A study by Allied Market Research predicted that the use of lab grown diamonds by consumers will grow by a whopping 9.4 % between 2021 and 2030. Indeed, the use of lab grown diamonds has gained pace, and there is a likelihood that this momentum will be maintained in the long run.
This article is going to explore the marketing dynamics of lab-grown diamonds.
The marketing of lab-grown diamonds
The marketing of lab grown diamonds identifies the main strengths that lab grown diamonds boast of, and they are a plethora. To start with, lab-grown diamonds are made in an environment which is controlled. This comes with quality control and constant monitoring. Scientists are able to make diamonds with very few or no flaws, something that the natural mining of diamonds does not have.
Lab grown diamonds come with sustainability, both in ethics and enhancing the environment. You are not going to hear of child labor in a lab-controlled environment and there are no cases of human rights abuses. In addition to that, there is no negative environmental impact that is common in mining natural diamonds.
When lab grown diamonds are mined in the right way, they tend to be better in quality when compared to natural made diamonds. In addition to that, marketers can personalize and customize lab grown products so that they can fit in the needs and preferences of the clients. Moreover, marketers emphasize that when one is purchasing diamonds, one is buying a luxury product, and this comes with a lot of pride.
The marketing of man made diamonds shows that these kinds of diamonds will realize value growth and consistent market expansion. Labs and factories growing diamonds believe that the use of the Chemical Vapor Deposition method of diamond-processing will be appealing to consumers. This is due to its effectiveness, sustainability, and ability to offer optimal quality of products. In addition to that, marketers are quick to note that the use of lab grown diamonds will help in meeting demand in a market that has a high appetite for jewelry. Again, mass production of jewelry comes with reduced prices.
It could also be argued that the marketing of lab grown diamonds is aimed at overcoming the prejudices that these types of diamonds face. Some sections of the market segment felt that diamonds processed in the lab was of inferior quality. Nothing can be further from the truth- Lab gown diamonds are of high quality if not better than mined ones.
These efforts that marketers make in seeking enhanced recognition of diamonds is gradually bearing fruits. For instance, the Federal Trade Commission (FTC-US) has now expanded the definition of diamonds to include man made diamonds. This effort did not come easy and it required a spirited campaign by marketers and other stakeholders in the diamond industry. It also meant overcoming hostility from the luxury sector and the miners.
Today, many people would consider a lab grown diamond when shopping for an engagement ring. The millennials have been the key drivers in these changes due to their consciousness in ethical considerations and environmental sustainability.
In the near future, marketers will bank on disposable income among consumers, reduced prices, and increased awareness, in order to drive sales in the lab-grown diamonds. In addition to that, the advancement in technology will lead to better lab products.
About Rare Carat
With the market of vendors dealing with diamonds, it is not easy to know which vendor offers high quality products and which ones are not. One of the most reputable places to source your diamonds is Rare Carat, http://www.rarecarat.com. This company boasts of a highly skilled staff, experience spanning years, cutting edge technology in processing diamonds, and dedicated customer service.
With Rare Carat, you are going to enjoy many options when it comes to man made diamonds. Rare Carat lab diamonds come with guaranteed quality and high-quality service.
As a reputable company, we do not engage in aggressive marketing practices just to increase overhead. Rather, the company seeks to offer value for the money and indeed exceed the expectations of the clients.
If you want to buy diamonds, call Rare Carat today, and you are going to get excellent service.
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