Lab-Grown Diamonds: Gift to Everyone
Disclaimer: This is not a sponsored blog and purely based on my research.
What are Lab-Grown Diamonds?
Lab-grown diamonds are also known as lab-created diamonds, synthetic diamonds, lab-made diamonds, or engineered diamonds.
Lab-Grown Diamonds are test-tube babies created from a single diamond seed and grown under the same heat and pressure as the earth’s crust.
Is it a diamond?
The answer is the same as that of test-tube babies. Lab-Grown Diamonds are real diamonds and chemically they are like real diamonds.
Is this new to the market?
No, it’s not a new market rather as per the resources General Electric (GE) created the first batch in 1954. Commercially it started in the 1980s however by the 2000s market started to witness the innovation. By the mid-2010s colourless diamonds were available in the market.
How is it a gift to everyone?
In every respect, it’s a gift to human being and our nature. The best example to relate the impact of the mined diamond is Leonardo DiCaprio’s, Blood Diamond. The movie has fairly depicted the inhuman and unnatural way of mining.
Quick facts:
- Mined diamond consumes more than 126 gallons of water per carat. Lab-grown diamonds, on the other hand, consume just 18 gallons.
- 1 carat (ct) of mined diamond = nearly 100 sq. ft. of disturbed land & almost 6000 lbs of mineral waste. 1ct of lab-grown diamonds disrupt just 0.07 sq. ft. of land & only 1 lb of mineral waste.
- Mined diamonds result in 1 injury for every 1,000 workers annually, while lab-grown diamonds result in zero.
- Lab-grown diamonds cost approximately 20-40% lower than the mined diamonds.
Is there any opportunity for Lab-grown diamond?
According to Bain & Company Global Diamond Report 2019, sales are falling across the mined-diamond supply chain, with raw diamond sales predicted to drop by 25% and polished diamond sales likely to drop by 10% by the end of the year. According to the Bain research, the lab-grown diamond market will increase by 15% to 20% in 2019 and considering that conventional jewellers have only lately begun to offer lab-grown, their market share in the jewellery sector will only grow and expand quickly.
Is there any market in India?
According to ANI news dated 25th June 2021, India is leading the charts in Lab-grown diamond production of almost 1.5 million carats each year, higher than overall production levels even in USA, Europe & Middle East, Russia & Singapore.
As reported by the Gems and Jewellery Export Promotion Council, polished lab-grown diamonds exports nearly doubled to INR 5,175 Crores for FY2021, compared to INR 2,985 Crores last year.
Conclusion
Lab-grown diamonds have lot of benefits and it’s a guilt free diamond in all respects. Lab-grown diamonds are sustainable, ethical, scam free and conflict free.
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