We have recently communicated with dozens of industry friends from around the world, including those engaged in natural diamond processing and trading, as well as those engaged in the wholesale and retail of lab grown diamonds.
In the continuous communication, we feel two emotions more and more clearly:
1) The “obsession” with natural diamonds. The reason why I put it in quotation marks is to show that it is not a derogatory term. On the contrary, it is a very strong, almost obsessive belief that natural diamonds are a promising product.
2) A “slightly helpless” acceptance of lab-grown diamonds. The reason why I say "slightly helpless" is because most people actually express emotions similar to "What can I do? It has a great impact on natural diamonds" in their communication.
The above-mentioned "obsession" and "helplessness" are intertwined to form a feeling conveyed to us by industry insiders (we have contacted):
The development of lab-grown diamonds is indeed controversial, some people like it and some don't, but they have to face reality.
This situation did not appear suddenly, but the reasons can be found at multiple levels such as history, society, and economy. The specifics are very complicated.
A blog post we recently read (pictured above) written by Israel’s Sarine Diamond Technology Group may serve as a reference.
The blog post was published on January 12, titled The New Real, A New Narrative: Lab-Grown Diamonds, which can be roughly translated as "New Real, A New Narrative: Lab-Grown Diamonds."
In the article, Sarine listed three important reasons why lab-grown diamonds attract young people:
1) As shiny as natural diamonds
A key reason for consumer enthusiasm for lab-grown diamonds is that they behave the same physically, chemically, and optically as natural diamonds.
Technological advances in recent years have allowed scientists to recreate the conditions necessary for diamond growth, allowing them to create products that are visually indistinguishable from natural diamonds. Lab-grown diamonds are equally sparkling and attractive as natural diamonds, and the same 4C standards and light performance ratings apply.
1) As shiny as natural diamonds
A key reason for consumer enthusiasm for lab-grown diamonds is that they behave the same physically, chemically, and optically as natural diamonds.
Technological advances in recent years have allowed scientists to recreate the conditions necessary for diamond growth, allowing them to create products that are visually indistinguishable from natural diamonds. Lab-grown diamonds are equally sparkling and attractive as natural diamonds, and the same 4C standards and light performance ratings apply.
2) Suitable for all budgets
In the past, the traditional concept we were exposed to was that the price of a diamond engagement ring was almost equal to three months' salary. But the emergence of lab-grown diamonds has made this concept obsolete.
Lab-grown diamonds are about 80% cheaper than natural diamonds (of the same grade), which allows many people who cannot afford diamonds to buy their favorite diamond products, allowing consumers to enjoy the luxury of diamonds without spending too much. diamonds).
3) Be considered more ethical by consumers
In addition to the topic of cost, ethical considerations surrounding diamond mining have prompted many consumers to seek alternatives. The environmental impact, labor issues and sometimes controversial origins of mined diamonds are driving buyers to increasingly focus on environmental and ethical attributes.
For modern consumers, especially Millennials and Generation Z who are concerned about social and environmental issues, lab-grown diamonds clearly reduce concerns about the ethical impact of traditional diamond mining.
It should be pointed out that the process of producing lab-grown diamonds will also emit gases and have an impact on the environment. However, there are still "grey areas" in the current understanding of lab-grown diamonds, which is a very important point. Regardless, lab-grown diamonds have come to be viewed as an ideal “environmentally friendly and ethical alternative,” which adds a layer of value and meaning to the act of purchasing one.
Judging from the recent communication mentioned at the beginning of the article, the above three points are indeed the topics we are most exposed to. As for the existing disputes - whether rational or emotional - they are all reasonable at this stage of development. But no matter what, we need to admit a reality:
The lab-grown diamond market is in an incremental trend, and the controversial price reduction may just be a process of rationalizing its price.
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