fbpx
Connect with us

Branding

Are Lab-grown Diamonds Disrupting the Diamond Industry?

While Lab-grown diamonds have been supplementing natural diamonds since 1995 when scientists at General Electric produced the first synthetic diamond, during the last decade the trend has accelerated.

This acceleration in part is caused by growing consumer demand and the ability of manufacturers to grow high-quality stones more efficiently.

Until very recently, traditional diamond dealers viewed lab-grown diamonds as a cheap alternative that luxury retailers will not touch, but now it is a core product of fine jewelry retailers such as Brilliant Earth.

Noticing this disruption in the traditional diamond industry, De Beers (a giant of the diamond trade) also started producing lab-grown diamonds for fine jewelry, leveraging their decades-long expertise in producing synthetic diamonds for industrial purposes.

As this trend continues to shift, Rio Tinto just closed their Argyle Mine in the East Kimberley Region of Western Australia, after mining 865 million carats of rough diamonds from the mine. Given the fact that it was not an economically viable option to keep mining the Argyle Mine, industry leaders view this as a catalyst for the rise in prices of natural diamonds.

While the lab-grown diamond market will continue to thrive for years to come, dealers also anticipate the prices of such synthetic diamonds to fall as manufacturers improve production processes, and as supply exceed demand in the market. Unlike natural diamonds, there is no limit to the number of lab-grown diamonds that can be produced.

At the same time, giving the rising cost of natural diamonds, diamond dealers anticipate the prices of gem-quality natural diamonds to raise over the years. This is particularly true for over a carat flawless and colorless white diamonds, as well as colored diamonds with high intensity and clarity.

According to Sharif Khan from Petra Gems, “it is amazing to see the growth of the lab-grown diamond industry in America. Between early 2010 to 2015, many seasoned dealers would not even consider dealing in synthetic diamonds. They were treated as an inferior product that they would never be an alternative to natural diamonds. However, noticing a shift in demand, retailers have slowly started to embrace lab-grown diamonds as a supplementary addition to the trade — not as a true alternative, but more as a temporary addition that will eventually lose its momentum.”

Regardless of what side of the debate you might find yourself, lab-grown diamonds have undoubtedly disrupted the diamond trade, and it is yet to see if the trend will continue, especially as the prices of natural diamonds raise due to rising mining costs, and as the prices of lab-grown diamonds fall due to production efficiency.

Advertisement

Become A Crypto Expert

Join Disrupt Magazine

Become A Disrupt Contributor

Most Disruptive

NFT2 weeks ago

Polly Kole, The Beauty With Gifted Hands Tycoon Of NFT Sculptures

In a society full of stereotypes, people clinging to appearance and disregarding one’s achievements is the magnificent Polly Kole stunning...

gold and black round emblem gold and black round emblem
Cryptocurrency1 month ago

Bitcoin’s Volatility Explained

Since cryptocurrency was introduced in 2009, it has become a very controversial subject for both critics and supporters. One of...

News1 month ago

Spider Man; No Way Home’, Crushes Box Office Estimates Generating A Mammoth $253 Million In North America.

After only 3 days in the cinemas, the latest and last Spidey outing disrupted the international market as the highest-grossing...

Cryptocurrency1 month ago

Nike just bought a virtual shoe company that makes NFTs and sneakers ‘for the metaverse’

Nike, the sportswear mogul, recently stunned the globe as it moved into the realm of the metaverse industry and blockchain...

QR code screenshot QR code screenshot
Diversity in Tech2 months ago

BTC did 62% more in transactions than PayPal this year

MasterCard and Visa have always topped as the runaway leaders; however, Bitcoin’s Lightning Network will soon disrupt this norm. Starting...

high angle photo of person holding turned on smartphone with tall buildings background high angle photo of person holding turned on smartphone with tall buildings background
Social Media2 months ago

How to Organically Grow Your Social Media Following In 2022

Instagram On Instagram, use Reels to reach new audiences and grow – find popular sounds and use them in your...

gold-colored Bitcoin gold-colored Bitcoin
Cryptocurrency2 months ago

Julio Domenech On How Banks Can Engage In Bitcoin in 2022

As cryptocurrency continues to become a popular trend in the US, many people are looking for an opportunity to participate...

Diversity in Tech3 months ago

Microsoft Teams, Incorporating New 3D Avatars And Virtual Meeting Spaces Before Mid 2022

Microsoft Mesh has always led as the future of Microsoft Teams meetings. However, Meta, the newly launched Facebook company, is...

Health + Fitness3 months ago

Stephen Campolo – How A Former Fat Kid Transformed His Body And Is Now Helping Others Do The Same

UPDATE: During a recent interview with Yahoo! News, Stephen revealed that he will be speaking at the next Disrupt Puerto...

News3 months ago

Facebook Goes Meta As It Scales Up Beyond Just Social Media

Thursday 28 September 2021, Mark Zuckerberg, the CEO of Facebook, announced Metaverse, a brand for users to interact in virtual...

Trending

Copyright © 2020 Disrupt ™ Magazine - Disrupt is a Minority Owned Privately Held Company

Disrupt ™ is the voice of Latino entrepreneurs around the world. We are part of a global movement to increase diversity in the technology industry and we are focused on using entrepreneurship to grow new economies in underserved communities around the world. We enable millennials to become what they want to become in life by learning new skills and leveraging the power of the digital economy. We are living proof that all you need to succeed in this new economy is a landing page and a dream. Disrupt tells the stories of the world top entrepreneurs, developers, creators, and digital marketers and help empower them to teach others the skills they used to grow their careers, chase their passions and create financial freedom for themselves, their families, and their lives, all while living out their true purpose. We recognize the fact that most young people are opting to skip college in exchange for entrepreneurship and real-life experience. This Podcast was designed to give them a taste of that.