In a momentous shift in the gemstone industry, Diamonds On Richmond, one of New Zealand’s leading diamond retailers, announces a surge in popularity of lab-grown diamonds over their mined counterparts.
With an ever-growing awareness of environmental sustainability and ethical practices, consumers are now more discerning in their choices. Lab-grown diamonds, which are identical in structure, appearance, and chemical composition to mined diamonds, have emerged as the diamond of choice for an increasing number of buyers.
The Director of Diamonds On Richmond, M Wobcke, explains, 'The engagement ring market has really changed over the last few years with the introduction of lab grown diamonds. Labs were much less popular when their price was comparable to mined diamonds, but now they offer a cost-effective alternative for people concerned about sustainability.'
Several factors have contributed to this shift:
- Sustainability: Mining diamonds can be detrimental to the environment. Lab-grown diamonds significantly reduce the environmental footprint, needing considerably fewer resources and causing less ecological damage.
- Transparency: Lab diamonds come with the assurance of ethical practices, devoid of the baggage associated with “blood diamonds” or conflict diamonds.
- Value: Lab-grown diamonds generally come at a fraction of the price of mined diamonds, making them a more cost-effective choice without compromising on quality or appearance.
- Innovation: The technological advancements in creating lab diamonds allow for innovative sources of energy, such as solar power.
- Changes in Purchasing Behavior: Millennial and Gen Z consumers are leading the charge in demanding ethical and sustainable products. Their buying behavior heavily influences market trends, and they're showing a strong preference for brands that align with their values. With concerns about the environment, social justice, and transparency, these generations find lab-grown diamonds more in line with their principles.
Despite this, the rest of the diamond jewelry industry is still lagging behind this trend, with estimates that only 10% of diamond jewelry sold worldwide are lab grown diamonds.
Thankfully, Diamonds On Richmond has always been at the forefront of offering both mined and lab-grown diamonds. They provide a wide selection and ensure that all diamonds, regardless of their origin, adhere to the strictest standards of quality.
About Diamonds On Richmond:For over a decade, the Diamonds on Richmond (DOR) dedication to customer service and outstanding craftsmanship has set the company apart from the rest.
The DOR business model has not deviated from the original plan set back in 2008. To this day, DOR offers high-quality jewelry, with exceptional customer service, education, transparency and trust, because that's how it should be and that is the DOR way.
Media Contact
Company Name
Diamonds On Richmond
Contact Name
Andrew Norman
Country
New Zealand
Website
https://www.diamondsonrichmond.co.nz/
