Diamond industry experts predict that a large wave of lab grown loose diamonds and lab grown diamond jewelry will hit the global markets for the upcoming holiday season to offer consumers an Eco-friendly alternative.
At the same time, the cost of mining for natural diamonds around the world has gone up significantly, not to mention the environmental costs and the evolution of ethical sourcing.
“Rare, large and unique certified natural diamonds will shoot up in value and become even more desirable over time as millions of lab grown diamonds hit the market in the coming years”, said our diamond expert.
The jewelry industry has always functioned on a slow turn and pace, with very few concept leaders and tens of thousands of followers. Now, technology is about to slap the industry in the face. The production of lab grown diamonds has increased 100 fold during the past 24 months and it has cannibalized many segments of the business and everyone in the industry is nervous.
To create a wedge between natural and lab grown, the diamond industry’s lead guru, DeBeers, began an agressive campaign in 2018 to introduce man made diamonds to the world in a program called “Lightbox”, with consumer price points of $ 200 to $ 800…essentially rock bottom prices to push all competitors out of business.
Currently, there is huge global oversupply of natural and man made diamond inventories…and with production technology racing, a massive amount, ten of millions of carats, is coming down the pipe. These capabilities way overshadow demand, so being the supply driven industry that it is, there are now tens of thousands of retailers, jewelry manufacturers and diamond dealers around the world that are revamping their businesses to offer lab grown as they play “follow the leader”.
polished lab grown diamonds