The jewellery industry is not behind in a world of rapid technological evolution. These diamonds are competing equally; with the introduction of lab-grown diamonds, individuals now have a standard, inexpensive substitute for natural diamonds.
Even though these lab-grown diamonds are a comparatively recent addition to the world of jewellery, instead of being mined from the Earth, they are, as the name indicates, grown in labs; they mimic the earthly diamond’s natural formation to the finest ability. Individuals prefer these lab-grown diamonds over natural ones, which are much pricier.
In this blog, we will explore the role of technology in the lab-grown diamond industry.
What is a Lab Grown Diamond?
Lab-grown diamonds are a much more reasonable option than earthly diamonds. These are highly preferred by individuals seeking diamonds for themselves or their loved ones. It offers the same diamond selection that you get in the natural ones. Over the years, these have become more accessible to the mass public, and people are increasingly interested in these gems.
Not only are these lab-grown diamonds a much more reasonable option, but they are highly customisable. They are tailored to your colour, desired size, and clarity to meet your preferences. It helps provide customers with a wide range of exceptional choices.
How Is a Lab-Grown Diamond Created?
The thing with lab-grown diamonds is that they have the same physical and chemical characteristics. The process is achieved via several methods, including Chemical Vapor Deposition (CVD) and High-pressure High Temperature (HPHT). The end product is, however, optically, chemically, and physically the same as a naturally mined diamond. Yet, the price for both types of diamonds differs for obvious reasons.
Will You Call a Lab-Grown Diamond a Real Diamond?
Lab-grown diamonds are considered real diamonds because they have the same physical, visual, and chemical properties as real diamonds. They are created from the same crystal structure and carbon material, virtually identical to mined diamonds. However, the sole difference is the method by which these are both formed.
The only difference between the two is their origin. While a lab-grown diamond is grown inside a modern technology that mimics the real one, the real one is naturally formed.
Basic Pros of Lab-Grown Diamonds
There are many advantages to owning lab-grown diamonds. However, the three key ones are as follows:
- Consistency: The best part about lab-grown diamonds is that they are grown in a controlled environment and can be produced with advanced consistency in any shape and size the consumer wants. It is cut and polished to the consumer’s demand as opposed to the natural ones where you have to natural ones which require proper cleaning.
- Cost-effective: Since in a lab you can control the environment, diamonds are grown in a very controlled environment, and they are produced more efficiently and at a much more reasonable cost. Consumers can buy these high-grade diamonds at half the price that the mined ones are sold at.
- Availability: Ever since the introduction of lab-grown diamonds, there has been a high demand for them in the market. It leads to an increase in diamond production. Thus, they are readily available in a huge assortment of sized shapes and provide several options for consumers. While a naturally mined diamond takes millions of years to form, a lab-grown diamond will be made in months.
Does A Lab Grown Diamond Lose Its Value Overtime?
A lab-grown diamond is mined in the same way as a natural diamond; both depend on the four Cs of a diamond: the cut, carat weight, clarity, and colour. Even though the value of lab-grown diamonds is high and has increased drastically in the last few years, there is a growing concern that lab-grown diamonds might lose their value as the years pass.
The problem is that due to advanced technological advancements, lab-grown diamond industry is growing, and it is much easier and more cost-effective to produce them, eventually leading to an oversupply in the market. Thus, there is a probability that the value of lab-grown diamonds will decrease with time.
However, nothing can be said, certainly. Lab-grown and naturally mined diamonds can have a fluctuating market with variables such as demand, supply, and overall market conditions. Thus, when you want to invest in diamonds, it is crucial to consider both the pros and cons of each type of diamond before making a final decision.
Even though lab-grown diamonds have several advantages over naturally mined diamonds, drawbacks include decreased value over the years. Considering your needs and preferences before making such a huge investment is important.
Advantages of Buying a Lab-Grown Diamond
- Lab-grown diamonds are economical as compared to natural ones, even though they are similar in size, clarity, and colour.
- They eliminate the need for mining that is harmful to the environment and unsafe for workers. It is a safe method that poses no threat to workers or the environment.
- Since lab-grown diamonds have the same atomic makeup as natural diamonds, they have gained immense popularity, and it has increased even more in the last five years.
Disadvantages of Buying a Lab-Grown Diamond
- A natural diamond has one distinguishing factor that a lab-grown diamond doesn’t: its rarity.
- A naturally mined diamond will hold a better value than a lab-grown diamond.
- The basic laws of demand and supply for a lab-grown diamond are that if the demand for it rises and the supply is less, the value of the lab-grown diamond will be higher.
- Lab-grown diamonds have sustainability issues.
- Lab-grown diamonds require a high amount of energy as it is processed via an HPHT, and as for the CVD, the amount of energy required to grow the diamond is enough to power a month’s energy to homes.
What Is the Future of Lab-Grown Diamond?
Apart from the value concerns, lab-grown diamonds’ future looks favourable. With the rise of technology, the cost of lab-grown diamonds is sure to reduce even further, making them even more accessible to the local consumer.
Leading diamond suppliers have started offering lab-grown diamond services in their respective stores. Since the lab-grown industry is increasing, market leaders recognize the demand for these diamonds and have tapped into the market.
Final Verdict
Over the years, lab-grown diamonds have made it big and are an excellent option compared to naturally mined ones. They are still rising and will continue to be so in the coming years. With the rapid increase in technology, jewellery lovers will benefit greatly from them and can afford most designs they couldn’t get otherwise.
by Australian Diamond Brokers : March 30th 2023 Come visit our store or browse our website to find out more.