How the Mined Diamond Industry is Fighting Back Against Lab Grown
It’s no secret the the FTC ruling last year which unanimously ruled that lab grown diamonds would now be classified as a real diamonds, sent shock waves through the jewelry industry. Chemically, physically, and optically identical to mined diamonds, lab grown diamonds (also known as CVD Diamonds) have exponentially skyrocketed in popularity over recent years and the FTC ruling only added to their new found status. Chemically, physically, and optically identical to mined diamonds, lab grown diamonds have exponentially skyrocketed in popularity over recent years What was once a minor annoyance has now become a much more credible threat to mined diamond companies and they are not taking it lightly. In May of 2015, seven of the most prominent and known diamond companies joined forces to create the Diamond Producers Association (or DPA). The DPA Members include, De Beers, Petra Diamonds, Dominion Diamond, Rio Tinto, Gem Diamonds, Alrosa, Lucara Diamond, and Murowa Diamonds. What’s even more interesting than the unification of these competitors is the tactics they’re using to spread their message. Although they do not specifically call out lab grown diamonds in their mission statement, the target of their efforts is hard to miss. Their bedrock campaign called “Real is Rare” focuses on promoting a positive message about mined diamonds to a millennial demographic. This happens to be the same demographic that many hold responsible for the recent surge in demand for lab grown diamonds. A recent study by MVI Marketing found that over 70% of millennials will consider a lab-grown diamond engagement ring. There are many reasons millennials have been embracing lab grown diamonds as an alternative to mined, but the primary two factors are generally agreed to be financially and ethically motivated. “Millennials are more aware of the negative environmental and human rights issues sometimes associated with mined diamonds.” If a millennial wishes to buy a diamond, they tend to worry about its origins more than previous generations. This younger generation was raised on social media with articles of social injustices and environmental catastrophes flooding their news feeds on a daily basis. It’s no wonder millennials are more aware of the negative environmental and human rights issues sometimes associated with mined diamonds. The other reason millennials are embracing lab grown diamonds is for financial reasons. Unlike past generations, millennials aren’t as financially stable as older generations. And although it still takes a lot of time and money to manufacture grown diamonds, they continue to sell for around 35% less than mined diamonds. This difference in pricing is huge for millennials, even when it comes to engagement rings. Many couples would rather put the money they save on a ring to their wedding, honeymoon, or starting their lives together.