of billions of years, man-made diamonds have been created in a laboratory using a highly sophisticated process that takes only a few weeks.

Today, many young diamonds are produced using a process called chemical vapor deposition, or CVD. A small piece of diamond, or “seed”, is placed in a sealed chamber that is filled with compressed gas (usually methane and hydrogen). The chamber is heated, which separates the gas allowing the carbon atoms to begin “building” around the diamond. The result is a metal that, to the naked eye, looks like natural metal, said Luke Sinclair, chief financial officer of RSL Group. The Canadian company uses hydroelectricity to power its lab-based diamond manufacturing process at a facility in Quebec. “The difference is really in the customer’s second understanding. That’s really the only difference,” Sinclair said. “When you think about it, it’s kind of funny that young diamonds are considered bad just because they’re man-made,” Sinclair said. “Most, if not all, luxury goods are man-made. Bags, cars, shoes – these are all man-made luxuries.

Part of the appeal of grown diamonds to buyers is that, because they can be manufactured in large quantities and there is no shortage of natural diamonds, they sell for about half the price of traditional stones – although and this may change in the future as lab grown diamonds become more popular.

But many young consumers are also drawn to sustainability claims. According to a 2018 survey conducted by MVI Marketing LLC, 70% of millennial consumers would consider purchasing a laboratory-grown alternative in an effort to reduce the carbon footprint, deforestation and loss of wildlife habitat associated with traditional diamond cutting, and to reduce anxiety. about child labor and other human rights abuses in the global mining industry.

Jamie Kneen, who oversees the program at the non-profit organization Miningwatch Canada, said lab-grown diamonds are a better option for many environmental and social goals — and added that he thinks they has the long-term potential to succeed. destroy the traditional mining industry. “There is an energy consumption effect in lab-grown diamonds, but not to the same extent as digging a large well and crushing millions of tons of rock.”

As consumers increasingly seek alternatives to traditional Diamonds, retailers are taking notice. For example, Pandora, the world’s largest jewelry retailer, recently launched a new collection of diamond jewelry in its stores in the United States and Canada.

“The grown sector (sector) represents a small part of the total market. But the data shows that it is growing twice the number of diamonds mined,” Pandora North America President Lucian Rodembusch said in an interview. “We think again and again – once you understand that there is no difference of chemical, physical or visual and the price is cheap – I think we will start to see again and at least migrations. “

Pandora has announced its intention to stop using mined diamonds altogether, a move that resonates with young consumers who are increasingly concerned about the environmental impact and human rights of traditional diamond mining.

Some consumers still view lab-grown diamonds as more special than their counterparts—perhaps ironically because another successful diamond industry’s advertising has something to do with it. success in convincing the generation of lovers that the commitment is worth paying “two months’ salary”.

But Crew, a newlywed from Toronto, doesn’t buy into the argument that the bigger the money, the bigger the love. “Honestly, I think it’s a little surprising that everyone thinks there’s a negative connotation to (lab diamonds),” he said. “It seems like a wise financial, environmental and ethical decision to make. The arguments against it don’t seem logical or convincing to me.

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Carly Blair

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