The summer season is approaching and with it the most commercial season of engagements and weddings. Hence the interest in the market. of rings commitment increases with… potential boyfriends looking for a partnerIt’s a satisfying and ideally not too expensive option for monostone that will move his beloved to say the long-awaited “yes”.
He diamonds they are always the superior and most timeless choice for engagement/wedding rings. But given its high price, some players in the diamond industry are offering an alternative: artificial diamonds.
Artificial does not mean fake
Artificial diamonds or lab diamonds were created. for the first time in 1950 mainly for industrial use, but gradually in recent years they have dynamically entered the commercial market and in jewelry store windows.
The reason is simple. Artificial diamonds are not fake diamonds, poor imitations that can easily break with one wrong move or tarnish and lose their shine. they have them same physical and chemical properties as natural diamondsthe same brightness shine and it’s extremely difficult for anyone to tell them apart, certainly not unless you’re an expert with the right tools.
Their difference is that they were not created in the bowels of the Earth by nature through a process that took a few… millions, if not billions of years to complete, but in a lab which imitated these conditions with the help of technology, reaching the desired result within a few weeks or months. This makes its construction faster, easier and of course cheaper, so its final price is much lower.
Prices are a big draw
In the US market, the price (March) of a carat of natural diamond ranged at $8,740with the final price obviously determined by other factors such as clarity, color, etc. At the same time, the carat price of artificial diamonds was up to 73% lowerwith an average of $2,318.
The lower price not only makes artificial diamonds more…affordable for the average consumer, but also gives them the most significant opportunity to potentially purchase a much bigger stone and a most impressive ring overall.
Because, damn lies, a marriage proposal with a tiny diamond solitaire does not create the same impression as a notable solitaire, regardless of the bride-to-be’s genuine feelings of love. Especially when the brightness of both is the same both in his own eyes and in the eyes of his friends.
Strong rise in sales
It is no coincidence that in today’s lean times, the brilliance of artificial diamonds seems even more intense and attractive.
In the American market, for the month of March, sales of loose stones containing artificial diamonds shot up 63% year-on-yearin contrast to sales of natural diamond engagement rings that fell 25% year-over-year.
The February data was even stronger, showing explosive growth in man-made diamond solitaires. by 80% on an annual basisin contrast to a 13% decline in natural diamond engagement rings.
Of course, at a general level, the market share of the sector still small at around 7%but in three years it has more than doubled from the 3% it had in 2020.
This means, as industry experts comment, that artificial diamonds are becoming more familiar to consumers. And as your market expands and its use is widely accepted and mostly accepted by the public, As the myth of ‘fake’ gemstones is dispelled, the industry will continue to grow and have significant profit prospects in the future.
Aside from the cost issue, however, there is also the factor of social responsibility and environmental awareness that deters some from wanting to shell out money for a natural diamond.
An example of the former is the controversy over the so-called African “blood” diamonds, because it is known that in many countries of the Black Continent, diamonds finance paramilitary organizations that exploit the mines, putting even small children to work.
In the same category, since the beginning of the war in Ukraine, now include Russia’s “blood” diamonds, which is one of the largest producing countries in the world. In fact, it is estimated that the Alrosa group, controlled by the Russian state and considered the main diamond mining company in the world, controls about 28% of world production.
Although the company and its leaders are subject to Western sanctions, tRussian diamonds are not on the sanctions list, despite the fact that the issue has been discussed at length, after pressure from kyiv and is also on the agenda of the next G7 meeting.
Especially in the EU, Belgium, due to Antwerp’s strategic role in the global diamond trade, is one of the biggest opponents of such a ban.
Consequently, the environmental dimension has to do with the controversial methods for the natural environment that mining companies are often forced to use as deposits are depleted and need to move more aggressively in order to find and mine new veins.
the turn to Sustainable options are gaining traction with consumers. and it sends a similar message to jewelry companies, where the use of artificial diamonds is no longer… taboo.
For example, the world’s largest jewelry company, the Pandorahas announced that stop using natural diamonds in his new jewels and will replace them with artificial diamonds with the argument of developing sustainable jewels.
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