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The natural diamond industry is getting rocked. You can thank the lab-grown variety for that
The natural diamond industry is getting rocked. You can thank the lab-grown variety for that

Yahoo

time6 days ago

  • Business
  • Yahoo

The natural diamond industry is getting rocked. You can thank the lab-grown variety for that

When Aret Oymakas started selling diamonds years ago, engagement ring shoppers came in looking for one thing for their brides-to-be: a real, mined diamond. "It was just a diamond," said Oymakas, owner of Livia Diamonds in Toronto. "And you got what you were able to get … in terms of design and budget." These days, not so much. Lab-grown diamonds have become massively popular in recent years, giving the traditional, mined version a run for its money. Oymakas says natural diamonds made up 100 per cent of his business until 2018 when lab-grown diamonds came on the market in a big way. Now, natural diamonds account for only three to four per cent of his business. According to experts like Oymakas, ethics, cost and the rising price of every other part of life for new couples has chipped away at the popularity of real diamonds. And that's having a big impact on the mining business — including in Canada's North. WATCH | Northern mining industry takes a hit as lab-grown diamond popularity surges: Just last week, Burgundy Diamond Mines announced it would be laying off hundreds of employees and temporarily suspending operations at one of its open-pit mining sites, Point Lake, in the Northwest Territories. A communications manager for the company, Ariella Calin, said the open-pit mine was "proving to be sub-economic," given the recent drop in the value of diamonds. According to data from Tenoris, which tracks diamond retail prices, natural diamonds in stores now cost 26 per cent less than they did just two years ago. Canada exported $2.21 billion worth of diamonds in 2019, making it the third biggest diamond producer in the world at the time. And with three diamond mines in the Northwest Territories alone, the diamond industry employs thousands of people directly in that province and many more indirectly according to experts, meaning declines in the market will have an outsized impact in the North. Mined vs. lab grown? Mined diamonds are forged deep in the earth through heat, pressure and time, before they're dug up, crafted into shape and set into jewelry, such as engagement rings. Lab-grown diamonds essentially replicate that process above ground — using chemicals and extreme heat, diamonds are forged in a chamber in a matter of weeks. "I always make the analogy of ice made in your refrigeration system versus ice made outside in the cold," Oymakas said. "Physically they're identical. There's no difference whatsoever." But some experts stress there is still a difference. Graham Pearson, professor with the University of Alberta's department of earth and atmospheric sciences, says that the natural formation of diamonds deep underground results in a "complexity" you can't get with the lab-grown variety. "What you get with [a natural diamond] is that you're holding an amazing fragment of the deepest part of the earth. A natural diamond is unique," he said. Lab-grown diamonds, he argues, are all the same, made from an exact recipe — like a print of a painting. Why have people flocked to lab-grown? To engagement ring shoppers, however, the only visible difference in the price tag, according to Oymakas. Whereas a two-carat real diamond engagement ring might cost $35,000, Oymakas says a two-carat lab-grown diamond with the same clarity and colour could only be about $3,500. "With the cost of everything going up these days — housing, wedding expenses — people don't want to spend a fortune on a ring," Oymakas said. That means people can afford far bigger stones if they buy synthetic, often still for less than what a natural diamond would have cost. The technology used to make lab-grown diamonds has also dramatically improved since they