The total luxury market has been impacted by the global financial crisis, and it is likely a long road ahead to recovery. Naturally, this will have an effect on the global gem and jewellery market. However, the pandemic has had a huge impact on consumers’ attitude, and considerable changes in their behavioural and purchasing patterns are anticipated. The upheaval brought on by the epidemic has subsided, and economies are now more than ever focused on reviving employment creation, stability, and getting people’s lives back on track. These are the defining characteristics of everything we do at Greenlab, thus we are not an exception to them.

The lab grown diamonds market was significantly impacted during the initial phase of the pandemic, however, the market has started rebounding toward the end of 2020. The market promises to gain momentum in upcoming years due to the emerging lab grown diamonds market and is projected to reach $49.9 billion by 2030.

Due to their significant environmental and humanitarian hazards, mined diamonds are losing their appeal to both young and old people. We use celebrities as our role models and largely imitate their fashion choices. When Meghan Markle, Duchess of Sussex, wore a set of sparkling drop earrings adorned with diamonds, it served as an illustration of the acceptance and usefulness of lab-grown diamonds. They were produced in a lab, but nobody knew it. She made the decision to depart from conventional diamonds despite the distinguished family background due to the costs associated with their extraction in view of the environment and human rights. It doesn’t matter, particularly when lab-grown diamonds shine just as bright and have similar characteristics to quality mined diamonds.

While lab-grown diamonds are vegan, mined diamonds are not due to the harm they cause to ecosystems and watersheds that extends far beyond the actual hole in the ground. Additionally, growing diamonds is becoming more sustainable each year while diamond mining is becoming less viable. Numerous diamond growers, including Greenlab, already use renewable energy to grow diamonds, and numerous facilities are being built in locations with abundant renewable energy. Due to a considerably more effective supply chain, lab-grown diamonds are now 40 – 50% less expensive than mined diamonds.

As the name implies, lab-grown diamonds are created in a laboratory under conditions similar to those that naturally make diamonds, imitating similar high pressures and temperatures. Intriguing jewellery creations are becoming popular with lab-grown diamonds. There are a number of factors contributing to the popularity and usefulness of these lab-grown diamonds. The advantages that lab-grown diamonds have over their natural counterparts are outlined below.

• A) Higher purity and improved quality:

Diamonds developed in a lab are purer than those found in a mine because, unlike those found in a mine, Greenlab Lab-grown diamonds do not contain any dirt or contaminants.

• B) Guaranteed Source of origins and guilt-free composition:

Most diamond enthusiasts desire to know the history of their stone, from where it came from to how it was acquired. Due to their origins in conflict-ridden areas, the majority of naturally mined diamonds unfortunately have hazy origins. However, Greenlab lab-grown diamonds have a clear past and a confirmed, traceable source.

• C) Affordable diamonds in various colours:

Thanks to science, Greenlab Lab-grown diamonds are now available for a fraction of the price of naturally coloured diamonds, where colourful diamonds typically sell for exorbitant rates due to their rarity value. And what’s even better is that lab-grown coloured diamonds are pure, constant in colour, and simple to find. They are brighter and more perfect than natural-coloured stones.

• D) Environmental-friendly and sustainable:

The planet can sustain significant damage from diamond mining. Natural diamond mining consumes enormous amounts of fossil fuel, whereas synthetic diamond production has none of these drawbacks. In reality, switching to lab-grown diamonds rather than mining them is a much more sustainable option given the increase in demand for diamonds and the expected decline in the purchase quantity of mined diamonds. The rising disparity between the supply and demand of this magnificent stone can be overcome by diamonds grown in a controlled environment.

Conclusion: At Greenlab, we understand that consumers have started revenge shopping and are looking to indulge in luxury purchases. Consumers continue to remain extremely price concious, however, their expectations have risen higher in comparison to the previous era leading to an increase in the usability and immense popularity of Greenlab Lab-grown diamonds. At the same time, it remains our constant endeavour at Greenlab to stay indulged in activities pertaining to production of diamondto help the nation with more employment, and exports.

Keep visiting our website: https://www.greenlab.diamonds/