Why Buy a Lab-Grown Diamond Engagement Ring Instead of a Mined One?
The demand for lab-grown diamonds (LGDs) is rising rapidly, and retailers are in a prime position to tap into this growing market. Modern consumers, particularly those looking for meaningful purchases like engagement rings, increasingly prioritize sustainability, ethical sourcing, and cost-effectiveness. Lab-grown diamonds check all these boxes, offering a compelling alternative to traditional mined diamonds. For retailers, this represents a valuable opportunity to align with shifting consumer preferences and provide products that resonate with today’s values-driven buyers.
At the forefront of this transformation is Kira, the world’s largest grower of CVD lab-grown diamonds. With a cutting-edge manufacturing facility in Surat, India, Kira delivers high-quality diamonds that are chemically and physically identical to mined diamonds. These diamonds not only come at a lower cost but also allow customers to feel confident that their special piece—like an engagement ring—reflects their commitment to sustainability and ethics. In this blog, we’ll dive into why lab-grown diamonds can help small retailers stand out and meet the needs of modern, conscious consumers.
Why Lab-Grown Diamond Engagement Rings
Kira’s Partner Shanay Parekh recognizes the immense potential in the Indian market, where demand for lab-grown diamonds is increasing. Despite some retailers being hesitant to adopt lab-grown diamonds, he believes that offering customers the choice between lab-grown and natural diamonds will bring in a wider customer base without cannibalizing natural diamond sales.
—- Shanay Parekh, LGD Conversations with Lab Grown Times In Association GJC (All India Gem And Jewellery Domestic Council)
Affordability Without Compromising Quality
One of the most attractive reasons to choose a lab-grown diamond for your engagement ring is the cost savings. Lab-grown diamonds are typically 60-85% less expensive than mined diamonds, offering significant value without sacrificing the beauty, quality, or durability of the stone.
While a mined diamond of similar carat size, clarity, and cut might set you back substantially, lab-grown diamonds allow you to stretch your budget further. You can invest in a larger stone or even additional details like a more intricate setting—all without the hefty price tag associated with mined diamonds.
Same way you will see that people who buy and wear diamonds would be 2 percent of the population. With lab-grown diamonds, now the potential is simply 100 percent of the population.
—- Vallabhbhai Patel (Chairman of Kiran Gems Group), In Conversation with Asiaconverge
Key Benefits of Affordability:
❖ 60-85% Cost Savings: Lab-grown diamonds are more affordable, allowing couples to get more for their money.
❖ Same Quality as Mined Diamonds: Lab-grown diamonds are physically, chemically, and optically identical to their mined counterparts.
❖ More Budget Flexibility: With the savings from a lab-grown diamond, you can either opt for a larger stone or allocate more to other elements of the ring, like customization or a unique setting.
According to a report by Allied Market Research, the global lab-grown diamond market is expected to reach $37.32 billion by 2032, growing at a compound annual growth rate (CAGR) of 9.6% from 2023 to 2032.
This surge in demand is being driven not only by affordability but also by increased awareness of the ethical and environmental advantages of lab-grown diamonds. The rising popularity of lab-grown diamonds shows no sign of slowing down, making them an even more appealing choice for engagement rings in the years to come.
Looking for loose diamonds?
Looking for loose diamonds? Discover Kira Diam, the world’s largest CVD diamond producer, offering 150,000+ certified lab-grown diamonds from our state-of-the-art Surat facility. Specializing in stunning fancy-colored diamonds—yellow, pink, blue, and green—in a variety of shapes, including Round, Oval, Radiant, Emerald, Pear, Princess, and Marquise. With over 7.2 million rough LGD carats produced annually and a reliable global delivery service, we can fulfill orders of any size. Join our established end-to-end supply chain and experience the quality and variety that Kira Diam has to offer. Contact us today!
Environmentally Friendly and Sustainable
Lab Grown Diamonds are environment-friendly, because there is no mining and disturbance to nature.
—- Vallabhbhai Patel (Chairman of Kiran Gems Group),In Conversation with Asiaconverge
One of the biggest advantages of lab-grown diamonds is their significantly lower environmental impact compared to mined diamonds. Traditional diamond mining is known for its heavy toll on the environment, involving large-scale excavation, water pollution, and extensive energy consumption. In contrast, lab-grown diamonds have a much smaller carbon footprint, making them a far more sustainable choice for eco-conscious couples.
Kira’s Solar Plant in India is Helping Kira Produce Sustainable CVD Diamonds in its 700,000 square feet, producing over 7.2 million rough LGD carats annually.
