Not long ago, natural diamonds were considered a symbol of luxury. An engagement ring without a diamond? Unimaginable. A precious stone as an investment? Considered a safe bet. But the market is changing and so are our ideas of what we expect from jewelry.
What’s happened to diamonds? The luxury market is changing the rules of the game
The diamond industry has been in turmoil in recent months. Natural diamond prices have been falling, stock levels have been rising and consumer attention has started shifting from ostentation to deeper values like personal meaning, transparency and ethical sourcing. Instead of showy gemstones that were designed to catch the eye, it is jewelry with a story, whether personal, ethical or well thought out, that is increasingly popular. The important considerations today are authenticity, sustainability and a relationship with the jewelry pieces themselves.
A lab grown revolution: Ethics, price and choice
One of the main reasons behind all of this is the emergence of lab grown diamonds. These diamonds are chemically and visually identical to natural diamonds but up to 70% cheaper. And it is their affordability that has made them an increasingly common inclusion in engagement rings as well as other everyday jewelry.
But lab diamonds are not just a cheaper alternative. For many customers, they represent a conscious choice to own a quality diamond which meets clearly defined parameters and comes with a verified provenance. What’s more, the technology used to create them also allows for color varieties and striking designs to be created.
New luxury for the younger generations
Generation Z and younger millennials have redefined the very perception of luxury. Style, a personal story and brand transparency are far more important to them. Lab diamonds allow them to wear jewelry that fits their worldview which is modern, sustainable and stripped of any unnecessary pomp. But natural diamonds with a certified provenance haven’t lost their significance just yet. For many customers, they remain a symbol of tradition, craftsmanship and long-term value.
Jewelry as a means of self-expression
Today, jewelry is no longer just a status symbol. More and more people see jewelry as an expression of who they are. They may own a stone from the place they first traveled to. Or maybe their jewelry is a family heirloom or it was custom-made to commemorate a specific moment. Such jewelry isn’t loud but it stays with us forever. Whether it’s an understated pair of earrings, a dainty necklace or an engagement ring–what matters most is that it captures who you are.
What’s the bottom line for you?
When you choose a piece of jewelry, either for yourself or as a gift, it’s worth asking yourself a few questions:
- Does the origin of the stone matter to me?
- Am I after a natural or a lab grown diamond?
- Do I want the jewelry to come with a meaning?
- Will it be an everyday piece of jewelry, or just for special occasions?
Brands that follow how the market evolves and that are then able to thoughtfully translate that evolution into their collections will help you find a balance between aesthetics, price and sustainability. It’s important to choose not only with your eyes, but also with your heart because that’s what makes a piece of jewelry more than just a beautiful accessory.