first came onto the scene, according to Oymakas. He says this allows them to create more customizable stones that have a unique shape or tone for instance, and that's proven to be a draw to customers. Ethics are another reason. Forced labour and child labour are problems in the diamond mining industry in Africa in particular, and the difficult physical work often yields little pay. Many shoppers want to avoid "blood diamonds" — stones mined in African conflict zones that in turn are used to fund rebel movements. While an international grading system called the Kimberley Process has since been instituted to help consumers know where their diamonds come from, there's still debate about how well the system works. Stefanie Beninger, an associate professor of marketing at Nyenrode Business University in the Netherlands who has researched the marketing of diamonds, says the ethical component played a big role in the natural diamond's demise. The blockbuster 2006 movie Blood Diamond starring Leonardo DiCaprio exposed many consumers to the realities of the diamond mining industry. So, years later, when lab-grown diamonds that didn't carry the same ethical concerns emerged on the market, consumers were drawn to them, Beninger said. (Pearson points out that lab-grown diamonds do, however, take a lot of energy to forge in a lab, meaning they're not entirely free of negative impacts either.) Beyond that, Beringer says the shift has been generational. De Beers's famous "A diamond is forever" slogan sold baby boomers and Gen Xers on diamond engagement rings as a traditional symbol of enduring love, Beninger said. But millennials aren't buying it. Beringer says that generation, as well as Gen Z, has faced significant financial challenges, on top of being more socially conscious. "From a functional perspective, [synthetic diamonds] work the same. It's a lot cheaper, and it's more traceable where this came from," Beninger said. And, Beninger says fewer millenials are getting married compared to their parents or grandparents — a Pew Research study found that as of 2021, 25 per cent of 40-year-olds had never been married, a new record. In 1980, that figure was just six per cent. The diamond industry launched a "Real is rare" campaign in 2016, Beninger points out, which attempted to market real diamonds to millennials in a less traditional way. In looking at the sales of lab grown versus natural diamonds, Beninger says it's clear that the campaign didn't pull them back to the mined variety. The idea of a mined diamond as "real" and a lab-grown one as fake just hasn't stuck with younger generations, Beninger said. Northern mining business in trouble For Oymakas, lower diamond prices haven't hurt his business. He says while the price of the rock itself has dropped, people are buying bigger synthetic diamonds or perhaps buying more jewelry because the price is more affordable. LISTEN | The N.W.T.'s diamond mines lost millions of dollars in 2024: But it's a different story for Canada's North, where thousands of people are directly employed in diamond mines in the Northwest Territories. "That region of the country in a lot of cases depends on diamonds for [its] livelihood," Zimnisky said. There are three diamond mines in the Northwest Territories — and all of them are now winding down operations. Diavik diamond mine is set to close early next year, while the Gahcho Kué mine's estimated lifespan is set to 2031. Pearson says the closure of the industry in Canada's North will have a "tremendous" impact — with what Pearson estimates would result in 1,500 direct jobs and many more indirect ones lost, plus an exodus of people from northern communities. The Ekati diamond mine, which the Point Lake mine is part of, was the first in the country when it opened in 1998. To have the industry shutter after only 30 years would be a shame, says Pearson. "It took many, many years and many millions of dollars worth of effort to just find the diamonds ... and it might all be over soon," Pearson said. "That would be an absolute tragedy."

