Part of the allure of lab-grown diamonds for consumers is that because they can be mass-produced and don’t have the rarity of natural diamonds they sell for, on average, about half the cost of a traditional stone - though that may change in the future as lab diamonds become more popular.īut many young consumers are also attracted to the sustainability claims. Purses, cars, shoes - these are all man-made, luxury items.”
“Most, if not all, luxury goods are man-made. “When you think about it, it’s a bit funny that lab diamonds are perceived as non-luxury just because they’re man-made,” Sinclair said. That’s really the only difference,“ said Sinclair. “The difference really lies in the consumer perception of the two. The Canadian company uses hydroelectricity to power its lab-made diamond process at a facility in Quebec. The result is a gem that, to the naked eye, is identical to a natural one, said Luke Sinclair, chief financial officer of Groupe RSL. While lab-grown diamonds make up only about 10 per cent of total sales, their share of the overall market more than doubled between 20. In fact, industry statistics show that lab-created diamonds are outpacing growth in the overall diamond market. More than 70 years after international mining giant De Beers came up with its hugely profitable “A Diamond is Forever” advertising campaign, diamonds have grown into a US$84-billion market.īut while the diamond is still embraced in 2022 as a symbol of lasting love, millennials and Generation Z are increasingly rejecting stones formed naturally in the Earth’s crust in favour of man-made, lab-grown alternatives. and I think now honestly at least five of my friends have followed suit,” she said. “I’ve had so many compliments on my engagement ring. And the “resale value” comment notwithstanding, Crew said most people’s reactions to her choice have been positive. Three years later, Crew - who chose a lab-grown diamond primarily for environmental and social reasons - remains happily married and happy with her ring. I really hope I don’t have to resell it someday,” Crew said. When Isabelle Crew chose a lab-grown diamond instead of a traditionally mined sparkler for her engagement ring, one friend warned her it would have a lower resale value.īut with the 1.7-carat oval-shaped diamond solitaire of her dreams twinkling on her finger, the 28-year-old Toronto woman says she found it easy to laugh off those concerns.
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