Millennials are starting to flex their buying power across various high-ticket markets such as real estate and the high-end and organic food industry. Their socially conscious attitudes and new definitions of #goals are reshaping huge portions of industries, including diamonds.
They didn’t learn their buying habits from their parents, but rather from the power of the age of information. Chances are they are more influenced by their social media feeds and Netflix accounts, than they are their parent’s buying power. This generation has a different set of priorities which is turning the diamond industry on its ear (or soon may). Millennials are taking to lab-grown diamonds for several reasons we’ll discuss below. According to a report by Morgan Stanley, by 2020, lab-grown diamonds could take over almost 8% of the diamond market.
Why Lab-Grown Diamonds
The misconception that lab-grown diamonds aren’t “real” options is fading as quickly as the rumor started. Lab-grown diamonds start with a real diamond “seed” and are put under conditions where a real diamond will grow. Millennials still want to do the real thing, but they are just not willing to sacrifice some of their ethical standards to get them. Enter, the lab-grown diamond. Not only do these precious stones look and perform as a mined diamond, but they also have many other benefits that millennials are thrilled about.
Ethical Diamonds - Thanks to the power of Hollywood and documentary makers, people have come to learn the truth about where diamonds come from and the lengths that are taken to obtain them. These precious stones don’t just create conflict in some of the poorest places on the planet but leave death and violence in their wake. While many regulations have attempted to deter or eliminate these poor practices, there is still plenty of corruption in the diamond industry today. The only way to know you are not getting a “blood diamond” is to purchase an ethically sourced lab grown option.
Paving a Unique Path - If we know anything about millennials, it’s that they want to pave their own path and that means they want a totally unique ring (or jewelry pieces). In the diamond engagement industry, this generation wants mixed metals, stackables and all kinds of new design trends to grace their fingers. With lab-grown diamonds being a more affordable, they can open the door to new unique statements for their “forever” ring.
The Sparkly Environmental Impact - There is just no comparison to how much energy or resources it takes to mine a diamond, versus, grow a diamond in a lab. The millennial generation names the environment as one of their top three concerns in the world, so it’s no surprise that they turn to lab-grown diamonds to make their point. In fact, making this kind of purchase is now “brag-worthy” as this group will even hashtag their Instagram photos with “#labgrowndiamonds” as their social stance.
Shop Like a Millennial - In generations past, couples found the process of shopping for rings a romantic pastime as they would travel from one jewelry store to another. Millennials have no interest in doing this. Sure they might pop into a store hoping to get an idea of what they want, but ultimately, millennials buy online. Lab-grown diamonds and online shopping go hand in hand as this generation feels more compelled to shop various online shops so they have access to the most unique options. With lab-grown diamonds being 20%-30% less expensive than mined diamonds, well, they can really make their dollars stretch. Not only do they get something totally unique, but they can get a bigger diamond to boot.
We have an incredible selection of lab-grown diamond rings fit for the millennial shopper of today. Our mission to get you the ring that is just as unique as you are. Welcome, please let us know how we can add to the magic of your next chapter.