Dvik Jewels Brings a New Vision to the Future of Fine Jewelry
Dvik Jewels Brings a New Vision to the Future of Fine Jewelry

Globe and Mail

time21-07-2025

  • Business
  • Globe and Mail

Dvik Jewels Brings a New Vision to the Future of Fine Jewelry

As the fine jewelry industry enters a new era, consumer preferences change beyond traditional luxury markers and beyond the costs. Today's buyers are ethically designed for sour material, permanent practice and meaningful crafts that reflect their personal values. Jewelry is no longer a position symbol, it is an expression of identity, intentions and conscious life. In the middle of this round, Dvik Jewels emerged as a prominent name in Lab-Grown Diamond Fine Jewelry. Known for its minimalist elegance and ethical approach, Dvik offers selection of rings, bracelets, and necklaces made with IGI-certified lab-grown diamonds and conflict-free materials. Through the platform, the brand offers a simple digital purchasing experience from the discovery of signature designs to the customization of meaningful pieces and now flexible payment options that make luxury really personal. Dvik jewels started with a clear and thoughtful vision: to redefine luxury by making both moral and accessible jewelry. Created by a team of passionate designers and gem experts, the brand turned to the lab-grown diamonds as a centerpiece for the innovation. They are similar to those with mining in diamonds, talent and durability, and offer a conflict-free, sustainable alternative without giving up beauty. The success of Dvik Jewels stems from a powerful blend of skilled craftsmanship, a forward-thinking digital-first approach, and a deep commitment to ethical sourcing. With hundreds of satisfied customers across platforms like Instagram and the brand's official website, Dvik has cultivated a growing community of modern, conscious buyers who value not just beauty, but also transparency, purpose, and responsible luxury. From its humble beginnings, Dvik jewels has quickly emerged as a reliable name in moral, lab grown diamond jewelry. The launch of its online platform in 2022, offering spontaneous international shipping and an individual, transparent shopping experience. With the growing demand for conflict-free, durable fine jewelry, Dvik jewelry has seen an impressive development year, which is influenced by its commitment to modern design and moral values. Dvik jewels is admired for its sophisticated collections of Lab-Grown Diamond Engagement rings, classic bracelets, beautiful pendants and modern stud earrings, designed with all accurate and moral intentions. Each piece combines traditional craftsmanship with a modern aesthetic that offers designs ranging from timeless solitaires to specific vintage-induced and curved settings. For those seeking something truly personal, Dvik Jewels offers a custom design service, where clients can collaborate with expert artisans to create one-of-a-kind jewelry using IGI-certified lab-grown diamonds and recycled precious metals. This tailor-made experience is especially used by couples who design calls of unique commitment that not only represent their love, but also their shared commitment to stability and arbitrary luxury. At its core, Dvik jewels are built on the basis of moral purchasing and environmental responsibility. Each piece is prepared using lab grown diamonds, recycled precious metals and environmentally friendly packaging, ensuring that beauty never comes at the plan's expense. The brand reduces the environmental impact by working with low-updated workshops, embracing energy-competence production and supporting local crafts. Dvik jewels also contribute to the initiative of stability by matching environmentally ideal organizations and promising to plant a tree for the purchase of all lab created diamond jewelry. This effort shows openness, conscious luxury and a deep commitment to a better future for the jewelry industry. As global consumers continue to embrace moral sourcing and mindful grace, Dvik Jewels stands in the heart of this movement. By making the lab grown Diamond as the future of fine jewelry, the brand provides more than just ornamentation and provides a lifestyle defined by sustainability, authenticity and sophisticated craftsmanship. To find out the radiant collection of Dvik jewels or start your customized Lab-Grown Diamond Journey, go to The future of luxury is moral, permanent and brilliantly lab-grown.

Ouros Jewels Expand Its Reach as Demand for Ethical Diamond Jewelry Grows
Ouros Jewels Expand Its Reach as Demand for Ethical Diamond Jewelry Grows

