Millennials are becoming the most influential demographic in the world today. Their generation is synonymous with the desire to explore new things, being well educated about the environment and the possibilities technology brings and the avenues social media opens out to them.
This generation is raised to look for quality in their investments, especially jewellery and diamonds. However, they have a darker side to them – they like to know where their money is going. They want to be socially responsible when it comes to their purchases and investments. This is why lab-grown diamonds are gaining popularity among this generation of individuals.
Lab-grown diamonds have been ruling the diamond market for quite some time now. They attract customers and jewellers alike for their impeccable quality and shine, yet being easy on the pocket and the environment as well. They are aware of all the negative effects that mined diamonds have on our planet. Almost 70% of customers aged between 21-40 years prefer buying lab-grown diamonds rather than natural stones.
The demand for lab-grown diamonds has picked up after the second wave of COVID-19. Experts believe that ‘revenge shopping’ post-covid has largely contributed to the surge in demand for lab-grown diamond jewellery.
According to leading retailers and producers, the demand for lab-grown diamonds increased by 50-60 per cent from last year's sales, and the trend is continuing to grow.
Lab-grown diamonds are eco-friendly and extremely affordable compared to mined diamonds and are a hit among millennial consumers. It allows the opportunity to invest in sustainable, yet affordable jewellery to keep with the trends, while brides can indulge in the perfect statement piece for their big day. And there is no bolder statement than one that speaks for a sustainable future!