Do you know that the diamond industry has now been experiencing a huge shift towards using lab-grown diamonds? The reason is that the huge spike in real diamond prices encourages the buyers and diamond lovers to invest in lab-growing diamonds that are affordable. Thus Rare Carat diamonds engagement rings value ethical sourcing, sustainability and innovation. That is why millennials are turning into the market of lab-grown diamonds to buy their favourite diamond engagement rings or other pieces of Jewelry.
In our blog guide we will explore why millennials move towards buying wholesale diamonds made in labs rather than mined ones. We will explore the mind-set of their purchasing and their values.
Reveal the mindset of Millennials.
Before exploring the specifics of why millennials prefer to choose lab-grown diamonds, you must first know the broader values of these diamonds. You must know how this generation defines buying these diamonds rather than investing in costly mined diamonds. Between the ages of 1980 and 1995, millennials were considered social valuables and tech savviness who desired authentic stones. They prefer to invest in the best and most valuable materials that are possessed by mines. That is why they are more concerned about the ethical values and implications of diamonds.
According to the study revealed in 20219, 47% of millennials started a business relationship with those companies who make lab-grown diamonds. The reason behind this is the positive impact of these diamonds over mined ones on our society values.
What Matters the Most? Ethical Considerations
One of the most authentic and compelling reasons why millennials are choosing lab-grown diamonds is their ethical values and advantages. The primary benefit is that these gems are made in small environments, not in the mined counterparts that require a lot of effort and time. Lab-grown diamonds are cost-effective and conflict-free and can be produced without harming our environment.
Let’s figure out the empirical data regarding the formation of lab-grown diamonds and the expert advice.
Empirical Data About Lab-Grown Diamonds:
A recent study of 2019 to 2020 revealed by the MVI Marketing agency in the USA that almost 70% to 80% of millennials consider lab-grown diamonds for their engagement or any favourite occasion because they are cost-effective.
Experts Insights About Lab-Grown Diamonds Empirical Data:
One of the most famous sociologists who specialises in consumer behaviour notes that millennials, who easily access information, are conscious of the ethical issues related to mined diamonds. They are more conscious about their cost and ethical values. Thus, they are opting for alternatives that resonate with their values.
Do Millennials Opt for Affordability and Customization Values?
Do Millennials Opt for Affordability?
A report by Bain & Company says that lab-grown diamonds can cost 20-40% less than diamonds that are mined from the earth. This is important because many young people, known as millennials, are dealing with things like having to pay back money they borrowed for their education, the cost of living going up, and not being sure about the economy.
Lab-grown diamonds offer a way to get a nice diamond without spending as much money, which is really attractive to millennials who are trying to budget their money.
Do Millennials Opt for Customization?
A study from The Knot in 2020 found that 45% of engagement rings are now customized, which means they are made in a unique way according to the couple’s preferences. This is mostly happening because of millennials. Millennials like things that show their individuality and let them express themselves, and lab-grown diamonds give them lots of options for customizing their engagement rings.
They can choose exactly how they want their diamond to look, including its shape, color, and how clear it is. Also they can also design the part of the ring that holds the diamond. This means millennials can create a ring that really fits their personality and their relationship.
Conclusion:
Millennials are the generation that always value ethics, authenticity, conflict-free insights and innovation. However these core values drive them a fast shift towards buying lab-grown diamonds. That is why the Rare Carat team of diamond experts provide the best collection of lab-grown diamonds that are suitable for any occasion. Take a closer look at the formation of their lab-grown diamonds at https://www.youtube.com/watch?v=W-m44FFBDiI and choose the one that is perfect for your occasion!