When we first came across the word Lab Grown Diamonds, we all were astonished as well as curious to understand what really are these Lab Grown Diamonds, which are also known as man-made diamonds.
So we started doing our research to understand this new phenomenon of “lab grown diamonds”. After doing intense research we came to know that General Electric was the company that first manufactured these lab-grown diamonds in 1950’s for industrial usage. Thereafter, technological developments kept taking place, thus attaining economies of scale.
Lab diamonds are grown in labs replicating the earth’s natural process of crystallizing carbon into brilliant diamonds that are optically and physically identical to the earth-mined diamonds and at the same time, they come free of any humanitarian or any environmental abuse. So, simply put in a layman’s language, these lab created diamonds have the same physical, chemical and optical properties as that of mined diamonds because they are made of the same materials.
Now, due to use of advanced technology, the prices of these lab diamonds have significantly come down and it’s now available at a price lesser than the mined diamonds.
Our belief in lab grown diamonds became more adherent after the Federal Trade Commission (FTC) USA, came with an update of dropping the word ‘natural’ from diamonds since its earlier definition. So basically what it means “A diamond is a diamond irrespective whether it is grown in a lab or comes out of the ground” but the consumer should be aware of its origin.
Also per the market data, the demand for lab grown diamond is growing on average 15 to 20% year on year and as per Morgan Stanley report by the year 2020, lab grown diamond will be having 15% market share and this is mainly because today’s younger consumers aren’t only open to alternatives but they are also willing to pay a premium for products that have a low environmental impact or are more socially responsible.
We at Vicenta Jewels also look for new trends emerging in the markets and keep up to the market demand hence we categorically see that these lab diamonds would be a path definer, which has gripped this diamond industry after a very long time.
Vicenta Jewels have started manufacturing jewellery using lab-grown diamonds which can also be certified form the renowned certification labs like IGI and GIA.