When you think about it, a diamond is essentially a lump of coal that’s shaped and shined under an immense amount of pressure. While these glittering stones are beautiful to look at, the conditions that bring naturally-made diamonds from mine to finger are anything but easy.
Eco-friendly consumers who enjoy a taste of the high-life are happy to see the prevalence of lab-grown diamonds. In fact, their increased popularity poses a challenge for traditional jewelers.
What Are Lab Grown Diamonds?
Technology has evolved rapidly in the last five years. So much so that the jewelry industry has seen a boom in lab grown diamonds. These gems aren’t mined from a cave, found through surface searching, or screened through soil; they’re made in a lab with chemicals.
Lab-grown diamonds look identical to the real deal but are produced in months. A real diamond can take 1-3.3 billion years to form. It’s easy to see why big jewelry companies can’t compete.
An Eco-Conscious Generation
Ethically conscious Millennials, Gen Zs, and likely Alpha’s when they reach consumer age aren’t interested in buying diamonds. The Internet has given consumers the power to pick and choose who they support based on whether the company aligns with their morals and values.
The truth is, diamond mining is rife with human rights violations, including:
Violence: Many miners that work in diamond mines are exploited, tortured, or even killed for not reaching quotas. The diamond trade has funded several civil wars and other government-based violence, environmental degradation, and human suffering.
Labor: The diamond industry exploits workers, children, and communities. Over a million diamond diggers in Africa make less than a dollar a day. Besides being grossly underpaid, many diamond workers operate in dangerous conditions.
Environment: Due to poor planning and regulation, the diamond industry has led to deforestation, soil erosion, and polluted rivers. Local populations are forced to relocate in search of clean drinking water that isn’t infested with malaria or mosquitoes.
Not only are lab-grown diamonds eco-conscious, but they’re cheap to make. A one-carat diamond ring sells for $8,000, while a synthetic ring sells for $800 per carat.
Big Trouble in Big Jewelry
Since it’s hard to tell the difference between real gems and fake, a lab-grown diamond will often be recognized as a luxury symbol by several American’s. This poses a big problem for big jewelry companies like De Beers, who coined the term “a diamond is forever.”
To eco-conscious consumers, that leaves a bad taste in their mouths. What good is a diamond if I’m paying for the exploitation of others, especially for an item I don’t need?
A Lesson from De Beers
De Beers especially tried to focus on their marketing. Since mined diamonds are eternal, rare, and the “only option for an engagement ring,” De Beers decided to focus on the luxury market.
They changed their minds when they saw profits decrease. Now, their side-project Lightbox, a new range of lab-grown diamonds, produces 500,000 synthetic carats a year. Instead of luxury, Lightbox is focusing on the fashion market, trends, and costume jewelry.
Fair-Trade Swarovski
While it’s more expensive, many diamond companies are trying to opt into fair-trade diamond mining in order to compete. Swarovski has produced several 14-carat recycled gold, lab-grown pieces, but when they mine real diamonds, they’re ethically sourced.
Final Thoughts
Lab-grown diamonds have forever disrupted the jewelry industry, for better, not for worse. Because younger generations are buying ethically sourced jewelry, diamond miners have had to improve their practices overseas to stay competitive. That’s nothing but good news.
Although some luxury jewelry enthusiasts will continue to buy mined stones, the shift to synthetic gems is clear, sparkling, and here to stay.
