The bridal market that has long been dominated by natural diamonds has seen a dramatic shift, as consumers are making financially mindful decisions by setting their eyes on lab grown diamond engagement rings. According to a survey report released in 2019, only 10% of consumers knew that lab grown diamonds existed back in 2010. But now, more than 50% of people who are looking for engagement rings are aware of them. This remarkable leap in awareness is thanks to the advancement of social media.

According to the same report, 66% of millennials are willing to consider them, and 23% are set on buying lab grown engagement rings. One of the main reasons for their success — apart from the awareness brought on by social media — is being able to buy a ring with a premium cut lab diamond that is larger, brighter, and less expensive than its mined counterpart. With the latest FTC guidelines update, it is impossible for marketing agencies to lie about their products, so consumers can now make purchases without hesitation. The fact that lab diamonds are getting certified is a major positive change in the jewelry industry.

Researchers who have been studying the diamond world for years say that they have never seen such a massive change in popularity. Not only have people accepted them, they are actively purchasing them for the bridal market. This $20 billion industry is expected to grow at a rapid pace, and it will likely gross over $100 billion in the not-so-distant future.

The market price of lab diamonds has fluctuated a lot over the years, but it has been stabilizing lately. The sales for larger lab diamonds are seeing such an increase that the demand has started to exceed the supply. This momentum is not going down anytime soon, which means the market is still growing. According to a report by Morgan Stanley, lab diamonds are taking 15% of the market share.

While this boom has been natural and organic, large companies have now started using lab diamonds for their jewelry, which will add even more momentum to the already accelerating growth of these dazzling beauties.

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