An investigation by author and media personality Scott Pape has found that Gen Z is driving an increasing trend in purchasing lab grown diamonds. Scott Pape is the best-selling author of The Barefoot Investor, a popular personal finance book in Australia. His column, published in the Sunday Mail and titled “Diamonds get a rough trot in modern times”, discusses an increase in purchasing sustainable lab grown diamonds over natural diamonds.
Quoted by Pape: “A full three quarters of them [Gen Z] prefer to buy sustainably rather than go for brand names, according to a study by Wharton University, as reported by the World Economic Forum.
“And that means: Bye-bye blood diamonds … Hello, lab-grown diamonds!”
Pape explains that lab grown diamonds are chemically identical to mined diamonds, because they're created under similar conditions. Lab grown diamonds are crafted in an artificial setting and mimic the formation of a natural diamond. Pape notes that even jewellers can’t tell the difference between these two types of diamonds.
As more people understand the environmental benefits of lab grown diamonds, the more popular these diamonds are becoming.
Pape says: “There are even more bragging rights if your bride-to-be can say her lab-grown diamond was made in a factory run on solar power.”
The article explains that it's not only Gen Z who are buying lab grown diamonds, but influencers too:
“Gen Z’s influences - like Meghan Markle, Billie Eilish, and Bindi Irwin - all reportedly wear ‘ethical, sustainable and conflict-free’ lab-grown diamonds,” says Pape.
“Heck, even old Leo DiCaprio, who starred in the film Blood Diamond, apparently gives his girlfriends ethical rings.”
Curious about what type of diamond people prefer, Pape asked his accountant, who said: “The lab, of course. Better value for money.” This opinion contrasted his assistant, who said she prefers the real thing: “I want someone to have suffered for my ring.” Finally, Pape asked his wife, who said: “I love the one you gave me … and I'm not planning on getting another.”
With conflicting thoughts surrounding purchasing lab grown diamonds, these eco-friendly diamonds are becoming more considered as the standard everyday ring.
Lab grown diamonds aren’t just sustainable and ethical; they are also affordable. Stated in Pape’s article, “lab-grown diamonds are 90 per cent cheaper than mined diamonds.”
And Pape notes that Gen Z aren’t just buying lab grown diamonds because of their affordability. Gen Z also get to claim the moral high ground because they’re doing it to save the planet. Lab grown diamonds are more ethically sourced as they require less energy and water to produce.
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