Knowing what’s hot in the diamond industry is very important to savvy consumers. Whether you are looking to grab the best deal on your next purchase or are considering buying diamonds for investment, keeping a track of the latest trends is imperative.
It is no surprise that the diamond industry is evolving greatly. This year, diamond manufacturer should be prepared for the major changes that the diamond industry is likely to undergo.
Millennials are taking over as the major consumer base. Millennials are shaping the diamond industry and hence the industry will undergo some major changes.
Millennials are making more financially and environmentally conscious choices regarding their diamond purchases. They regard diamond purchases as an investment for their future and hence they consider factors that will become a necessity in the future. Making environmentally conscious choices has become inevitable and the concept is sure to gain traction in near future. In just a few years, making environment-friendly purchases will not be a choice but a necessity as the industry must make changes that align with climate change in order to survive.
Since lab grown diamonds have significantly lower impact on the environment than earth-mined diamonds, it has become the new rage. Not to mention, lab-grown diamonds have the same physical, chemical, and optical properties as mined diamonds and hence they don’t differ from mined diamonds in the eyes of customers. In fact, millennials think that it adds meaning to their diamond purchases when they choose lab grown diamond jewellery. Engagement and wedding rings signifiy new beginnings and hence they prefer making environmentally conscious choices as they embark on their new journey.
As an affordable option that is on par with the expensive mined diamonds, lab-grown diamonds offer eco-friendliness which adds value to the purchase which most consumers are willing to happily accept. As the purchasing demographic shows a changed behaviour, the industry will surely adapt to the change, making way for lab grown diamond manufacturers.