8 Reasons Why Diamond Alternatives Will Rise in Demand after COVID-19
If the current surge in human-made diamonds is anything to go by, then we are most likely to witness a change from the usual mined diamonds. And perhaps the certification of human-made diamonds by the regulatory agencies and authorities have even made this surge stronger. Looking into the future, diamond alternatives are most likely going to take over the industry and overturn the dominance of their mined counterparts. But why are they so popular? Why do buyers tend to prefer these alternatives, even for custom made engagement rings? Well, to answer all of these questions, here are eight reasons why diamond alternatives will rise in demand after COVID-19:
1. The cost
In the current wake of the coronavirus pandemic, everyone is trying to save an extra coin. It doesn’t matter whether you are purchasing an essential item or a luxurious item, getting an alternative that costs less is on everyone’s wish list. The reality is that COVID-19 has pushed so many people to the wall, as many people’s incomes are straining by the day.
What if you had to pay lower for the same value in an item? Wouldn’t you consider that deal? Well, this is perhaps the motivation behind many people’s decision to opt for lab-grown diamonds and other diamond alternatives. The value is still the same, only that the price is lower. Who wouldn’t choose this option?
2. The flawed origins of mined diamonds
Mined diamonds only look good once all the processes behind them are complete. Many buyers have little to no knowledge of what the entire process entails. The mining process, to start with, is very dangerous. Most mines have labourers working under unsafe conditions and paid peanuts for a whole day’s work. Some workers even get injuries, while others die in the process of mining, and not even them or their families get compensation.
The reality is that most diamonds have a shady past, and to prevent this, the industry is rapidly changing to the lab-grown diamonds, and other diamond alternatives. Besides, there’s the environmental aspect of mining, which many tend to overshadow. Environmentalists have been against the mining process since long ago, and these alternatives are creating a great cause for them to promote their opinion.
3. Due to the disruption of mining
Due to the coronavirus pandemic, mining was interrupted, and most mining sites were closed indefinitely. However, the few that are still running may not be enough to keep the supply of mined diamonds moving smoothly. Besides, this has given the lab-grown diamonds, and other alternatives a good chance of growing in popularity and use.
Now that mining is no longer a good option for getting diamonds, we can argue that lab-grown diamonds will take over even after COVID-19. Many will already be used to these alternatives. And since they offer the same value for a lower price, many will opt to use them instead of the original diamonds, even after the coronavirus pandemic is over.
4. Marketing techniques
Most jewelry experts are trying to adopt diamond alternatives, including lab-grown diamonds, in a bid to reduce the costs. Mined diamonds tend to cost a lot more than the alternatives due to the mining process. Since most experts in this field find diamond alternatives appropriate, they have mastered the art of marketing them during this coronavirus pandemic. This is not set to stop even after the pandemic, and that is why diamond alternatives will continue rising in demand.
5. The future of lab-grown diamonds goes far beyond jewelry
The future of diamonds is in the jewelry niche. As much as diamonds are used in industries, due to their hard nature, the focus lies in the jewelry sector. Therefore, if there’s one sector that will always determine the demand and supply of diamonds, then it is the jewelry niche. It is no lie that the jewelry sector is quickly shifting to diamond alternatives due to their immense rise in popularity. And this is set to go on into the future.
6. A majority consider lab-grown alternatives
According to recent research done on millennials shopping for jewelry, a whopping 70% of them would prefer lab-grown alternatives to the mined diamonds. A bigger portion of the reason why is due to the lower pricing and the fact that they are a more sustainable alternative.
7. Lab-grown diamonds are a growing trend
If there’s one thing that the jewelry sector depends on, then it is trends. Therefore, any rising trend goes on for a while before becoming obsolete. In this case, lab-grown diamonds have become a rising trend that is set to continue even after COVID-19.
8. Due to the force of rebranding
The industry has over the past few years, rebranded lab-grown diamonds as the right pick, and many have been convinced. Not only due to the lower pricing, but also the fact that they deliver value for money.