PRESS RELEASE: New Customer Research Reveals Major Shift Towards Lab Grown Diamonds

Dec 16, 2023

Lab grown diamonds aren't the future, they are the present.

According to the latest customer research by Shiels Jewellers, the changeover from mined to lab diamonds could arrive faster than you’d think.

Lab created diamonds are near-identical to their mined counterparts in appearance and composition, and are grown from a pure diamond seed.

Over 70% of customers had heard of the lab grown diamonds before Shiels’ survey, revealing that awareness of the jewellery alternative is at an all-time high.

Most surprisingly, 43% of surveyed Australians preferred lab grown diamonds to mined variants, with most jewellery lovers attracted to the affordability of the trending precious stones.

Shiels managing director Toby Bensimon has long followed the trajectory of lab created diamonds.

"It's no surprise to me that we’ve seen such a shift towards lab grown diamond jewellery," said Bensimon.

"I think we can see that the average person is more switched on to environmental benefits and quality that these stones can offer now.

"Particularly for the Millennial generation, there's a lot more acceptance for something like lab diamonds."

Even still, survey results showed that more Australians were attracted to the higher-quality and affordability of the stones, than were enticed by eco-friendly and conflict-free benefits.

"It's not so much all about the affordability, it's about how beautiful of a stone you can get for the price," continued Bensimon.

"When you look at a lab diamond, you can see the quality and beauty, and being able to have that and access that is special."

As for whether lab created diamonds will replace mined diamonds as the most popular gemstone, Bensimon believes the shift won't be so dramatic.

"I expect the future to be fifty-fifty for lab grown and mined diamonds. Although we can see the impact of lab diamonds on the market, I think there's a place for both," he said.

"Both diamond types are beautiful, and there's always going to be something special about the stones formed underground.

"Shiels has delved into the lab diamond trends since the beginning and we’ve always tried to supply mined and lab grown versions of our jewellery, which gives our customers the freedom to buy what they like."

In particular, lab grown diamond engagement rings have seen a significant rise in 2023 as more customers become aware of their environmental and financial benefits.

(Include a link to https://www.shiels.com.au/engagement-rings in the article)