2021 became a year of revival in some sense. It was the time when people have already adapted to living in the storming situation caused by COVID and started to go beyond their capsules of fear and uncertainty. Many processes that have been previously stopped because of the pandemic are restarting. It could be said about trade activities in general and the lab-grown diamonds industry in particular. 2021 was a year of record sales of diamond engagement rings. Golan calls this phenomenon the result of "pent-up demand" due to the COVID-19 pandemic.

People indeed used to look for a moment of happiness when they happened to come through a crisis moment in their lives but is this aspect the only which matters? Was the lab-grown diamonds industry growth situational or it could be assessed as the first sign of long-term market tendency?

Many analysts and market players consider that increased sales and surging demand for lab-grown diamonds is not a fleeting phenomenon but an absolutely predicted pace of events. The manager of the European largest trader Madestones tells that "Lab-grown diamonds are about human values; since values to which product corresponds are solid now and promise to become even stronger, lab-grown diamonds are to be on the upswings in future".

What are these values and why are they so influential?

Material vs Non-material

We started by speaking about the pandemic, so it will be logical to review first how it reshaped human values. So, these turbulent few years brightly showcased to people that everything we have in the material world is just things. Things the value of which is extremely overestimated. They cannot make us happier but become needless in crisis situations. Love, care, communication, and support - that is what really matters. 

This awareness has significantly changed the idea of worthiness. Many people are not ready today to pay big money for things, even for those things which they prior considered worthy. If choosing between two alternate products, the modern consumer will choose a lower price tag in the majority of cases.

Analysts confirm this thought by saying that buyers of diamonds strive to shorten their budgets and more often opt for lab-grown gems just because they can have a bigger stone for a lower price.  The demand for man-made diamond jewelry is increasing along with enlarging the price gap between natural and lab-grown diamonds.

Ethical vs Unethical

The sustainability trend is also not accidental in modern society. No one activity can exist beyond the ecological context and highly aware people know this fact and the price of ignoring it. Globalization and free flows of information make it possible to get knowledge about different catastrophes, crises, and natural disasters across the globe. We can see the picture of the world fully and find out reason-cause links easier. So, we cannot stay unconcerned and that is why we make a sustainable choice. Lab-grown diamond sales rate is a bright confirmation of this fact but not least.

Manufacturers share that truly green customers know everything about the production process and their questions sometimes are a challenge for managers, who should explain in detail why the product is "greener" than the same item from another producer. There is a great demand for ethical products. Although it seems that technology improvements and ecologic initiatives come solely from producers or traders, the reality is quite different – it is a bilateral process where consumers often play a changes-pushing role.

These two factors are very influential, and they play on the side of the lab-grown diamonds industry. One can even intuitively say that the tendency of growth in the sale will be continuing in the closest future. Market observers confirm this fact as well forecasting new record figures in 2025. So, if you have been hesitating about buying lab-grown diamonds, it is time to swap out any doubts and do this!

Author's Bio: 

waqas