Diamonds have been hanging down celebrity necks since the day humans found out they existed. Naturally then, every other living person on the planet started dreaming of owning one themselves. "Diamond is a girl's best friend," they say.
But recently the natural diamond industry has experienced a hiccup. Natural resources are drying up. Plus, environment-conscious millennials don't want to contribute to the human exploitation that's going on behind the scenes of the industry.
So now diamonds grown in labs are gaining more and more popularity. Young couples and fashion icons are also attracted to their affordable prices. At the moment they're worth half the price of a natural diamond.
Given that natural diamonds might soon be a rarity, Debra Goddard's surprise diamond ring, which she didn't know she had for 33 years, and which showed itself in her most desperate moment, seemed like a true gift from Mother Nature.
You would think after years of associating diamonds with money, and so vanity, the demand for them would decrease.
City A.M. reports that De Beers has recently experienced a drop in diamond sales because of reduced demand for their smaller products.De Beers' sales decreased from $505m to$167m, or by 25 per cent.
De Beers reports their sales by splitting the year into 10 cycles.
Chief executive Bruce Cleaver agreed to comment for City A.M.
He also said that for 2018 they had increased their production to 35.3m carats, or by 6 per cent.
But this need for larger diamonds can't last forever.Financial Times, after talking to an industry veteran, reports that natural diamond reserves are likely to run dry before the middle of the century.
Therefore Patrick Evans, former chief executive of Canada’s Dominion Diamond, is about to launch his own company that sells lab-grown diamonds.Financial Times says.
Evans made his decision after the industry's giant De Beers announced in September they would now start selling lab-grown diamonds.Financial Times says De Beers has already acquired a plant in Oregon that costs them $94m and uses cheap hydropower. However, the company's main focus is fashion jewelry rather than engagement.
This new move in the industry has caused lab-grown diamonds to fall in price, compared to naturally mined ones.Financial Times that 1-carat lab-grown stones now cost, on average, 43 per cent less than natural diamonds.
But Evans is going to sell high quality engagement jewelry and larger than one carat.
“We don’t think it’s necessary to discount the product heavily," Evans said. “We think that we’ll be able to achieve natural pricing."
According to The Daily Beast, lab-grown diamonds are produced using chemical vapor deposition.means is that "scientists fill a low-pressure vacuum with gases, which ultimately react to each other and form a diamond."
Jessica Warch, co-founder of the sustainable jewelry line Kimai which Meghan Markle is a fan of, says the process takes only 6-12 weeks instead of millions of years, as it is with natural diamonds.
The Daily Beast talked to several recently engaged couples who chose to go with lab-grown diamonds.The Daily Beast.
It seems that millennials are not going to let "the darker side of mining" pass by unnoticed.
Sam did her own research and completely agreed with Zach.
Apart from equality and environmental benefits, lab-grown diamonds also great because of their much lower price.The Daily Beast noted, middle-class couples can instead use the money they saved up "to put down a mortgage, buy a car, splurge on a honeymoon, or just get a bigger ring."
“If we went with a regular diamond, I probably would have only got a carat and a half or something," Sam said, showing off her two-carat stone.
He pulled out the lab-grown diamond ring on the infamous Diamond Beach.
“We heard from a lot of friends who got engaged that [rings] can be really up-priced," Erin said.
“Rush has family diamonds and I have family diamonds, but we wanted to come together and create a new family heirloom," she continued.
The only not-so-fun part was telling older family members.
Older generations, however, found offense with it.
At a time of such fast-reducing numbers of naturally found diamonds, Debra Goddard's surprise diamond ring of at least 33 years old is a rare gift from Mother Nature.
'Glass' ring bought at boot sale for £10 was actually DIAMOND worth £740,000 https://t.co/0qbkRYCrXy— The Sun (@The Sun)1549230170.0
She took it to a jeweler to value it, hoping to get around $900.Imagine her surprise when he said it was a 26.27-carat diamond, not glass.
The ring was actually worth around $950,000!“When I went to the jeweler he nearly fainted and said, ‘Do you know what this is? It’s a diamond,'" Debra told The Sun.
"I sat up all night looking at it, wondering what to do."
Love this Aquamarine Diamond💙 https://t.co/brkTND8BET— Rings Daily (@Rings Daily)1549265007.0