That diamond ring your newly engaged friend is showing off? It may not be a traditional diamond.
More than a third of all engagement rings with center stones purchased last year were created in a lab, according to an online survey of nearly 12,000 American couples by wedding planning website The Knot. . That’s double 2020.
A natural diamond takes billions of years to form deep within the earth. The diamond industry, it seems, moves almost as slowly. But a major shift seems to be afoot.
As the technology for making lab-grown diamonds improved, production increased and retail prices fell. Their growing popularity, especially among younger consumers, has caught the eye of jewelers and watchmakers – and challenges traditional earth-mined diamonds.
It’s not just engagement rings. Lab-grown diamonds accounted for 13.6% of the $88.6 billion in diamond jewelry sold worldwide in 2022, up from less than 1% in 2015 when they hovered since the early 2000s, according to analyst Paul Zimnisky. of the diamond industry.
Here is more from the WSJ, and the article is interesting throughout. Here is my 2004 article on diamonds. Didn’t Alex also have a long message about this? (I can’t find it in the MR search function.)