WHY MILLENNIALS ARE CHOOSING LAB GROWN DIAMONDS

 

WHY MILLENNIALS ARE CHOOSING LAB GROWN DIAMONDS

The emergence of COVID-19 has dramatically affected global economies and public health around the world. These outbreaks are becoming more frequent and have clearly become a matter of great concern. However, such a crisis shouldn’t come as a surprise as we have been putting too much pressure on the natural world without realizing its damaging consequences. Experts say that we need to end both global heating and the destruction of our natural world for farming, mining, and housing as these activities eventually drive wildlife into contact with people, giving rise to such deadly diseases and disrupting the natural environment.

According to the 2019 Global Risk Report by WEF, environmental threats have become the second most dominant global risk in respect to the impact after weapons of mass destruction. It has become more important than ever for luxury brands and big businesses to show their prominent place in this landscape and transform themselves in response. On the other hand, it is equally important for consumers to be more mindful of their consumption and demand sustainable options from brands. The need for sustainability has been far overlooked, however, it has been gaining attention especially among the millennials who are in the initial fundamental stages of their lives while dealing with the current crisis.

 

 The call for sustainability is now louder than ever among the millennial generation

Millennials, those roughly born between the 1980s – 2000’s, and the potential target audience of every growing industry, are increasingly leaning towards spending less on high-value luxury items and more willing to spend on experiences. Moreover, they remain extremely brand conscious and support brands not just for the product but also the philosophies and values that the brand stands for.

This trend has not gone unnoticed in the diamond industry. As a result, consumers are now exploring real diamonds that are grown in laboratories as the new alternative for engagement rings as well everyday wear as it comes with the added benefit of being an affordable, sustainable and more environment-friendly product. These diamonds have the highest demand from the millennials, with a huge potential to increase internal consumption with India having the largest millennial population.

Let’s have a look at some statistics about millennials:

 

 

Why are lab-grown diamonds the new choice of the millennials?

 

Owing to the factors such as depletion of diamond mines, increasing environmental threats due to mining, and the lack of ethical policies in the diamond industry, consumers have been wary of purchasing diamonds and they now focus not only on aesthetics and rarity in their jewels, but they also seek assurance that they are sourced responsibly. These values have led to an increased demand for non-mined diamonds (also affordable as they are not mined).

Diamonds grown above the earth have gained immense importance in the US where there have been clear awareness campaigns on the product. Once understood, millennials prefer to purchase lab-grown diamonds (a survey done showed 70% of millennials opting for a lab-grown diamond) mainly because they get a bigger size in the same amount and secondly, but most importantly, as the source is known of the lab-grown diamond and doesn’t involve complications associated with the natural mining process.

 

Sustainable diamonds

 Equivalent to the concept of test-tube babies and naturally born babies where the process is different but the output is exactly the same, lab-grown diamonds are real diamonds grown in advanced labs, instead of being mined from below the earth’s surface. This leaves the earth free of mining manipulations, making these diamonds a sustainable choice for consumers. One carat of lab-grown diamonds can save up to:

·         109 gallons of water

·         1.5 billion times the carbon emission per carat

·         250 tonnes of land

 Type IIA – Purest of all diamonds

 Diamonds grown through the CVD process (an advanced technology predominantly found in India, the USA, Japan, Singapore) are 100% composed of carbon and are nitrogen-free. Only 2% of the world’s natural diamonds are the purest type – 100% carbon composed, whereas all CVD diamonds are composed entirely of carbon. These diamonds have been classified as Type IIA by world-renowned diamond grading & certifying labs such as GIA, IGI and SGL. Type IIA diamonds are the purest and most-valued gems that are synonymous with the legendary Golconda diamonds, named after the historic mines in the Kingdom of Golconda in India that produced some of the first Type lla diamonds during the 16th and 17th century

 Cost effective

 What makes non-mined diamonds all the more desirable is that they are at least 50% cheaper than their mined counterparts. The major price difference is due to the absence of the mining process, which saves up on heavy extraction costs. This price benefit is then passed on to the consumers which is another major reason for their growing acceptance among the millennials and other consumers.

 Limelight strongly believes that future consumption is going to be driven by the millennial generation and staying true to the core values of the brand is of significant importance. With a strong focus on transparency and up-keeping high ethical standards, Limelight aspires to redefine the way of doing business, re-enforce and redeem the lost trust. Every Limelight jewellery is certified and has a lab-grown diamondcertification stating the process of CVD as well as its classification of Type IIa. Here’s a detailed look at what Limelight Diamonds offers its customers:

1. Our diamonds are real

They have the same carbon composition, chemical, thermal, optical and physical properties as natural diamonds.

2. We offer the purest type of diamonds – The Type IIA privileg
Unattainable for the most, the world’s famous and rare diamonds have been Type IIA, whose shine and brilliance is significantly superior. The Kohinoor is a Type IIA diamond – the purest type of diamond. Limelight, through technology, now brings in the Type IIA privilege at the hands of each customer.

3. We believe in protecting the legacy, yet preserving our planet
Our diamonds involve no mining and hence save water and land destruction. This helps us enjoy luxury, but not at the cost of our people and planet.

4. We are affordable
Since we do not bear the heavy burden of mining, and its associated costs, the cost savings is passed on as a pricing benefit to our customers.

5. We are absolute Make in India
From diamonds grown in one of the world’s largest labs in Surat, to our impeccable jewellery designed and created by our skilled craftsmen and artisans, all our jewels have been intricately made in India.

6. We offer lifetime Buyback & Exchange
As per our policies, we offer 80% cashback and 100% exchange on the net invoice value of any jewellery purchased from Limelight.