Sales of conflict free diamonds which are environmentally responsible, with a better purity to price ratio are on the upswing as consumers have accepted these diamonds, despite the disclosure norms controversy surrounding them.
Thierry Silber – CEO of Diamaz International, which cuts, polishes and sells Lab-grown diamonds, mentioned that Lab-grown diamonds provide an alternative to consumers, who have started to embrace them. The shift in consumer preferences towards Lab-grown diamonds is primarily on account of several issues attached to Mined diamonds including conflict-diamonds, environmental damage, human rights abuses, wildlife threat etc.
Another important reason for this paradigm shift in trend is the fact that being 30-40% cheaper than Mined diamonds, Lab-grown diamonds can address a much larger consumer base and attract price-sensitive groups who would earlier settle for other cheaper gems and metals. Undoubtedly Lab-grown diamonds is helping to enlarge the global gems and jewelry market.
[Image Courtesy: PRNewswire, Pure Grown Diamonds]
This consumer behavior change is reflected in a recent event when a Southern University’s alumnus Calvin Mills, Jr. proposed to Brittany Ramsey in front of a crowd of 57,000 during Bayou Classic football game at New Orleans’ Superdome. What was unique about this public proposal was Calvin proposed with a 2.62 carat pear-shaped VVS2 yellow color Lab-grown diamond ring. Calvin’s choice of proposing with a lab-grown diamond was because these diamonds are conflict-free and environmentally safe, without causing any human right violations, besides being price effective.
Seeing this acceptance, traders and jewelers have started to deal in Lab-grown diamonds, thereby giving consumers an opportunity to see Lab-grown diamonds showcased besides mined ones.
[Cover Image Courtesy: Brilliant Earth]