Synthetic Diamonds Teach Us to Change Without Losing
The diamond industry was so drastically reshaped just in 50 years. This transformation happened thanks to the emergence of synthetic diamonds, which became a challenging and innovative phenomenon launching irrevocable changes. And these changes touched not only the jewelry segment but also caused many social transformations. They underlay a reassessment of economic and social values by showing us that one can get more while losing nothing.
Designed as a copy but grown authentic
It is not a secret that the idea to replicate a natural diamond in the laboratory was brought to life by industrial enterprises. Natural diamonds are used in a building because of their hardness. There was no other as hard and durable material as diamonds. Yet, this material was very expensive for industrial applications. The idea of the synthetic diamonds’ founders was in getting diamonds with the same properties but cheaper.
Scientists tried mimicking the process of growth that usually happens somewhere in the Earth’s crust and involves high temperature and high-pressure factors. They succeeded to get so-called synthetic diamonds or also known as lab-grown, man-made or lab-created diamonds.
The manufactured gem appeared to have all the features of a natural diamond – appearance, sparkling (optical effect), clarity, and hardness. Synthetic diamonds are 9.5, or if talking more precisely – 9.25 to 9.5, on the Mohs hardness scale. Natural diamond is a 10. So, a man-made diamond is second only to a natural diamond in terms of hardness, which makes it perfect for use, including both – industrial and jewelry purposes. It’s super durable and good for everyday wear since it’s not going to break or scratch.
Thus, the success was exciting – synthetic diamonds become more than a copy. As their properties were acknowledged, they started to live their separate lives. They are legislatively accepted as diamonds; they are appropriately certified; and they are a unique jewelry segment with authentic values and a certain group of consumers.
Synthetic diamonds are the biggest trend of the year
Synthetic diamonds with their unique concept of getting more without losing become a top option for young generations – Millennials and Gen-Zers. This audience that is freedom-loving and environmentally oriented appreciates synthetic diamonds for ethical origin, a variety of size and color variations, flexibility in customization, and availability.
Thanks to innovative approaches, the production costs of synthetic diamonds allow producers to offer a comparatively low price. So, synthetic diamonds are currently 76 % cheaper than their natural counterparts. If choosing between two identical products, one for sure will buy a cheaper one. Saved money can bring true freedom, especially to young couples, who may need investments for a new house, or a larger wedding ceremony, or honeymoon travel.
One can easily track the value of this advantage of a unique combination of “high quality and low price” just by inspecting statistical data. The segment of engagement rings with synthetic diamonds is the largest and composes around 10% of sales.
This figure is predicted to increase in the coming year since the wedding boom is approaching. Experts of Madestones.com said that we are one step before Gen-Z generation marriages, and they love synthetic diamonds even more than Millennials do. Many analysts also announce the revival of social life after Covid-related distancing. Many weddings were rescheduled or postponed. Now, people want to get all the spectrum of emotions. Retailers are preparing for this challenge and forming their jewelry collections.
One more example of the latest years that demonstrates how it is possible to get more without losing. Many brands adopted synthetic diamonds and launched (or announced launching) new sustainable lines.
Brands have got the win because they are becoming more “democratized”. They have also found a way to build connections between their products and end consumers, whose values and demands dictate the game rules.
Synthetic diamonds and their producers, and retailers have got a win since they entered a luxury segment, and it opened significantly new opportunities.
Consumers have got a win since they will have not only a diamond but synthetic diamonds with a special value ascribed by brand belongings.