Diamonds may be forever, but their appeal is fading. Pandora CEO Alexander Lacik predicts that lab-grown diamonds will surpass their mined counterparts in popularity within the next decade. Their lower cost and ethical appeal have attracted a considerable segment of the market, especially from younger consumers.

• Lab-grown diamonds are up to 80% cheaper than natural ones, with production costs at 25% to 33% of those for mined diamonds.
• These alternatives now make up 20% of global diamond sales — with the market expected to reach $59.2B by 2032.

Natural selection: Traditional diamonds still dominate the market, but demand is falling, and prices are dropping due to several factors — including oversupply and competition from cheaper lab-grown diamonds. However, industry analyst Paul Zimnisky believes, “We are getting to a pivot point where the profitability of retailers selling lab-grown is a lot less than it was in the previous three to five years… this could be a catalyst to returning to natural diamonds.”