Sales of lab-grown diamonds up 2,860% in last five years

By Charlie Bayliss via SWNS

Laboratory-grown diamonds are booming in popularity as newlyweds opt for a more sustainable alternative to mined gems.

Some jewellers say interest has grown by more than 2,000% in five years, as people look for more affordable options.

They are physically and chemically identical to their natural counterparts but cost up to 85% less.

Lab-grown diamonds are increasingly being seen as the better-value alternative.

And a study of 1,500 would-be husbands and wives in the UK found 70% would be willing to opt for them.

Value for money (55%) and sustainability (43%) are the main reasons they'd make the switch to lab diamonds.

While 69% admitted they wouldn't be able to tell the difference between the two types of gems.

Following the findings, passers-by were challenged in a video test to tell the diamonds apart.

It comes as diamond retailer Queensmith revealed the market for lab-grown diamonds has increased by 2,860 % in five years.

In 2019 its lab-grown sales were 1% of overall sales but this year they account for 81% of overall sales.

A spokesperson for the brand said: “It’s no surprise to see people willing to move away from mined diamonds.

“Lab-grown diamonds provide a great alternative.

"They are more affordable and less impactful on the environment, which is a big concern for most people.

“The trend of people moving towards lab-grown alternatives isn’t going away.

"Despite 70% saying they would be willing to opt for a lab-grown diamond, our research shows 46% were not aware they even existed."

“As that number continues to go down, we expect demand for lab-grown diamonds to continue to rise.”

Over half of engaged people would choose cheaper rings if it meant they could spend more on their nuptials.

The venue (53%) and the wedding outfit (34%) are the main priorities - with wedding rings (31%) in third place.

The changing attitude towards gems is highlighted by 71% feeling lab-grown diamonds will be the new normal in the future.

For some, that future is already here, as 27% already owned jewellery with a lab-grown diamond in it.

While 32% knew of others who had bought lab diamond jewellery.

Away from weddings, the top containing non-mined diamond gifts people would buy include necklaces (52%), earrings (50%) and bracelets (44%).

When it comes to knowledge of lab alternatives, 26% felt they had a good grasp of what they were.

A spokesperson for Queensmith added: “Lab-grown diamonds have only been on the market for a short amount of time.

"So it’s no surprise to see that people’s understanding can be improved.

“Just a few years ago, these were items which weren’t available to the mainstream public.

"However now, sales are booming by 65% year on year - and they’re continuing to trend upwards.

“As people become more knowledgeable about lab diamonds I’m sure we’ll see increased demand and clients looking to learn more for themselves.

“Although not as rare as their natural diamond counterpart, they’re just as beautiful and provide an excellent, more eco-friendly alternative for those who might be priced out otherwise.”

Lab-grown diamonds are created in an artificial setting that mimics how they are made naturally.

There are two methods - chemical vapor deposition and high-pressure, high temperature.

During HPHT, pure carbon is pressed within a metal cube and exposed to immense heat and pressure through electric pulses.

The carbon breaks down and crystallizes into a diamond.

Any metal traces within an HPHT diamond will be minuscule and usually not visible to the naked eye.

Most experts consider HPHT diamonds to be better quality than CVD diamonds.