❖ Smaller Carbon Footprint: The process of creating lab-grown diamonds requires far less energy than mining natural diamonds, leading to a substantial reduction in greenhouse gas emissions.
❖ Reduced Land Disruption: Unlike traditional mining, which requires the removal of vast amounts of earth, lab-grown diamonds are produced in controlled lab environments, preserving ecosystems and wildlife habitats.
❖ Water Conservation: Diamond mining often involves the contamination and depletion of local water supplies, while lab-grown diamonds use significantly less water in their production process.
Ethically Sourced
Lab Grown Diamonds are environment-friendly, because there is no mining and disturbance to nature.
—- Vallabhbhai Patel (Chairman of Kiran Gems Group),In Conversation with Asiaconverge
Lab-grown diamonds come without the ethical concerns linked to traditional mining, such as conflict diamonds or poor labor conditions. While the Kimberley Process works to reduce these issues, mined diamonds still carry some ethical uncertainties.
In contrast, lab-grown diamonds are produced in controlled environments, ensuring they are conflict-free and ethically sourced.
Key Ethical Benefits:
❖ Conflict-Free: Lab-grown diamonds have no ties to conflict zones.
❖ Fair Labor: Controlled production ensures ethical working conditions.
❖ Consumer Preference: Over 60% of consumers prefer ethically sourced diamonds (Global Witness, 2021).
Choosing a lab-grown diamond means you’re supporting transparency and responsible sourcing.
Quality and Durability
— Vallabhbhai Patel (Chairman of Kiran Gems Group), In Conversation with Asiaconverge
Lab-grown diamonds are just as durable as mined diamonds, ranking 10 on the Mohs scale, meaning they can withstand everyday wear.
Many lab-grown diamonds are also classified as Type IIa diamonds, the purest type, offering exceptional clarity and brilliance—something only 1-2% of natural diamonds achieve.
Key Features:
❖ Same Hardness: Lab-grown diamonds match mined diamonds in hardness and durability.
❖ Purity: Often Type IIa, lab-grown diamonds have fewer impurities than most mined ones.
Lab-Grown Diamonds and the Future of the Jewelry Industry
Growing Consumer Demand
Lab-grown diamonds are experiencing a surge in popularity, particularly among millennial and Gen Z buyers. According to the De Beers 2023 Diamond Insight Report, lab-grown diamonds’ share of the market jumped from 2% in 2019 to 8% in 2023. What’s driving this shift? Younger generations are leading the charge.
Millennials and Gen Z buyers prioritize sustainability, affordability, and ethical sourcing in their purchases, making lab-grown diamonds an attractive option.
Key Consumer Trends:
❖ Rapid Growth: Lab-grown diamonds now represent 8% of the global diamond market, up from 2% in 2019.
❖ Gen Z Preference: 70% of Gen Z consumers prefer lab-grown diamonds over mined diamonds.
❖ Driving Sustainability: Younger generations are pushing for sustainable, ethically sourced jewelry, fueling the demand for lab-grown diamonds.
As millennial and Gen Z buyers reshape the jewelry industry, lab-grown diamonds are becoming a central part of this shift toward more conscious consumption.
Customization and Versatility
Lab-grown diamonds provide greater flexibility for customization, thanks to their lower price point. This allows consumers to opt for larger stones or higher-quality settings, making engagement rings more personalized.
Key Benefits:
❖ More Options: Lower prices allow for bigger diamonds or more intricate designs.
❖ Tailored to Your Style: Kira offers a wide range of lab-grown diamonds, customizable to any preference or budget.
With Kira’s collection, creating a unique, tailored engagement ring has never been easier.
Final Thoughts on Lab-Grown Diamond Engagement Rings
| Key Benefits | Details |
|---|---|
| Cost-Effectiveness | Lab-grown diamonds are more affordable, allowing for larger stones or more elaborate settings. |
| Sustainability | They have a smaller carbon footprint, making them an eco-friendly choice compared to mined diamonds. |
| Ethical Sourcing | Free from the ethical concerns of traditional mining, lab-grown diamonds are a conflict-free, responsible option. |
| Quality | Lab-grown diamonds are identical to mined diamonds in terms of hardness, durability, and beauty, often classified as Type IIa diamonds. |
Conclusion
Lab-grown diamonds represent an innovative and responsible choice for modern couples who prioritize sustainability, ethics, and affordability. By opting for a lab-grown diamond, you’re not just choosing a beautiful stone—you’re making a statement about the kind of future you want to build.
As the world’s largest producer of lab-grown diamonds, Kira, a leading lab-grown diamond wholesaler, offers unmatched quality and selection, making it easier than ever to find the perfect engagement ring that embodies your values.
