Lab created diamonds, also known as lab-grown diamonds, are diamonds that are created in a laboratory using the same chemical composition and growth process as natural diamonds. They are chemically, optically, and physically identical to natural diamonds, but they are often much more affordable.
Who Buys Lab Created Diamonds?
A 2021 study by MVI Marketing found that millennials are the most likely age group to buy lab created diamonds. The study found that 69% of millennials would consider a lab created diamond for an engagement ring, compared to 57% of Gen Xers and 47% of baby boomers.
Why Do Millennials Buy Lab Created Diamonds?
There are a few reasons why millennials are more likely to buy lab created diamonds. First, millennials are more price-conscious than previous generations. They are also more likely to be concerned about the ethical and environmental implications of natural diamond mining.
Lab Created Diamonds Are More Affordable
Lab created diamonds are typically much more affordable than natural diamonds. This is because they do not require the same level of mining and processing as natural diamonds. The study by MVI Marketing found that the average price of a lab created diamond is about $3,000, compared to $6,000 for a natural diamond of the same size and quality.
Lab Created Diamonds Are More Ethical
Natural diamond mining can have a negative impact on the environment and on the people who work in the mines. Lab created diamonds, on the other hand, are created in a controlled environment and do not require any mining. The study by MVI Marketing found that 73% of millennials are concerned about the ethical implications of natural diamond mining.
Lab Created Diamonds Are More Available
Lab created diamonds are becoming increasingly available. In the past, they were only available from a few specialty retailers. However, today they are available from a wide range of retailers, including online retailers, department stores, and jewelry stores.
Millennials are the most likely age group to buy lab created diamonds. They are more price-conscious, more concerned about the ethical implications of natural diamond mining, and more likely to be aware of the availability of lab created diamonds. As the demand for lab created diamonds continues to grow, it is likely that we will see even more retailers offering these diamonds in the future.
Here are some additional factors that may influence which age demographic buys lab created diamonds:
- Income: Lab created diamonds are typically more affordable than natural diamonds, but they still cost a significant amount of money. As a result, people with higher incomes may be more likely to consider buying a lab created diamond.
- Environmental awareness: People who are concerned about the environmental impact of natural diamond mining may be more likely to buy a lab created diamond. ● Ethical considerations: People who are concerned about the ethical implications of natural diamond mining may also be more likely to buy a lab created diamond. ● Awareness: As more people become aware of lab created diamonds, they may be more likely to consider buying one.
Ultimately, the decision of whether to buy a lab created diamond or a natural diamond is a personal one. There are a number of factors that people may consider when making this decision, including price, ethics, and availability.