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Report: Millennials “Hot to Buy Lab-Grown Diamonds”

“Millennials are shopping for larger diamonds on a lower budget”
Engagement diamond ring millennials
Credit: Peter Bernik / shutterstock.com

A report by GN Diamond quoted by Rough & Polished claims that there is “a surge in lab grown diamond purchases among millennials.”

 

LGD seed lab diamonds
Credit: Lightbox Jewelry

 

By the end of 2022, the lab grown market may exceed $10 billion and, according to the same report, “millennials are shopping for larger diamonds on a lower budget, concerned about resourcing and energy efficiency.”

 

china millenials luxury shopping
Credit: Tom Wang / shutterstock.com

 

In a related survey conducted last year – The Knot 2021 Jewelry & Engagement Study it was found that 34% of respondents found it “increasingly less important that the ring/stone be a natural stone (-8% since 2019), with Gen Z (28%) finding it less important than Millennials (35%) and Gen X (41%).” Nearly one in four engagement rings in 2021 featured a center stone that was lab-grown – up 11% in the past two years, “demonstrating dedication to sustainability.”



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