It’s truly remarkable to witness the innovation reshaping the diamond industry and fundamentally challenging the century-old narrative that value resides solely in a diamond's origin.
For decades, consumers have been drawn to earth-mined diamonds. Many have seen them as a rare, value-retaining investment with inherent beauty and a way to capture "priceless" moments. However, with lab-grown diamonds becoming more popular, the industry is changing. As the founder of a company that specializes in lab-grown diamonds, I believe this presents an opportunity for all players in the diamond space to compete based on the value they provide.
The Growth Of Lab Diamonds And Their Impact On The Industry
Many consumers today have ethical concerns surrounding earth-mined diamonds, which have been criticized for disrupting land and wildlife, as well as conflict and human rights concerns. Progress toward ethical mining has been positive, but some still suggest conflict-free diamonds are a "myth." Still, I believe any progress is good progress.
According to the New York Times, there are areas from which natural diamonds are ethically sourced and sold "without human rights issues and with environmentally sound practices." There are also stronger regulations in place today, and the U.S. only allows stones to be imported if they're from conflict-free countries, the article said. Still, the Times noted that despite less transparency and fewer regulations on lab-grown diamonds in many areas outside the U.S., some buyers want gems "without a back story," so they opt for lab-grown ones.
This disruption isn't just ethics-driven; it's technological. The cost of creating high-quality, gem-grade diamonds above ground has declined over the years due to innovation, and technological advancements have enabled a tenfold increase in the supply of lab-grown diamonds since 2018. This technological efficiency can enable consumer access due to more affordable prices.
A survey of almost 17,000 U.S. couples who married in 2024 or were planning to marry in 2025 found that 52% of respondents had an engagement ring with a lab-grown stone. Moreover, Tenoris found in its U.S. diamond sales data that unit sales of finished jewelry set with lab-grown diamonds rose 48% year-over-year.
To me, the message is clear: Many consumers think differently. These consumers are drawn to lab-grown diamonds for the ethics, price and/or flexibility. They can choose diamonds based on desired size and design aesthetics without being as budget-constrained. This can allow for more creativity in jewelry design and allows more consumers to acquire pieces reflective of their personal taste, not just what a mined diamond budget allows.
