While keeping track of the new trends in the diamond industry can be hard, it is still an essential task of any savvy consumer or industry observer. Whether you are looking to catch a deal on your next diamond purchase or researching the pros and cons of an investment within the diamond industry, keeping up with the trends is imperative.
New Trends in the Diamond Industry<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMjgzMjk0NC9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY1NDkwNjIyNH0.Ex4mDy50fq4C4qOvWKRJyNMpDiTxubZw4uwrsoZ8gIA/img.jpg?width=980" id="0aec4" class="rm-shortcode" data-rm-shortcode-id="0bc6479bac5e6e069b4407382db706a3" data-rm-shortcode-name="rebelmouse-image" />
Rose gold lab-created diamond solitaire engagement ring. Clean Origin<p>2020 will be a big year for the diamond industry and we've got you covered. Here are the top trends in the diamond industry that you need to know about.</p>
Millennials Are Shaping the Industry<p> Love it or hate it, <a href="https://www.cleanorigin.com/blog/millennials-choosing-lab-grown-diamonds/" target="_blank" rel="noopener noreferrer nofollow">millennials are changing the diamond industry</a>. However, while millennials have a reputation for "killing" industries, it would be a mistake to believe that the diamond industry is dying simply because the customer base is changing. </p><p> Millennials are making more financially conscious decisions regarding diamond purchases. Many Millennials regard diamond purchases as an investment into the future just as equally as they look at it as an investment into the relationship. </p><p> That said, millennials are looking for the most cost effective options that fit within their budget and lab-grown diamonds fulfill all of their needs. So, while the industry is changing, it's not dead. In fact, it might experience its highest growth ever in the coming years, so long as manufacturers consider new trends and act accordingly. </p>
Non-Traditional Options<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMjgzMjk1MS9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYxMDM4MzMzM30.S_S3UO7uYloBcZ3LYGfMzgLudZUA0VxabH4qKGPvIBU/img.jpg?width=980" id="95e68" class="rm-shortcode" data-rm-shortcode-id="82d0b538a79d970200037f0e2e90f831" data-rm-shortcode-name="rebelmouse-image" />
White gold lab-grown diamond classic engagement ring. Clean Origin<h4>Lab-Grown Diamonds</h4><p> It's already been said, but it's worth repeating — millennials are the future of the diamond industry. As with every demographic before them, in order to survive, the industry must make some changes according to the issues of the day. </p><p> Many millennials regard climate change and eco-friendly practices as a top deciding factor in their purchases. If your company or brand has environmentally unfriendly practices or is simply towards the end of its mining life, it's imperative to consider making some eco-friendly changes. </p><p> <a href="https://www.cleanorigin.com/about-lab-created-diamonds/" target="_blank" rel="noopener noreferrer nofollow">Lab diamonds have a significantly lower impact</a> on the environment than mined diamonds. Not to mention, lab-grown diamonds don't differ from mined diamonds in the eyes of a consumer. In fact, mined diamonds and lab-grown diamonds differ only in the eyes of an experienced jeweler who is able to read the microscopic inscription on the bottom of the lab diamond. </p><p> Overall, lab-grown diamonds have not only increased in popularity, but they are also on the verge of changing the industry. As a less-expensive option that is on par with even the most expensive diamonds, lab-grown diamonds offer the eco-friendliness and affordability that most consumers are looking for. </p><h4>Other Diamond Alternatives</h4><p> Outside of lab-created diamonds, <a href="https://betches.com/diamond-alternatives-engagement-rings/" target="_blank" rel="noopener noreferrer nofollow">other alternatives</a> have popped up as options for couples who'd like to opt out of going with a traditional mined diamond. Although man-made stones are leading the charge in terms of popularity, salt & pepper diamonds, moonstones, and moissanite have also gained traction for being "outside the box" and "non-traditional." </p>
Key Takeaways<p> Whether you're an industry observer or a savvy consumer, it's important to pay attention to the trends in the diamond industry. Following these trends can help you to prepare for anything from stock drops and saving big on your next jewelry purchase. As the purchasing demographic changes, so will the industry. <a href="https://www.brookings.edu/research/millennials/" target="_blank" rel="noopener noreferrer nofollow">Millennials are coming out</a> in a big way and shaking up the industry. The need for new mines, lab-grown diamonds, and other diamond alternatives are all big things to look out for in the diamond industry in 2020. </p>
EcoWatch Daily Newsletter
By Bailey Hopp
If you had to choose a diamond for your engagement ring from below or above the ground, which would you pick … and why would you pick it? This is the main question consumers are facing when picking out their diamond engagement ring today. With a dramatic increase in demand for conflict-free lab-grown diamonds, the diamond industry is shifting right before our eyes.
