Future Prognosis for Lab-Grown Diamonds until 2023: One “facet” of the gem industry that has seen recent growth is lab-grown diamonds. They are already having a significant influence and probably will continue to do so. We have been keeping an eye on the key trends in this area and believe the following changes will occur.
Diamonds Prices Will Keep Declining
The downward trend in lab-grown diamond prices is almost certain to continue. The industry can anticipate that costs of lab-grown stones will increase as output continues to increase and competition amongst laboratories heats up. They might decline more gradually than in prior quarters, but they will still shrink.
The creation of lab-grown diamonds is becoming more widely spread globally, which is a significant factor in bringing costs down.
Israel, China, and India are just a few nations that have significantly invested in the machinery and technology required for mass production. The resources that producers outside of the US have access to, such as cheaper energy and labor, are expected to put even more pressure on costs.
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Diamonds Prices From Mines And Labs Will Differ
Jewelry stores first priced lab-grown products in a manner akin to how they did with mined diamonds.
Maybe they didn’t realize that, although having a similar chemical structure, grown and mined diamonds differ fundamentally from one another. Or they failed to properly comprehend how the lab-grown sector would expand and affect prices.
It’s helpful to take a step back and consider what history may teach us to gain some perspective: When moissanite was created, its costing model was never connected to that of diamonds, and its acceptance grew apart from the diamond industry.
Although a pricing difference between mined and lab-grown diamond is unavoidable at this point in the game, doing so could be difficult: Retail jewelers who developed a convention tying the pricing of lab-grown stones to that of their mined counterparts are currently dealing with market distortions that will make it difficult for them to satisfy their clients.
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The Focus Will Be On Energy Use
Due to the fact that they could be produced without the use of mines and the resulting environmental impact, lab-grown diamonds were frequently promoted as a “green” or eco-friendly alternative when they first entered the market.
But in practice, producing lab-grown diamonds requires a significant amount of energy—10 to 12 times more than mining diamond—which is often produced by burning fossil fuels extensively.
The ultimate result is a product with a far bigger carbon footprint than most consumers had previously imagined.
There will be a change in the way that consumers and merchants evaluate the worth of lab-grown diamond as more people become aware of their negative environmental effects.
As a major supplier of diamonds worldwide, RDI Diamonds has a distinctive viewpoint on the rise of lab-grown production and the potential for disruption in the diamond sector.
Our clients may be confident that our views are the result of a mix of historical expertise and cutting-edge data analytics as the discussion surrounding lab-grown stones is moving swiftly.
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