Diamonds are a Giffen good, meaning— its price increases with its rarity. Thus, natural diamonds have long been a status symbol with their expensive nature, exclusive only to the royalty. But Lab-grown diamonds have shattered this exclusivity, making them accessible to the masses. Despite initial skepticism, the jewellery market now has embraced it as a permanent fixture. So, lab-grown diamonds are here to stay. 

Wondering why its price is decreasing? Well, because of its availability. Scientists can mint them in controlled environments within a few weeks! 

But does that mean lab-grown diamonds are losing their value? — this is what we're gonna find out in today's blog. Stick with us till the end to know why we think this price-drop is actually a good sign. 

Lab-Grown Diamonds Overview 

Lab-grown diamonds have been around since the 1950s. Scientists figured out how to create diamonds that are chemically , physically and optically identical to natural ones by copying how they form in nature. But until recently, the technology wasn't good enough to make them a real option for jewellery. Today, lab-grown diamonds are a game-changer - they're high-quality, affordable, and better for the planet, inviting a pool of jewellery companies to embrace more of these! 

The Debate

So, why the debate? Some argue that lab-grown diamonds lack the rarity and luxury appeal of natural diamonds. Others question their value, since they're created in a lab rather than formed over millions of years. But proponents of lab-grown diamonds argue that they offer a more sustainable and affordable option for consumers.  

The Price Drop

The synthetic diamonds price has dropped recently, and there are several reasons for this. Let's understand them:

• More supply: New technology has made it easier to produce lab-grown diamonds, so more companies are entering the market— which means more diamonds for everyone! And when there's more supply, prices go down!
  
  

• Changing consumer demand: At first, people loved lab-grown diamonds jewellery because they were affordable and eco-friendly. But now, some people are ditching lab-grown diamonds for natural ones? Yep, it's true! They think natural diamonds are more valuable because they're rare. But tell you what— we think lab-grown diamonds are just as sparkly and special!
  
  

• Competition: Big companies have now entered the business of selling lab-grown diamonds, which means more competition. Therefore to attract customers, companies are lowering their prices.
  
  

• Better technology: Lab-grown diamonds prices have dropped because they are now cheaper to produce, which means bigger, better diamonds for us! And also, companies can pass the savings on to customers. 
  
  

• Lack of regulation: Some people are hesitant to buy lab-grown diamonds because they're not sure about the quality. If there were clearer rules and standards, people might be willing to pay more.
  
  

• Economic factors: The economy and consumer behaviour are also affecting prices. As the market grows, people are looking for the best deals. And when people look for deals, prices go down!
  
  

• Expert insights: Some experts think lab-grown diamonds lack the special something that natural diamonds have. But we think they're a game-changer— more accessible, affordable, equally stunning and eco-friendly! 

We find the price drop of lab-grown diamonds a good thing! 

It makes them more accessible to everyone, and it's driving innovation in the industry. Although this drop has sparked concerns that the lab-grown diamond industry is struggling. But is it really?

In fact, Amish Shah, a specialist in lab-grown diamonds at ALTR, sees it as an opportunity. "Created diamonds give you the ability to go outside of your traditional lines, to visualise and imagine products that couldn't be created with Earth-mined stones."— This forward-thinking approach is precisely what will propel the lab-grown diamond industry forward, making it an exciting space to watch.

So, what does the future hold for lab-grown diamonds? Well, it's clear that the possibilities are vast. Perhaps it's time to reimagine the traditional diamond settings. Multinational jewellery innovators like Angara are already crafting breathtaking pieces with lab-grown diamonds, from elegant earrings to bold pendants. And with the capacity to precision-cut and shape lab-grown diamonds in ways that natural diamonds can't be, the design potential is limitless. Imagine a diamond-encrusted smartwatch, a bespoke diamond-studded phone case or even automobile parts! —the future of lab-grown diamonds is bright, and it's only just the beginning of the sparkle! 

The Final Thought

We're living in a time where artificial intelligence is redefining creativity - but let's not forget that AI and lab-grown diamonds are actually creations of human innovation. That means we get to decide how to use them. So, in a world where technology has already made scarcity a thing of the past, maybe what's truly valuable today isn't the diamond, but the imagination and creativity we bring to it.

So well— prices are dropping, and we're celebrating it! Who's with us?

FAQs

1. Are lab grown diamonds worth the money?
Lab-grown diamonds are eco-friendly and absolutely guilt-free. Plus, the upfront value of  lab-grown diamond saves you more than the amount you gain from losing money on the resale value of a natural diamond.