Pretty is no longer enough.
Millennial consumers, in particular, have shown growing interest in lab grown diamonds.
Lab grown diamonds typically cost around 30-40% less than mined diamonds. So that means with lab grown diamond not only can customer cut down the overall ring cost (or get a bigger ring), but is also assured about diamond's origin.
A consumer survey - A Diamond Choice 2019,
Lab-Grown Diamonds & The Future of The Diamond Industry by consumer and trade market research firm MVI - revealed that 51% of
consumers are aware of lab grown diamonds and 23% consumers claimed that they will definitely buy a ring with lab grown diamonds.
MVI's report also revealed that consumer attitudes are consistent with updated Federal Trade Commission's (or FTC) guidelines in terms of defining language.
According to MVI's survey, the bridal market consumers preference for lab grown diamonds in their engagement rings is growing steadily.