Are Lab-Grown Diamonds The Future of Luxury?

Tucked deep below the earth, lies a raging beauty like no other. Known for its breath-taking sparkle, a diamond has marked its presence as a beloved member of luxurious jewellery. Tiffany & Co., Cartier, and Bulgari are known for their drool-worthy natural diamond jewelleries and accessories. Their hefty price tags often speak for their value. But as consumers, can we look at the cost beyond our conventional eyes that only scan for price tags?

A diamond’s sparkle spells luxury like no other.

What are lab-grown diamonds?

It’s a known fact that natural diamonds are a strong symbol of luxury: they exude love, elegance, and wealth. But did you know that they are the hardest mineral known to us today? The popular transparent ones are completely made of carbon, with an interplay of time, heat and pressure.

Lab-grown diamonds (also known as synthetic or cultured diamonds) are diamonds that are produced in the confined spaces of a laboratory. They bear a strikingly similar appearance to natural diamonds. Not just the sparkling look, they share the same chemical composition as well. There are two differences, though:

Time: Natural diamonds that are mined today were formed 1-3 billion years ago. A one carat cultured diamond on the other hand can be made in 7-10 days.

Price: While their long-term value remains debatable, lab diamonds are cheaper than natural diamonds. On an average, they’re priced lower by about 20-40%.

A lot of people wonder whether lab diamonds are real diamonds. For the uninitiated, they are very much real, with the process slightly differing in terms of time taken. Fake diamonds, on the other hand, are the ones with a different composition altogether.  

The Cost of Natural Diamonds

At a time when sustainability is slowly setting in as a trend, there seems to be a shift towards buying products consciously. With natural diamonds, mining brings about questions on two levels- ethical conflicts and environmental conflicts.

Luxury jewellery brands have often come under the human rights scanner for not being responsible when it comes to sourcing diamonds. Conflict-diamonds, also known as blood-diamonds or dirt-diamonds, are often reprimanded for their human costs. They often hail from war-torn spaces, and are sold to fund more conflicts. Plus, haphazard working conditions in mines have also often come under tight scrutiny.

Diamond mining is highly controversial.

Then there’s the question of being environmentally responsible. In a bid to obtain more and more natural diamonds, mining gives birth to high carbon footprint, which has become a common contributor to a rapidly growing climate change. In addition, there are issues like water pollution and habitat destruction arising out of mining and manufacturing processes that also hamper sustainability. That being said, lab-grown diamonds have lesser environmental impact, which has also been suggested by numerous reports.

Reeling in Consumer Awareness

Several high-end jewellery brands today count on rarity, imperfections, and the craft of storytelling to brand a real diamond as a material that is very precious. And while some consumers buy into these ideas, others are quick to point out human and environmental costs. According to a research conducted by MVI Marketing, 70% of millennials in USA would opt for lab-grown diamonds while purchasing engagement rings, owing to ethics and cost. Since they make up a substantial segment of consumers of diamonds, this statistic is vital in terms of indicating a positive paradigm shift.

Lab-grown diamonds are more sustainable than natural diamonds.

Here are a few jewellery brands with stunning, conflict-free, lab-grown diamonds:

• Lark & Berry
• JEM
• Norrfolks
• Kimaï
• MiaDonna
• Taylor & Hart
• Courbet