Globe and Mail

time15-07-2025

  • Business
  • Globe and Mail

Ouros Jewels Expand Its Reach as Demand for Ethical Diamond Jewelry Grows

Ouros Jewels Expand Its Reach as Demand for Ethical Diamond Jewelry Grows The demand for ethical diamond jewelry is still rising as more people search for environmentally friendly and ethical options. Certified lab-grown diamonds are currently regarded as a lovely and environmentally friendly substitute for mined gems. One brand is emerging as a prominent name in contemporary fine jewelry thanks to a great emphasis on transparency, quality, and environmentally aware methods. Ouros Jewels is helping to create a more deliberate and environmentally friendly future for the sector, hence contributing to this transition. The Rise of Ethical Jewelry: How Brands Are Redefining Luxury. Ouros Jewels perfectly embodies the ethical luxury of tomorrow. Designed with accuracy, grace, and ecological responsibility, the brand has a broad selection of lab-grown diamond jewelry, including tennis bracelets, engagement rings, eternity bands, and bespoke creations. What makes Ouros Jewels stand out? Certified Lab-Grown Diamonds: Every piece features IGI- or GIA-certified diamonds grown using cutting-edge HPHT or CVD technology. Conflict-Free Promise: Ouros Jewels uses only lab-grown diamonds that are certified and ethically created in controlled environments. This means no mining, no harm to people or the planet, and absolutely no connection to conflict zones or forced labor. Sustainable Production: Ouros Jewels carefully crafts each piece using recycled gold and planet-friendly packaging, while following carbon-neutral practices to minimize environmental harm. Transparent Manufacturing: Customers are educated about the full journey of their jewelry. These values are not just marketing buzzwords, they're embedded in every aspect of the company's operations. Sustainability in Style – The Ouros Jewels Difference Ouros Jewels creates jewelry that is beautiful, ethical, and of great quality by fusing contemporary design with ethical principles. Ouros, a rising eco-friendly jewelry brand, sells items that capture personal flair as well as concern for the earth. The brand is committed to using only lab-grown diamonds, therefore avoiding mining and greatly reducing environmental impact. Each stone is created using ethical processes and can be totally tracked from origin to finish, hence advancing trust and openness. Trusted laboratories such as IGI and GIA certify all diamonds, therefore providing customers with confidence. Through online channels, Ouros makes it simple for consumers to obtain sustainable luxury and ethical fine jewelry by means of worldwide delivery. Ouros is assisting in creating the future of contemporary jewelry by concentrating on ethically sourced, lab-grown diamond rings and exquisite design. It shows that genuine harmony is possible between style, quality, and sustainability. Expanding Reach – How Ouros Is Growing Globally Ouros Jewels online store and virtual consultation services make sustainable luxury more accessible to consumers. Offering a customized shopping experience, the brand also has locations in New York, London, Dubai, and Osaka City. The brand is still growing by entering prominent markets, partnering with artists, and starting worldwide marketing initiatives. These initiatives enable more people to find and relate to Ouros and its ethical jewelry lines. Ouros currently delivers to many places throughout many areas thanks to quick delivery, dependable service, and a physical presence in major cities. More consumers are picking reliable choices like lab-grown diamond rings, ethical diamond patterns, and certified fine jewelry. Ouros Jewels keeps its attention on providing exquisite, environmentally friendly products to consumers all across as demand increases. The Future of Ethical Jewelry with Ouros Ouros Jewels is preparing for the future with fresh ideas that focus on both style and sustainability. The brand is working on new collections that reflect modern tastes while staying true to its ethical values. Its long-term goal is to lead the change in the jewelry industry by offering beautiful pieces that are responsibly made. Ouros aims to expand its product range, improve delivery services, and maintain clear and honest practices in everything it does. As more people choose mindful shopping and cleaner production, Ouros continues to focus on what truly matters: quality, trust and responsible design. Choose Jewelry That Shines with Purpose Ouros Jewels is becoming a trusted name for stylish and ethical jewelry. We offer lab-grown diamond rings and a full range of eco-friendly fine jewelry that's better for you and the planet. You can even design your piece with help from our experts. Visit our Ouros Jewels to shop lab-grown diamond jewelry online and follow us on social media for the latest styles. Choose jewelry that looks great and feels right and join the movement toward a more responsible future.

Grown Brilliance Review: Lab Diamond Variety With A Sustainable Focus
Grown Brilliance Review: Lab Diamond Variety With A Sustainable Focus

