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Wed, 03 Jun 2026

Wed, 03 Jun 2026 'By the grace of God': Miners dig on as lab-grown diamonds change market

The rising popularity of lab-grown diamonds heaps pressure on those hunting for the natural gems.

* The global lab-grown diamond market was valued at $29.5 billion last year and is expected to grow to $91.9 billion by 2034.
* In the US, engagement rings with lab-grown stones now account for 61% of all sales, according to a study by wedding planning website The Knot.
* Lab-grown diamonds are becoming more popular due to their affordability, energy efficiency, and environmentally friendly production process.
* However, some environmental consultants have raised concerns about the high energy consumption required to produce lab-grown diamonds. Natural Mined Diamonds Struggle The growing popularity of lab-grown diamonds has led to a decline in sales for natural mined diamonds. Some retailers are struggling to sell natural diamonds due to their higher cost and perceived lack of value compared to lab-grown alternatives.
* According to De Beers, the total annual value of natural mined diamonds used in jewelry is around $20 billion.
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* Some retailers, like David Douglas Diamonds, are trying to promote the unique story and history behind natural mined diamonds. However, this effort may not be enough to compete with the appeal of lab-grown diamonds. Conclusion The growing popularity of lab-grown diamonds is having a significant impact on the engagement ring market. While some consumers are drawn to their affordability and energy efficiency, others are concerned about the environmental implications of their production process.