The industry is buzzing about a new trend: lab-grown diamonds. As companies start to create these diamonds, many are concerned how it will affect the industry in the long term. Will consumers see these diamonds as a cheap product? Will consumers buy them?
Well, it seems the appeal of lab-grown diamonds goes beyond the price (20% cheaper) for now. Consumers (particularly Millenials) are drawn to these diamonds because they are eco-friendly. Traditional diamonds are mined, thus contributing to environmental issues.
Millenials define this trend as “responsible sourcing”, and it is affecting their diamond buying habit.
Now, don’t worry traditional diamonds are not going away anytime soon but this new trend could take away a segment of the diamond buying market. It will be interesting to see how this new trend impacts the industry over the coming years.
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