For decades, diamonds have been the symbol of lasting love. But the industry is in for a generational reckoning as young people decide whether to buy natural diamonds, lab-grown diamonds or forgo the tradition altogether.

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Initially, these diamonds were used as tools to cut metal and glass. But as experts refined the process, the product eventually reached the clarity of diamonds used by jewelers.

Are lab-grown diamonds the real deal? I can give you a lithograph. It’s the exact same ink, the same brushstrokes done by the computer.” But not everyone in the industry believes this is good for business. “It was grown on purpose under controlled conditions but the final product is the same.

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Lab-grown diamonds are a bargain, priced between 80-95% less than mined diamonds. But price isn’t the only reason some people are opting to buy lab-grown diamonds. Ethical conflicts marred the mining industry for years.

Today, the situation is far less volatile. However, human rights activists still warn that some in the diamond mining industry are not maintaining international labor standards. Infrastructure to mining communities. The diamond industry maintains the trade provides economic advantages.

How marketing made diamond sentiment sparkle

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Diamonds weren’t always the token of love. But you didn’t have a lot of money. You couldn’t buy a castle, you couldn’t buy a tiara. “There was this new thing that had never existed before in the world called the middle class. And what the middle class meant was, you weren’t a peasant, you had extra money, you could buy a washing machine, you could buy a car, you could go on vacation. Much of that reputation is traced back to the iconic 1947 De Beers advertising campaign, “A Diamond is Forever.

“So they had to figure out how to sell diamonds, not to a small number of obscenely wealthy people, but to an enormous number of comfortable people,” she said. The woman is very happy when she receives the diamond. But it’s not only because she got a diamond, she got a man.W. “And what they did was they came up with the diamond engagement ring. “It’s not just the woman who’s receiving the gift.

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“They invented everything we associate with advertising, from consumer research to product placement, on celebrities, on movie stars, on red carpets,” she said. “When a princess gets engaged, she gets a diamond ring. And it worked so well.” They made sure diamonds were everywhere you would see them and want them.

But nearly 80 years after the campaign kicked off, the tradition is losing its sparkle with younger generations. The average diamond engagement ring now costs more than $5,500.

Lab-grown diamonds go mainstream

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For years, big names in the diamond industry refused to validate lab-grown diamonds. “Instead, they’re making the worst jewelry they can possibly make out of these exquisite lab-grown diamonds. And they’re marketing it as badly as they can figure out how to market it. They’re making sure it seeps into your consciousness, just like it did with diamonds.

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“The message they want you to have is lab-grown diamonds are not real. They’re charming. And it’s working,” she said.

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Meanwhile, prices for wholesale polished diamonds fell 20% last year. The party was over.” “Remember, there was no vacation really taking place at that time, no travel, people were stuck at home. And so diamond purchases and jewelry purchases were very big winners when you had those government funds coming through. But then it stopped.

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Despite market trends, he still thinks there is a lasting market for luxury jewelry.

“Diamonds are forever, little old ladies are not,” he said, laughing. Diamonds are for people that have money. Forgive me, I like to sell diamonds to rich people.” Diamonds aren’t for everybody. “So you’re gonna get to a situation here where there’s going to be huge wealth moving from these baby boomers to these worthy or unworthy millennials.

Raden, a jewelry designer herself, believes lab-grown diamonds have a huge upside when it comes to what will be possible in the future.

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“You can do things with lab grown diamonds you can’t do with natural diamonds,” she said. “We’re just on the precipice of it, but you can make much more interesting colors than exist in nature. You can give them different properties.