We all are well aware of the times that the world is facing right now. Moreover, we are aware of the fact that every industry is facing a massive loss in different ways. However, if you own a diamond company or Diamond Registry, you know the industry insight very well.
Diamonds were and still are the symbols of love, royalty, and uniqueness. The processes that are used to obtain diamonds are tough and time-consuming. People mine for hours in the hopes to discover a quality diamond, and it also takes million of years under high pressure and temperature for carbon to become this precious element.
However, this whole scenario is morphing rapidly and is going to completely change before you even realize it. Here in this blog, we are going to shed light on how the lab-grown diamond market is shaking up the industry and influencing huge business model changes. You are also going to learn more about various facts and other useful information to get the extract of the complete topic. So, let’s not wait any longer… time to get right into it!
How Is the Diamond Industry Faring with the Current Coronavirus Pandemic?
Well, it’s no longer a secret or something that you can overlook: the whole world is suffering from one of the deadliest pandemics in the history of humanity. However, to fight against it, governments are enacting policies enforcing lockdowns and social distancing.
The diamond industry is one such industry that is facing an enormous loss due to the COVID-19 pandemic. Mining processes are no longer taking place, and there is also no demand from consumers because they do not have enough capital.
Furthermore, no such occasions that give people the opportunities to wear diamonds are happening around the globe. This is all leading to a lack of demand among consumers and making things worse for the industry.
What Are We Expecting in the Post-Pandemic Period?
After we win the fight against the coronavirus pandemic, we are going to experience a rush of activities. No matter what grounds we are talking about, the demand will grow. To face this correctly and get everything right, we need to plan accordingly.
The natural diamond-extraction process is not as simple as it seems. A massive amount of methods are present, so how are we going to be ready to face the surge in demand?
One of the most exceptional options is the lab-grown diamond market. Most diamond companies are looking into this option to deal with the post-pandemic environment.
Now, you may be wondering, what is the lab-grown diamond market all about? How are these diamonds different?
What Do We Mean by Lab-Grown Diamonds?
The world is ever-growing, and technology is also boosting rapidly and bringing forth new innovations. Every day, there are breakthroughs in the fields of development and production. One such advancement has been the introduction of lab-grown diamonds.
Lab-grown diamonds have the same atomic structure as natural diamonds. They are “real” diamonds, and not a diamond lookalike, such as Moissanite, for example. They are developed under proper temperature and pressure, with the guidance of professionals. They maintain a suitable environment for the conversion of carbon into diamonds. These conditions follow complete scientific protocol and precautions. With the development of this innovative breakthrough in the industry, lab-grown diamonds are surely the post-pandemic game changers.
You must be wondering how lab-grown diamonds are capable of meeting the preferences and demand of consumers. In the following text, you will learn about the reasons why these are potential replacements for naturally-derived diamonds.
What Are the Top Qualities of Lab-Grown Diamonds?
There are many merits of synthetic diamonds that are comparably better than diamonds created naturally. Below are some of those advantages.
Cheaper to Produce
It is a clear fact that lab-grown diamonds are cheaper to create than natural ones. Natural diamonds undergo extreme natural stress and take a lot of time to develop. Therefore, they are costly and expensive, according to the diamond’s type and carat weight.
Hence, they are sometimes not feasible to consumers who cannot afford such hefty prices. With this in mind, synthetic diamonds are a cheaper alternative that is affordable to all.
Faster Production
One cannot depend entirely on the natural growth of diamonds, because it is a long process that takes a lot of time. In contrast, one can grow synthetic diamonds at a faster rate. When the COVID-19 pandemic ends and the demand for diamonds is high, lab-grown diamonds can be manufactured to meet the requirements of people.
Environmentally Friendly
Many people do not support the mining process behind the extraction of natural diamonds. They continuously oppose it and feel that it is a threat to the environment. On the other hand, synthetic diamonds do not pose any risk to nature. The manufacturing process used to create them is simple and Earth-conscious.
Conclusion
Diamonds are the symbols of love, royalty, and uniqueness. Synthetic diamonds are an edge ahead of naturally-created diamonds due to their Earth-friendly development process, affordability, and ability to be grown at a faster rate. The numerous benefits of lab-grown diamonds make them an ideal option for the manufacturing process. Hence, diamond companies are now switching gears and looking into this side of the industry.
These synthetic diamonds are shaking up the business market and will continue to do so once the COVID-19 pandemic is over.
