(PANDY), made a major shift by announcing it would stop using mined diamonds and would swap to lab-created diamonds in its jewelry. In 2021, the world’s largest jewelry company, Pandora
Some major jewelry retailers are driving the effort to take man-made diamonds mainstream. Small but growing share of the diamond marketĪlthough its slice is growing, the market share for man-made diamonds remains relatively small.Ĭurrently, about 7% of the specialty diamond jewelry market is represented by man-made diamonds, up from 3% in 2020, said Golan.
Mined diamonds have a controversial history that’s tied to the use of child labor in some African diamond mines as well as sales of illegally-traded “conflict diamonds” that fund conflict in war-torn areas.Īmong Millennials and Gen Z, their eco-conscious mindset and ethical concerns about natural diamond sourcing is another factor influencing their preference for non-traditional engagement rings, according to a report from wedding planning website The Knot. Moran said the typical buyer of man-made diamonds is typically younger than 40 and very budget conscious. Man-made diamonds are also becoming popular as consumers are more aware and educated about them, said Dan Moran, a third-generation diamond expert and owner of LA-based fine jeweler Concierge Diamonds. Key supply of diamonds caught up in Russia sanctions
Plus, the lower cost allows couples to buy a bigger stone.Īn employee pours rough diamonds in Alrosa's diamond sorting center in the town of Mirny, Russia. “This is substantially less – as much as 73% cheaper – than a natural diamond of the same size, cut and clarity as the man-made diamond, which would cost $8,740,” he said. The average retail price of the most popular one carat round man-made diamond for an engagement ring in March was $2,318, Golan said. Why are consumers flocking to man-made diamonds? Cost is the most obvious reason. “The big fear in the natural diamonds industry is that consumers will start accepting lab-grown diamonds in engagement rings,” he said. Going back by another month, to February, the data showed the number of rings sold with lab diamonds that month surged even more, to 80% compared to a year earlier while the number fell by 13% for natural diamond engagement rings. Charles and Colvard's 1 1/3 ctw round Caydia lab grown diamond Halo engagement ring in 14K yellow gold (Price: $2,919.20) Courtesy of Charles & Colvard
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