Loose lab-grown diamonds and gem stones. MiaDonna
Lab-grown diamond engagement rings. MiaDonna<p>"One is that the major five producers of natural diamonds speculated that there will be no natural diamond production after 2050 because they've run out of profitable deposits. Reason two is that for the last 10 years, we've been sought out by people, Millennials, who want to buy something that doesn't come out of the earth, who care about the earth and the damage we've created," he adds.</p><p>When it comes to the effects related to the social and humanitarian issues of mining diamonds, lab-grown diamonds also have the upper hand here. In a recent case announced last month, the <a href="https://www.cbp.gov/newsroom/national-media-release/cbp-issues-detention-orders-against-companies-suspected-using-forced" target="_blank">U.S. Customs and Border Protection</a> (CBP) admitted that gold from artisanal mines in the Democratic Republic of the Congo and rough diamonds mined from Marange Diamond Fields in Zimbabwe are "produced, in whole or in part, using forced labor." </p><p>The CBP stated that they would issue Withhold Release Orders for gold mined in the Democratic Republic of the Congo and rough diamonds mined from Marange, Zimbabwe, along with 3 other products believed to be produced using forced labor. Additionally, in a 2017 report from the <a href="http://documents.worldbank.org/curated/en/607311509663221201/pdf/Concept-Project-Information-Document-Integrated-Safeguards-Data-Sheet.pdf" target="_blank">World Bank</a> on extractive industries in Sierra Leone, research found that 'it's estimated that approximately 300,000 Sierra Leoneans are directly employed at artisanal mining operations.' </p><p>Although the diamond industry is expansive and abundant in many countries across Africa, it's rare that these artisanal mines enforce proper labor laws and environmental standards.</p>
Custom MiaDonna lab-grown diamond engagement ring. MiaDonna<p> In a recent <a href="https://earther.gizmodo.com/beyond-the-hype-of-lab-grown-diamonds-1834890351" target="_blank">Gizmodo</a> article, GIA's James Shipley said that advancements in the lab-grown diamond industry has only really taken off in the last five years or so, when the mainstream jewelry sector began taking notice. The <a href="https://www.theigda.org/" target="_blank">International Grown Diamond Association</a> (IGDA), a non-profit organization formed in 2016 by a <a href="https://www.theigda.org/members" target="_blank">dozen</a> lab diamond growers and sellers, now has about 50 members, according to IGDA Secretary General, Dick Garard. When the IGDA first formed, lab-grown diamonds were estimated to represent about <a href="https://www.morganstanley.com/ideas/diamond-market-lab-grown-disruption" target="_blank">1 percent</a> of a $14 billion rough diamond market. </p><p> This year, industry analyst Paul Zimnisky estimates they account for 2-3 percent of the market. He expects that share will only continue to grow as factories in China that already produce millions of carats a year for industrial purposes start to see an opportunity in jewelry. Zimnisky also <a href="https://5b16c634-a-8b9f6598-s-sites.googlegroups.com/a/paulzimnisky.com/paul-zimnisky/Jeweller%20Magazine%20-%20December%202018%2C%20PP%2032-33%2C%20Paul%20Zimnisky.pdf?attachauth=ANoY7crF_76zEujmBNhEZwCdCTFYygwqvs9ZPmRKxc9bn2NTsmLUk9hdFpt5wmTm5-1UjXgqJ8i3wFe0WUr8dKbkN2k7-nnyQL20shVtlHZBJb6Bke-PMyYOzTM2IBlOWxr0P-rkjGFvRPBFRQSmoc4RlzynNiHN8LHdQyEEWGGk83jZZduPu5hPDPC8lHCxvIOAPWCi5Y5ENeZQJEOxK6KoDRQKkoaSiFcGAJz6AiokfTXn2GPjRI5MuCD1z8praQuwxvRyqZKAxHXZ9KlO7qZQG1uQFlUWVPh3w1m3wtljQ1TKtRoB0v8%3D&attredirects=0" target="_blank">estimates</a> that lab-created diamond market shares in the fashion jewelry market are forecasted to grow to almost 7 percent by 2035. </p><p> MiaDonna, specifically, was founded with a single objective in mind: to offer consumers a beautiful, ethical and affordable diamond alternative which in turn, would support <a href="http://thegreenerdiamond.org/" target="_blank" rel="noopener noreferrer nofollow">The Greener Diamond</a> to help free innocent children oppressed by the active conflict diamond mining industry. With every order placed at MiaDonna, they give back at least 10% of net profits to directly fund projects and initiatives to help local communities have alternative career paths to mining in countries such as Sierra Leone and Liberia. They aren't here to just sell consumers lab-grown diamonds, they're here to rebuild the lives and land damaged by diamond mining and provide better, safer and more sustainable options for those who would otherwise be involved in the conflict diamond industry. </p>
The Greener Diamond Farm Project. MiaDonna<p> In addition, this year MiaDonna became a <a href="https://bcorporation.net/directory/mia-donna-company" target="_blank">Certified B Corporation</a>, which takes into account the company's overall social and environmental performance and evaluates how its operations and business model impact not only their own employees, but also the community, environment and customers. On top of their B Corp efforts, MiaDonna uses only recycled precious metals for all of their engagement ring settings, all of their jewelry is handcrafted in the U.S.A. and they even created an eco-friendly jewelry cleaner using a non-toxic formula that is both environmentally safe and packaged in a fully recyclable, grade 1 container. Learn more about MiaDonna <a href="https://www.miadonna.com/pages/about-us" target="_blank" rel="noopener noreferrer nofollow">here</a> and shop all lab-grown jewelry, engagement rings and accessories. </p><p> Whatever your personal preference may be when it comes to diamonds, lab-grown diamonds are here, and they're here to stay. By being an active, conscious consumer and doing your research into the products you're purchasing and the companies you're purchasing from, you'll have full control over what best fits your needs and desires. There will always be two sides to every coin, but with the resources available for consumers to make their own educated decisions on choosing their diamond, the power is in the people. </p>