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A study by Forbes found the demand for mined diamonds has significantly decreased as a result of consumer awareness of environmental and social responsibility. Consumers in the Gen-Z and millennial generations, choose lab diamonds over mined diamond options. Millennials prefer lab diamonds
Affordability
Lab made diamonds are at least 40 to 50% cheaper than mined diamonds, making them affordable and within buying capacity for a larger customer base. Lab diamonds are real gems available at half the price of mined alternatives, and hence, more accessible to a broader customer base. For example, those on a budget can find an affordable diamond within their budget.
Sustainable alternative to mined diamonds
The demand for real diamonds exceeds the production of mined diamonds. Lab diamonds can be produced on demand and hence, they are a sustainable alternative to mined diamonds. Lab diamonds are eco-friendly, and have less to no impact on human life, making them a more preferred choice for consumers who support sustainability.
Larger lab diamonds at the price of smaller mined diamonds
Big size diamonds are an apparent investment choice for buyers due to their worth. When comparing lab diamonds to mined diamonds, the former is 40–50% less expensive. This unequivocally proves that the former wins the competition.
The market for lab grown diamonds is expanding everywhere in the world. Nearly all indicators point to an upward slope for the lab grown diamond business, whether it be due to regulations around mined diamonds that limit mining activities, technological advancements in the field of lab diamonds, or a growing consumer desire for diamonds manufactured by humans.