Why are consumers flocking to man-made diamonds? Cost is the most obvious reason, but not the only one.
Not that you'd know the difference. Man-made diamonds look the same as naturally occurring ones. The only noticeable difference is the price tag."The result is really stunning," said Edahn Golan, an independent diamond industry analyst.He said March data showed the number of engagement rings sold that featured a manufactured diamond jumped 63% compared to last year, while the number of engagement rings sold with a natural diamond declined 25% in the same period.
Among Millennials and Gen Z, their eco-conscious mindset and ethical concerns about natural diamond sourcing is another factor influencing their preference for non-traditional engagement rings, according to a report from wedding planning website The Knot.Small but growing share of the diamond marketAlthough its slice is growing, the market share for man-made diamonds remains relatively small.
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