With gift-giving and engagement seasons around the corner, there’s a trend you may not be aware of. According to Sheconomy, a marketing research group focusing on women’s buying habits, nearly 50% of women say they want more green choices and 37% are more likely to pay attention to brands that are committed to environmental causes.
Women are becoming socially and environmentally conscious consumers.
Earlier this month, Victoria’s Secret unveiled their boldest Fantasy Bra yet: a 71-carat stunner featuring 2,100 laboratory grown diamonds. Supermodel Elsa Hosk, wearer of this year’s diamond bra, called it “the most beautiful Fantasy Bra” she’s ever seen.
Why did Victoria’s Secret choose cultured diamonds over mined diamonds? According to Co-founder and CEO Jason Payne of the San Francisco based lab diamond retailer, Ada Diamonds, “Today’s sophisticated women prefer the superior quality, known-origin, and sustainability of lab diamonds. In fact, in only two years, there has been a 56% increase in couples considering lab diamonds for their engagement rings.”
Victoria’s Secret is not the only major brand to embrace laboratory-grown diamonds this year. Rolls-Royce Motor Cars used lab diamonds supplied by Ada Diamonds, in their sold-out special edition car ‘Adamas’.
Yvon: What are some main reasons why clients are leaning towards lab diamonds?
Jason: Sophisticated women around the world are rapidly embracing lab diamonds, and Victoria's Secret is seeking to engage these educated, driven, and successful women. There are a variety of reasons that our clientele choose lab diamonds including known ethical origin, superior sustainability, and superior quality. Many of our clients love the cutting edge technology and view lab diamonds as a paragon of human achievement.
Yvon: Are there pricing differences between lab and mined diamonds?
Jason: Yes. Ada Diamonds offers cultured diamonds at about a 30-40% discount compared to mined diamonds of comparable quality.
Yvon: What are some trends in regards to the popularity of lab diamonds?
Jason: Besides the number of couples that considered a lab diamond engagement ring increased 56% over the last two years, another survey found that 59% of respondents aged 18-24 are receptive to man-made diamonds.
According to Morgan Stanley, Citi, and Bain, laboratory-grown diamonds will quickly rise to take at least 10% of the global diamond jewelry market. Thus, annual sales of lab diamond jewelry will quickly top $10 billion USD.
As I combed through Ada Diamonds’ Yelp reviews, many couples specifically seek out lab diamonds for the primary purpose of avoiding conflict diamonds also known as blood diamonds. These terms refer to the activities of diamonds being mined in conflict and war zones and sold to finance insurgencies and deadly wars.
Since the efforts of bringing blood diamonds to light more than fifteen years ago, the largest diamond brands such as Tiffany’s and De Beers, have implemented sourcing strategies that intend to avoid conflict diamonds. However, according to TIME, there are still conflict diamonds on the market. The efforts continue as the global retailers seek sourcing transparencies and traceability to find ethical diamonds. They do exist and for the people and children in these diamond-rich areas of the world such as Africa and India, they may be the source of income and food that otherwise wouldn’t be possible without mining work. Ethical diamonds also exist in conflict-free countries such as Canada and Australia.
Ada Diamonds provides a fantastic luxury option for those who prefer absolute peace of mind without sacrificing quality. As women progress to becoming even more socially and environmentally conscious shoppers, the demand for lab diamonds is expected to increase tremendously without question.
@YvonLux is a marketing CEO and founder of VANT4GE, LLC who also owns her custom-clothing line, Yvon Lux. She is also a published blogger and editor for her Apple News channel.
The young female founder has been featured in the Los Angeles Times, Orange County Register, Modern Luxury Magazine, and various other media outlets. Connect with her on Instagram and subscribe to her channel! Follow her on Twitter if you can handle sarcasm and politics.
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