Are lab grown Diamonds here to stay? At the time of writing this (November 2023) this is the question on everyone’s lips. Are lab grown Diamonds just a passing fad or are they really here to stay after shaking up the jewellery industry for a few years now.
One deciding factor could be prices. After dropping over the past few years Lab grown prices seem to be stabilising & they have done so at prices that are significantly cheaper than their natural counterparts (natural, mined Diamonds). This has increased their appeal massively. So much so in fact that it has created a decline in natural Diamond prices.
The big brands
A great indicator of whether Lab grown Diamonds are here to stay or not is the big brands. With so much financial risk at stake they rarely take chances on something that might just be a passing trend. So which of the big brands are on board? Well all of these huge brands have recently committed to using lab grown Diamonds in their ranges…..
- Stephen Webster launched a collaboration with Skydiamond
- Breitling will phase out natural Diamonds entirely by 2024 in favour of Lab grown Diamonds
- De Beers now sell Lab-grown Diamonds (they have a huge interest natural Diamonds so this is very big news!)
- Tag Heur launch the Diamant d’Avant-Garde watch set with Lab grown Dimaonds. A snip at around £450,000! Tag obviously think Lab grown stones are not going anywhere.
- At the slightly cheaper end of the market Pandora have launched a lab grown Diamond range
So, as you can see the big brands are definitely putting their very influential weight behind Lab grown Diamonds.
The laboratory grown Diamond market reached $12.24 billion in 2022 & seems to be growing fast. What is surprising is how popular lab grown are becoming in all kinds of jewellery. From tiny stones that are set into wedding rings & pendants, right up to the large rocks you find in Diamond engagement rings, Lab grown are being chosen for a wide range of jewellery. As De Beers have such a huge stake in the natural Diamond industry they tried to lead the lab grown market into jewellery for gifts but not for the big life moments like engagements & weddings. Very unlike De Beers though they failed miserably & lab grown are being chosen all over the world for very important jewellery milestones.
Only time will really tell but at the moment it seems the answer is a resounding yes. Lab grown Diamonds are here to stay.