The Harmony Between Artificial and Natural Diamonds - Insights from Industry Experts
In the world of fine jewelry, a new trend is emerging: lab grown diamonds. Once considered a novelty, these man-made gems are now gaining popularity as a way to democratize the industry and make luxury more accessible.
Lab grown diamonds are increasingly being sought after for personal reasons, such as gifts or symbols of independence. Consumer behavior suggests an overlap rather than exclusivity, with many customers buying across both natural and lab grown diamond categories. This trend is particularly evident in the US, where lab grown diamond engagement rings have surged from 2% to nearly 55% in recent years.
The secondary market for lab grown diamonds is still developing, but certification, cut, color, and clarity remain critical factors. The diamond market is undergoing a structural shift, with lab grown diamonds carving out a distinct niche alongside natural stones.
In India, consumer behavior and social media influence are driving acceptance of lab grown diamonds, particularly among younger buyers. These urban millennials and Gen Z appreciate modern aesthetics, transparency in sourcing, and lower price points. Brands like Angara, which launched in India earlier this year, report strong growth across both natural and lab grown diamond categories.
Tanishq, in partnership with De Beers Group, has launched India's first Diamonds Expertise Centre, aiming to redefine the buying journey through trust, transparency, and technology. This centre introduces an in-store diamond evaluation process with cutting-edge tools, providing customers with real-time assurance on quality and origin.
Sustainability is a debated aspect of diamonds, with authenticity and ethical practices now playing a significant role in shaping luxury choices. Brands like Solitario are responding to this by pairing lab grown diamonds with coloured gemstones in intricate designs, moving beyond traditional solitaires. Solitario is also introducing festive collections featuring larger lab grown center stones, intricate pave settings, and vermeil finishes.
Natural diamonds are still considered the traditional choice for long-term investment and heirloom pieces. However, the current trend in India shows a strong increase in sales of lab grown diamonds, often set in 14K gold, reflecting a rising preference for synthetic diamonds in jewelry. Meanwhile, natural diamond demand remains, but lab grown stones are gaining popularity due to lower prices and broader availability.
Ankur Daga, Founder and CEO of Angara, sees natural and lab grown diamonds serving different purposes: natural diamonds for milestone occasions and long-term investments, while lab grown diamonds offer accessibility and design versatility at lower price points. This perspective highlights the coexistence and complementary nature of these two diamond categories in the modern jewelry market.
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