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The value of the global lab grown diamonds market was $19.3 billion in 2020. Experts have estimated that it will grow to $49.9 billion in 2030.
It’s the younger generations, millennials and Gen Z, that are to blame for this expected rise in popularity. They’re already choosing man-made diamonds over natural diamonds at an astounding rate. This is likely because many of the benefits these diamond options have appeal to their generation’s needs and ideals.
Read on to learn more about these benefits. You may even feel compelled to purchase these diamonds yourself by the end.
People often associate the term ‘unnatural’ or ‘man-made’ with something negative. This is understandable as man-made products and chemicals are often to blame for environmental issues. However, lab grown diamonds have the opposite effect.
Natural diamonds can only be found deep below the Earth. Anyone who wants those diamonds must mine for them. This action has become the catalyst for plenty of environmental problems.
In worst-case scenarios, mining can destroy entire ecosystems. This often happens as a result of several types of environmental damage taking place.
To start with, mining requires the removal of lots of soil. As this process can kill hundreds of trees and other plants, the impacts of deforestation can happen to the affected area. In addition, the pits left behind by the mines can fill up with stagnant water and attract malaria-causing mosquitoes.
Rerouting rivers are often another necessary step to start digging out a mine. This can disrupt the travels of aquatic animals. Also, animals that depend on these aquatic animals for food will struggle.
There’s one complaint that environmentally conscious individuals often make against growing diamonds in a lab. This process usually requires a lot of energy. To make this energy, climate change causing fossil fuels need to be burned.
From a certain perspective, this is true. Both of the typical methods for growing diamonds require a lot of heat. This is because diamond makers have to mimic the conditions within the Earth that cause diamonds to form.
With the High Pressure High Temperature (HPHT) system process, a flat sliver is placed in a chamber with some pure graphite carbon. All the materials are exposed to temperatures of around 2,700°F. Then, the makers pressurize them to around 1.5 million pounds per square inch.
The Chemical Vapor Deposition process requires less heat, but still a significant amount. This time, makers place a diamond sliver in a chamber full of carbon-rich gas. They then expose the materials to temperatures of around 1,470°F, which causes the carbon gases to stick to the seed.
Yet, one thing to keep in mind is that not all energy these days comes from fossil fuels. Alternative energy sources also provide energy and countries are relying on them more and more every year. Eventually, unlike mining, diamond growing can cause no environmental damage.
The amount of human rights violations in the diamond mining industry is astounding. Too many miners lack the tools they need and proper safety protocols and equipment. They often die due to landslides, tunnel collapses, and diseases that spread through the mining towns.
To make matters worse, children make up a large amount of the workers employed in diamond mines. These children often get injured trying to do very physically demanding tasks such as carrying loads of gravel. In addition, they’re often asked to crawl into narrow shafts that can collapse on them.
Luckily, activists have been pushing against these labor practices. These efforts have led to some improvements in diamond mine conditions. Certain diamond products also have certifications that prove the companies used ethical labor practices.
Still, consumers who aspire towards wearing jewelry that’s guilt-free should also consider lab grown diamonds. Diamond growing happens in safe, clean labs. Also, only adult professionals engage in the practice.
Another common criticism of the diamond mining industry is what the profits from these mining ventures have funded. Much of the profits went towards funding wars in several African countries. This led to the creation of the phrase ‘blood diamonds’.
Several activist groups are doing what they can to highlight and stop these practices. Diamond certification programs will also consider conflicts when marking certain jewelry options. However, this hasn’t made the problem completely go away yet.
One way that consumers can fight back against the blood diamonds practices is to buy lab grown diamonds instead. The profits from growing diamonds are far less likely to end up in the hands of warlords. Also, by diverting the profits away from wars, the amount of conflict will likely shrink to some degree.
If the moral benefits don’t attract buyers, then the monetary benefits should. Lab grown diamonds have price tags that are up to 73% cheaper than natural ones. For couples who want to spend a little less on their engagement, this can be a welcome boon.
For couples who still want to splurge a bit, they can now afford a wide variety of fun options. They might, for example, want to buy a ring that has a bigger diamond. This can make a woman the envy of her friends and family members without any added cost.
Also, unlike what most people know, diamonds don’t just come in white. They also come in tints of pink, blue, and more. These types of diamonds used to be out-of-reach price-wise, but they can now be far more affordable.
Even professional jewelers struggle to distinguish natural diamonds from the grown variety with their naked eyes. They have to look at the diamond very closely with a microscope to see the tiny visual differences. Jewelers and diamond manufacturers also have to provide information on where the diamond came from.
Overall, though, lab diamonds and natural diamonds can have the same level of beauty. There’s also no difference in durability.
Experts don’t know exactly how long it will take for natural diamonds to form. However, this isn’t the only temporal factor in the journey of diamonds from carbon to jewelry options. You also have to consider the processes of mining, cutting, polishing, shipping, etc.
The journey from a miner’s hands to a jeweler’s hands alone is probably a lot longer than a lab growing process. It can take as little as a few days to grow the diamonds. Also, the shipping time might be a lot less as well, as labs can be closer to jewelers’ workshops than diamond mines.
Despite the similarities in appearance and strength, natural diamonds have far more impurities in them. They may, for example, have dirt ingrained in them. Considering the dirty environment that they grow in, it’s reasonable to expect this.
In contrast, makers create lab grown diamonds in clean environments. Impurities are far less likely to form in diamonds when they grow in this kind of environment.
As of now, lab grown diamond jewelry options don’t have much resale value. You can buy a grown diamond ring for thousands of dollars and get only a few hundred dollars back when you try to resell it. However, this is a better situation than you may think.
When couples buy diamond wedding rings, they shouldn’t want to resell them. By buying diamond jewelry that has little resale value, the couple can feel certain that a resale is less likely to happen. Lab diamond pieces of jewelry are more likely to stay with a couple forever.
Both lab grown and natural diamonds can get insured against all kinds of calamities. Lab grown diamonds also have an advantage in this situation over their natural counterparts. The price of insuring a grown diamond will be much lower due to the lower value.
There’s no scarcity of information about a lab diamond. Much of the grading processes that jewelry experts use to judge natural diamonds are also used for lab grown ones. This will make it much easier to find a diamond that suits all of your needs.
In sum, lab grown diamonds are cheaper and more ethical without sacrificing any sort of strength and/or beauty. They aren’t as rare as natural diamonds, but if someone questions you, you can easily defend your position and test your critic’s level of morality.
If you’re ready to get a jewelry piece with a beautiful lab grown diamond in Scottsdale, AZ, consider our services. Our experts will help you design pieces that are as unique as your love. Fill out this form to reserve a spot for a custom jewelry designing appointment.
Do you have a vision for your custom engagement ring, but aren’t sure how to make it a reality? Allow us to guide you through the process of how to create truly exceptional rings. Schedule your design appointment today and see how Finer Custom Engagement Rings and Diamonds will bring your vision of an engagement ring to life.
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