Lab-grown diamonds have taken over the diamond industry. And for good measure! Whether it’s celebrities, the growing market worldwide, or brands embracing lab-grown diamonds to be more sustainable, lab-grown diamonds are here to stay!
Currently, India contributes 15% to the global production of lab-grown diamonds (Source: Economic Times). This shows the potential of this industry and how popular it has become in recent years. Let’s explore why lab-grown diamonds are becoming increasingly popular around the world.
It’s a Celebrity Favourite!
Your favourite stars are wearing it and it’s time to join them! The popularity of lab-grown diamonds among celebrities has increased rapidly. Several celebrities have been photographed wearing lab-grown diamond jewellery at events, parties, and red carpets. It’s the new hot favourite!
Due to their need to look fabulous at all times and accessorise their outfits to the T, natural diamonds are not a sustainable choice as celebrities are constantly changing their look. In comes the lab-grown diamond! They are sustainable, beautiful and in style forever. That’s why the stars adore it too.
Emma Watson, the wildly popular star of the Harry Potter series, wore them to the IT party. Can you guess which one? It was the Oscars After Party in 2018! She also wears them around on a day-to-day basis. Emma is a strong advocate for sustainability, and it looks like lab-grown diamonds have her stamp of approval!
Meghan Markle, the Duchess of Sussex, is often seen sporting lab-grown diamond jewellery. As a major fashion icon, whatever the Duchess wears sells out immediately. In 2019, she wore lab-grown diamond earrings by a London-based brand. Since then, the popularity of lab-grown diamonds has grown further.
Lady Gaga, Leonardo Di Caprio, and Rihanna are also fans of lab-grown diamonds and have been spotted wearing them on multiple occasions! Countless celebrities are embracing a trend that is timeless, classic and fashionable forever. After all, who can refuse sustainable diamond jewellery?
Brands that Love Lab-grown Diamonds!
Celebrities aren’t the only ones hopping on board. In recent years, leading jewellery brands have been using lab-grown diamonds in their jewellery and products. Furthermore, these brands are now aware of the importance of using sustainable materials in their products and reducing their carbon footprint. Sustainability in all aspects of our lives will ultimately lead to a happier planet.
Danish jewellery manufacturer Pandora claims that its use of lab-grown diamonds reduces its carbon footprint. ‘A lab-grown diamond’s carbon footprint is 95% lower than that of a mined diamond of the same size.’ (Source: Pandora). To produce lab-grown diamonds, they use 100% renewable energy, which benefits the environment.
Swiss watchmakers are world-renowned. Tag Heuer, the popular Swiss watchmaker, is now incorporating lab-grown diamonds into its watches. They have stated on their website, ‘Lab-grown diamonds are expanding the possibilities in luxury design, as well as driving innovation in everything from nanobiology to quantum computing.’ (Source: Tag Heuer). Additionally, lab-grown diamonds are more versatile than natural diamonds since their structure can be modified. We would have to agree with them on this one!
The iconic luxury group LVMH, which owns brands such as Louis Vuitton and Cartier, also couldn’t resist lab-grown diamonds for too long. An investment of nearly $90 million has been made by the group in Israel-based lab-grown diamond brand Lusix. This clearly illustrates the potential lab-grown diamonds have today. With the biggest luxury brands switching sides, lab-grown diamonds are the future.
Industry Round-Up
The global lab-grown diamonds market size was valued at $19.3 billion in 2020 and is projected to reach $49.9 billion by 2030, registering a CAGR of 9.4% from 2021 to 2030 (Source: Allied Market Research). According to the National Jeweler, the USA alone accounts for nearly 90% of the global market for lab-grown diamonds. As a result, the lab-grown diamond market in the United States is quite large and is in high demand. (Source: The National Jeweler)
Closer to home, Commerce and Industry Minister Piyush Goyal stated ‘the sector holds immense potential to further bolster our diamond industry, enabling India to consolidate its stature as the diamond manufacturing hub of the world.’ (Source: Economic Times). The lab-grown diamond is rapidly gaining popularity in India.
An Israeli Diamond Industry study in multiple European countries found that people are becoming more aware of lab-grown diamonds and are responding positively to the idea of purchasing one. ‘Younger European consumers who responded to this study articulated a strong interest in seeing the lab-grown diamond category expand.’ (Source: Israeli Diamond Industry)
The demand for lab-grown diamonds has also grown exponentially in South East Asia, where more and more companies are entering the business. Recently, at a trade expo held in Mumbai, businesses reported high interest and purchases from Southeast Asian countries such as Thailand, Hong Kong, and Singapore. (Source: The Hindu)
Conclusion
Lab-grown diamonds have experienced unprecedented growth. Lab-grown diamonds are experiencing unprecedented growth and have tremendous potential for the future. Designed to last forever, it is revolutionary, sustainable, and will never go out of style.
We at Jewelbox invite you to discover our stunning collection of lab-grown diamonds. Come and give us a try, because diamonds are for everyone.
