The demand for lab grown diamonds has increased rapidly in recent years as many Millennials and Gen Z’s are turning away from mined diamonds. For a variety of reasons, lab grown diamonds are now highly favoured among diamond buyers, many of whom are influenced by their beliefs, interests, and budget.
However, Millennials and Gen Z’s aren’t the only ones who have fallen in love with lab grown diamonds – the older generation are starting to choose them as well. Keep reading as we dive into the reasons why the older generation is opting for lab grown diamonds today.
1. Ethical standards
The diamond mining industry definitely isn’t all glitz and glam. Human rights, conflict, and unsafe working conditions are just a few issues that diamond miners face in this unethical production practice. Though a certification scheme known as the Kimberley Process was set up to terminate some of the dishonourable practices and encourage the ethical sourcing of diamonds, the scheme is heavily flawed and isn’t foolproof.
With lab grown diamonds, their origins are entirely traceable which makes it more likely to be relied upon as an ethical alternative to mined diamonds. And millennials are not the only ones who are conscious consumers – the older generation is slowly getting on board with making purchases that are aligned to their personal ethics.
2. Contemporary designs
As the diamond industry evolves through the years, so do fashion and jewellery trends. While the classic, minimalistic diamond rings continue to hold a place in the jewellery business, new trends such as ring stacks and creative band designs have stepped up to the plate as well.
Whether it’s a new wedding ring to celebrate decades of marriage or a sparkly pendant necklace for a birthday occasion, shoppers appreciate the modern twists on traditional designs. Lab grown diamonds come in a wide variety of designs that not only elevates your style, but can also be customised to create a unique jewellery piece.
3. Affordable price point
Diamonds are often thought of as an expensive purchase, but you don’t have to break the bank when you opt for a lab grown diamond! Lab grown diamonds generally have a lower price tag than mined diamonds, without compromising on their quality.
Due to their origins and lesser resources consumed, the savings are passed down to consumers – with lab grown diamonds costing about 20-30% less than mined ones. This means for the price of a 1 carat diamond ring with mined diamonds, you can get yourself a bigger carat with lab grown diamonds for a more affordable price!
4. They are well-versed on the topic
Traditions and beliefs from the past are more common in previous generations, but that doesn’t mean they are not keeping up with the evolution of diamonds. Older consumers have witnessed the diamond industry thrive back in the 1960s and watched as it become the symbol of eternal love.
But with today’s information readily available at the click of a button, the older generation is also getting increasingly Internet-savvy. As they read up on the technological advancements and methods used for growing diamonds in a lab, they are less clueless when it comes to the topic and able to make a more informed purchase.
From their ethical benefits to their affordability, it’s no wonder that lab grown diamonds have become a popular alternative among people of all ages. With the sentimental value they carry, diamonds are not going away anytime soon – but you can now shop more consciously when you purchase a lab grown diamond!
At SK Jewellery, we’re proud to provide lab grown diamond jewellery from our Star Carat collection. They are IGI-certified and fall under the Type IIA category – reserved for the most valued and purest diamonds in the world. Costing just a fraction of mined diamonds, you can enjoy more savings and a bigger carat!