Diamonds Factory: Popularity gap between natural and lab-grown diamonds is closing

Diamonds Factory, an Irish diamond jewelry manufacturer, has switched 70% of its online sales to lab-grown diamonds in a bid to help shoppers save money as the cost of living is rising, the Professional Jeweler Magazine reported.
According to Diamonds Factory, global diamond prices have risen by 30% over the past three months, and shoppers can save up to 40% of their money by switching to lab-grown diamonds.
Ben Stinson, head of e-commerce at Diamonds Factory acknowledges that natural diamonds are still more popular, but he is convinced that the popularity gap between natural and laboratory-grown stones is closing.
“Shoppers are becoming more eco-conscious,” he said. “We’ve had that verbally, we’ve seen it in demand on our website, search trends on Google and in the increasing demand for knowledge and education. You can also see it in terms of the cost of living at the moment as people want something that’s more price competitive, and lab-grown diamonds are a great example of that as they are chemically identical, meaning you’re not losing anything from the naked eye.”
Diamonds Factory's lab-grown diamond sales are steadily growing, Professional Jeweler said adding that while lab-grown diamonds accounted for 10-15% of its total sales in 2021, they currently account for about 30%.