The market rates of synthetic diamonds are 20%-30% but natural diamonds, does this mean synthetic diamonds aren’t real or are of poor quality?
Diamonds are those valuable gems that are pure, redefine elegance and are wanted by many. Whether it’s natural mined diamonds or lab-grown loose diamonds, people tend to adore them.
Not! Synthetic diamonds have a similar intrinsic property as that of natural diamonds. They hold a similar emotional value and elegance that a natural diamond does.
Diamonds were never considered valuable before. It had been only after excessive marketing and advertising did they gain this high stature of being a ‘Precious Gem.’
Many suggest that investing during a diamond may be a myth, as mined diamonds don’t have a high resale value. It had been only after these diamond companies excited the concept of diamonds involvement in traditions and different functions that everybody fell madly in love with these fancy diamonds.
Whatever could also be the history, at present, diamonds are considered as a symbol of affection, peace, elegance, gratitude, and much more. Natural diamonds ruled the market within the beginning, up till the 1950s when lab-grown diamonds made an entry.
As these diamonds had similar physical, chemical, and optical properties as that of natural diamonds, they gave a tough competition. The only difference between natural diamonds and synthetic diamonds is that the latter has a lower cost.
Mined Diamonds and Synthetic Diamonds Price Difference
There are a few reasons why synthetic diamonds are 20%-30% cheaper, here are some reasons.
Mining of Natural Diamonds is Expensive
The whole method of mining diamonds costs a sufficient amount of money. From first digging deep into the earth’s crust to obtaining a rough diamond, a large amount of cash is required.
About a ton of land is mined out to supply 1 carat of diamonds. Sellers need to cover these expenses, due to which diamonds are high priced. A similar doesn’t apply to synthetic diamonds.
There Are Few Economically Feasible Diamond Mines
There are nearly 20 large diamond mines within the world, out of which 11 diamond mines provide the world with 60%-70% of diamond supply.
Diamonds are becoming rarer, which flames the hype, and hence the ultimate product is getting expensive. This doesn’t apply for the synthetic diamonds, as they’re created in labs.
Mined Diamonds Are Hyped
Diamonds were hyped by diamond companies and advertisers, who influenced people into believing that the gifting of diamonds was important for any function or festival.
This is during a process created hype for natural diamonds, which caused these natural diamonds to be valued at a better rate than synthetic diamonds.
Mined Diamonds Have a Big Value-chain
A value chain refers to the series of company’s activities, adding value to a product. The mining of rough diamonds by the miners to buying of these rough diamonds by diamond merchants, diamond cutters, and polishers. To the polishing and cutting of the diamonds, to the selling of those polished gems to jewelers and retailers who will further sell it.
Such a large value-chain makes the diamonds expensive. While within the case of synthetic diamonds, fewer activities lead to a lower cost.
Mined Diamonds Influence Economic Trends
The boom of the economy to its recession, all of this affects the costs of diamonds. As diamonds are a luxury, the increase in price will depend on the GDP of a region. The costs of diamonds are said to be parallel with the GDP of an economy.
Now that we’ve looked at why mined diamonds are expensive, let’s look at reasons why synthetic diamonds or synthetic diamonds are cost-effective.
Reasons for the Effective Cost of Synthetic Diamonds
Technologically Advanced Process
Synthetic diamonds are produced in labs in a controlled environment. Two techniques are used to produce lab-grown loose diamonds: CVD diamond method and HPHT lab-grown diamond method.
These methods can produce a large number of loose diamonds, fancy diamonds, white diamonds, and even color diamonds frequently, Unlike natural diamonds, which need to be mined then processed further. It’s due to this reason synthetic diamonds are cheaper.
Along with this, new technology is being introduced regularly by experts. These new and advanced machinery make the work easy and, therefore, the whole process efficient.
There’s new sophisticated diamond cutting machinery which uses computer application to cut diamonds with precision. There’s even laser-based cutting machinery which is used to cut and polish diamond efficiently.
Synthetic Diamonds Can Supply the Demand
Synthetic diamonds are made in labs (by HPHT synthetic diamond and CVD diamond method) inside chambers under controlled environments. These lab-grown diamonds take about 2-3 months to make completely.
Natural diamonds, on the other hand, form after many years of being inside the earth’s crust. This implies that mined diamonds alone cannot supply the demand of the market.
Human-made diamonds, on the other hand, are often produced in large amounts in less time, due to the advanced technology and machinery. Experts say that soon mined diamonds won’t be ready to meet the availability, as it is that the slower production process.
This issue won’t arise with lab-grown loose diamonds or fancy diamonds, making them cost-effective and a far better choice.
The production of lab-grown diamonds is increasing by 15% each year. If you’re trying to find the best lab-created diamonds, then Loose Grown Diamond is that the world’s leading lab-created diamond manufacturer who shipped globally.
Stats: Synthetic Diamonds Will Outgrow Natural Diamonds
A Forbes article stated that with the rapid rise in the production of synthetic diamonds, it’d soon disrupt the $80 billion mined diamond industry.
The article further stated that with lab-grown diamonds being cheaper, it was preferred more by consumers, as the price was one among the highest three priorities.
The article was backed by stats and surveys produced by Stax Inc., during which the consultancy firm surveyed 40,000 consumers and concluded with, “At $150 million in sales, the lab-created diamond industry’s sales are estimated to hit $1 billion by 2020”.
Growing and Conscious Consumers
With the increasing population of middle-class people, millennials, and conscious consumers, sales of the lab-grown diamonds are ever-increasing. Middle-class people prefer cheaper rates and good quality, which is promised by synthetic diamonds with 20%-30% fewer prices.
Only a fraction of the population would willingly pay 20%-30% more for a mined diamond. Millennials and conscious consumers are concerned about the environment, child labor, and other human factors.
Due to which they are doing not support the production of blood diamonds or natural diamonds; because the mining process causes environmental degradation.
While companies and producers are encouraging customers to shop for mined diamonds by stating ‘Real is Rare,’ Lab-Grown diamonds have already gained popularity.
Synthetic diamonds also are real diamonds, but available at a less high price. So, choose wisely: natural mined diamonds or cost-effective synthetic diamonds?
Why New Grown Diamond is the best place to buy Synthetic Diamonds
The reason you want to buy Synthetic Diamonds from us is quality, but that’s not your sole reason to pick us. Buyers have many other concerns about diamonds, and we try to do our best to meet them through our products.
We are the Finest Lab Grown CVD Diamond Manufacturer & Wholesaler in Surat.
New Grown Diamond Contact Office in Surat
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