In generations past, couples found the process of shopping for rings a romantic pastime as they would travel from one jewelry store to another. Millennials have no interest in doing this. Sure they might pop into a store hoping to get an idea of what they want, but ultimately, millennials buy online. Lab-grown diamonds, gemstones, and online shopping go hand in hand as this generation feels more compelled to shop various online shops so they have access to the most unique options. With lab-grown diamonds and gems being up to 50% less expensive than mined diamonds and gemstones, they can really make their dollars stretch. Not only do they get something totally unique, but they can get a bigger diamond or gemstone as well.
Millennials are starting to flex their buying power across various high-ticket markets such as real estate and the high-end and organic food industry. Their socially conscious attitudes and new definitions of goals are reshaping huge portions of industries, including diamonds and gemstones. They didn’t learn their buying habits from their parents, but rather from the power of the age of information. This generation has a different set of priorities which is turning the diamond industry on its ear (or soon may). Millennials are taking to lab-grown diamonds and gemstones for several reasons we’ll discuss. According to a report by Morgan Stanley, by 2020, lab-grown diamonds could take over almost 8% of the diamond market.
To our commercial clientele, we ask, “Are you going to miss the next wave of disruption in the diamond, gem, and jewelry industry?” We certainly hope not, and are here to assist you in the discovery and transition into this exploding market.