As the course of time is moving further, a new trend is hovering over millennials. The trend of lab grown diamonds has driven millennials into a different zone. Most of them are attracted to lab grown diamonds because of its cost, environmental friendliness, and transparency.
Millennials and Gen Z are the major buyers of the engagement rings and studies show that 70% of them are more inclined toward lab grown diamonds. A diamond industry analyst Zimnisky in his research stated lab grown jewelry income was close to eight billion-plus dollars in 2022, drawing near 10 percent of the whole diamond jewelry market, and may touch the $10 billion mark through 2023.
If we see the pricing of synthetic diamonds compared to natural diamonds, the price of synthetic diamond is approximately 75 to 85 percent lower than natural diamonds. Furthermore, the prices may drop in the future because of low production cost with the advent of updated and new innovations.
Lab grown market has seen a boost in the bridal share and in the upcoming days it can occupy a big pie of fashion jewelry.
While mined diamonds are used in industry as saws and drill bits, the jewelry sector remains the industry’s future. Lab-growns, on the other hand, have medical, scientific, industrial, and computational applications in addition to jewelry and abrasives. The lab grown diamond industry’s bread-and-butter is these alternate applications. Taking these usages in account it can be inferred that lab grown diamonds can shine even brighter in the near future.
Alongside their decreased effect at the environment, lab grown diamonds are regularly larger, better quality, and much less costly than mined diamonds, and purchasers have found out mined diamonds have lately been overpriced.
Unlike gold, diamonds aren’t a commodity—they aren’t traded, listed or banked, and knowledgeable purchasers have found out the fee of a diamond is what it represents; what’s paid “over the counter” is the handiest transactional. Lab grown diamonds, past their smaller carbon footprint and moral production, constitute the riot of knowledgeable purchasers in opposition to the monolithic pricing of diamonds that’s ruled the market for centuries. It is predicted that there can be 2.5 million weddings in 2022, lots of who’re millennials, and this demographic is dedicated to moral consumerism and carbon-impartial purchases. Lab grown diamonds meet their criteria.
Uses of Lab Grown diamonds apart from jewelry
The future of lab grown diamonds is inevitable because of its versatility and its environmental friendliness. However, the future of lab grown diamond is not limited to jewelry and ornaments. It has far more applications that are unfathomable.
If we rely on data, only 10% of revenue for lab grown diamonds is generated from jewelry. Diamond-coated parts are increasingly used in all kinds of systems where friction drags on performance, including cars, planes, and turbines, because diamond has a lower coefficient of friction than metal. According to Nissan, the diamond coating can reduce overall engine friction by 25%.
Today, synthetic diamonds are used to make many modern-day necessities, such as parts for cellphones. Lab grown diamonds are required to make parts of your phone, from the glass screen all the way down to the wires on the circuit board.
Diamond-based computers are significantly more efficient and better at handling high voltages and high frequencies than silicon-based computers. Electrons move more freely through diamond than through silicon, and diamond is far more thermally conductive than any other known material, says a report by Forbes.
In the same way that we progressed from stone to steel to carbon fiber, we progressed from vacuum tubes to silicon to diamond. We are entering the Diamond Age of humanity, in which man-made diamonds may increasingly brighten the lives of billions of people all over the world.