ALBAWABA - Diamonds have always been seen as a symbol of luxury and beauty, but not all diamonds are the same. While natural diamonds have been around for billions of years, lab-created diamonds are both a new and affordable alternative that's gaining popularity in the global diamond jewelry market.
Surat, a bustling city in western India, is in the process of going through transformation due to this, with 90 percent of the world's diamonds being cut and polished there. Technicians are using advanced technology to create diamonds that are virtually the same as the ones mined from the earth.
(Photo by Sam PANTHAKY / AFP)
The process of creating lab-grown diamonds involves replicating the extreme pressure and heat found deep underground, resulting in diamonds that are chemically and optically identical to their natural counterparts. This process has proven to be not only efficient but also more environmentally friendly, with some labs even using solar energy to power their operations.
Over the past few years, the market share of lab-grown diamonds has surged, with exports from India increasing steadily. This rise in popularity is attributed to factors such as affordability, ethical sourcing, and a clean environmental record that resonates with consumers seeking sustainable options.
(Photo by Sam PANTHAKY / AFP)
In contrast, the natural diamond industry has been facing challenges, particularly during the COVID-19 pandemic, which caused a shift in consumer behavior and a decline in demand. Top companies struggled to sell off excess stock and adapt to the changing market dynamics, leading to a decline in sales.
Despite the growth of the lab-grown diamonds market, it has not been without its own set of issues. The fast increase in supply has led to a big drop in prices, with some companies even filing for bankruptcy.
However, industry experts believe that lower prices will drive up demand in the long run, making lab-created diamonds a more accessible option for consumers.
