With the surge in the popularity of the synthetic diamond industry, people have started making ethical choices when shopping for jewelry. But with that, a new question has sparked the public’s interest: what is the impact of Lab Grown Diamond on the diamond mining community?
Read on to get a complete analysis of how the synthesized procedure has impacted traditional diamond mining techniques!
The Shift of Power from Natural Diamond Mining to Lab-Grown Diamond Industry
Although the demand for naturally mined diamonds is expected to decline, the shift wouldn’t occur overnight but would take at least five years. That said, lab-grown diamond mining has started showing substantial progress in capturing the market share.
Those planning to buy engagement ring prefer synthetic alternatives, owing to their similar characteristics yet considerable price difference from the mined gems. The unique cuts and versatile designs further add to the appeal of the lab-grown substitutes. Whether you want a loose asscher cut diamond, a pear, or a heart-shaped diamond, you can get it much cheaper than similar traditionally-mined cuts.
And you get a better idea by looking at the stats. Market analysts have anticipated that the lab-grown diamond industry will have a market share of $55.6 billion by 2031, undergoing a CAGR of a staggering 9.8%. On the other hand, the natural diamond mining industry will experience a CAGR of 2.5% during the same period and have a market share of only $2.5 billion.
A Learning Curve for the Mining Community
These stats give an insight into the anticipated economic instability the mining community will have to face. However, the gradual shift to sustainable diamond sourcing will not cause abrupt job losses but will allow industrial workers to improve.
The unethical practices involved in mining natural diamonds are no secret. But the unavailability of a sustainable alternative meant that people either purchased an overpriced diamond mined unethically and employed environmentally-unfriendly mining techniques or didn’t buy one.
But, now that there is a better substitute that is both ethically formed and environmentally safe, the mining community is under pressure to uphold higher moral standards.
Improvements in the Natural Diamond Mining Industry
Some key steps that mine owners would have to take to give the natural diamond mining industry an ethical detox include improving the area’s infrastructure and educational resources.
These development initiatives would encourage the active community and equip them with the skills and knowledge to get reasonable compensation for their efforts. Additionally, it would motivate customers as the high prices of naturally mined diamonds would be justified by social advancement, and they would get value for their money.
This investment by ethical mine owners would create an ecosystem that encourages future generations to become more aware of the environment and less dependent on mining as their sole source of employment.
Keeping in mind that most conventional mining corporations avoid participating in schemes like these only to maximize their current profits, the increasing popularity of lab-grown diamonds is an excellent driving force to compel such businesses to follow suit.
Several mines in developing countries have already started modifying their technology, significantly boosting their ethical standards and setting an example for other corporations that don’t want to keep losing market share to lab-created diamonds.
RareCarat – The Leading Online Lab-Grown Diamond Marketplace
Until the diamond mining industry adapts to ethical production techniques and modern technology, Rare Carat continues to provide sustainably produced lab-grown diamonds to customers.
We compare more than a million naturally occurring and lab-grown diamonds at reputable merchants and offer our customers the best deals. Featured on BBC, Forbes, and The New York Times, our search engine enables customers to purchase diamonds directly from wholesalers.
Our GIA-trained gemologists are available to guide you in your diamond search and interact with the sellers on your behalf. Additionally, we provide a 100%, no-questions-asked money-back guarantee, and 30 days return to customers who are not satisfied with their package.
You can use our tools and resources like the Rare Carat Report, Rare Carat Deal Score, and the 4 C’s Diamond Buying Guide to combining machine intelligence and human knowledge to assess the stones you are interested in buying.