Forbes

time15-07-2025

  • Business
  • Forbes

Grown Brilliance Review: Lab Diamond Variety With A Sustainable Focus

Ethical luxury brand Grown Brilliance was founded in 2021 by Akshie Jhaveri, with the stated intention to offer high-quality, conflict-free diamonds to consumers. Just five years later, the brand boasts an impressive online selection and 14 retail locations across the country. While other lab-grown-diamonds-only retailers and brands sell both natural diamonds and lab versions, Grown Brilliance stands out for its laser focus on sustainability and transparency. We recommend them for their vast classic-meets-modern selection, accommodating service and bespoke jewelry design opportunity. Grown Brilliance creates lab grown diamond jewelry that's both classic and modern. ILLUSTRATION: FORBES / PHOTO: RETAILER As a quick primer, lab-grown diamonds are identical to mined diamonds in structure, chemistry and appearance. What this means: They have the same glorious sparkle, and no one—other than a well-trained gemologist with specialized tools—can easily tell the difference between a lab-grown diamond and a natural diamond. Grown Brilliance has the distinction of being a leader in the space, offering styles with cachet to industry experts and consumers alike. (For more on lab-grown diamonds, check out our stories on the best lab-grown diamond tennis bracelets and the best lab-grown diamond earrings.) Instead of being mined from the earth like natural diamonds—which are controversial due to their environmental and humanitarian impact—Grown Brilliance's ethically-sourced and conflict-free diamonds are created in a controlled lab environment. The process of crystallizing carbon atoms synthetically takes about two months, as opposed to the millions of years it takes naturally. (You can learn more about the nitty gritty of this process in our story on whether lab-grown diamonds are real, or on the Grown Brilliance web site.) Grown Brilliance offers diamonds that are GIA-certified and IGI-certified, which means they have been assessed and graded on cut, color, clarity and carat weight by the Gemological Institute of America (GIA) or International Gemological Institute (IGI). The brand's commitment to sustainability isn't limited to diamonds and gems. They use 96% recycled gold in their designs—which reduces the negative impact on the environment from mining—and they aim to use 100% recycled gold by the end of this year. They also use fully recyclable packaging and biodegradable materials in their packaging. Grown Brilliance has one of the largest collections of lab-grown diamonds that we've seen, including a variety of styles at different prices. They offer a wide selection of pre-designed engagement rings made with lab diamonds and gemstones, as well as sparkling studs for everyday, classic tennis bracelets and necklaces, sentimental anniversary bands and showstopping cocktail rings. The brand has nine different collections to choose from, including vintage-inspired jewelry (we love this elegant art deco ring), edgy, sculptural styles (like this serpent choker necklace) and sentimental, two-diamond styles (like this stunning and unexpected two-stone engagement ring). If you're interested in creating a personalized and unique lab diamond style—whether an engagement ring, necklace or earrings—you can work with Grown Brilliance's jewelers on a custom design through their site, much like if you walked into a jeweler's storefront. How it works: You upload a piece of inspiration to the site's portal, and you'll receive 3D renders of your design to modify or approve. You'll receive your custom piece in about 14 days. The brand also has boutiques in several cities if you'd like an in-person appointment. Favorable Shipping, Returns And Service Grown Brilliance offers free two-day shipping on all domestic orders—but not surprisingly, someone must be home to sign for your jewels. While some items are in stock and ready to ship, made-to-order items take about two weeks before they're sent out. If you receive an item and don't love it—and you should always love your jewelry, or what's the point?—you can return it for free within 30 days. Pre-designed pieces and Design Your Ring styles can be returned for a full refund, but bear in mind that special orders, high jewelry and Truly Custom orders can only be returned for store credit. All of Grown Brilliance's jewelry has a lifetime manufacturing warranty for all items, regardless of the price. The brand also has customer service agents available every day from 9 a.m. to 10 p.m. ET, so if you have a question or an issue, you won't have to wait ages for a response. Grown Brilliance offers financing, as well, through Affirm and Katapult. Why Trust Forbes Vetted Forbes Vetted's fashion editors have extensive experience writing about jewelry, often interviewing jewelry designers and gemologists. We have written stories on the best places to buy engagement rings, the best affordable jewelry brands and the best online jewelry stores. The writer for this story, Forbes Vetted fashion and beauty writer Molly Calhoun, has covered lifestyle topics, including fashion and accessories, for 20 years. Some of her recent work includes the best lab-grown diamond earrings and how to clean a diamond ring. Deputy editor Jane Sung , an industry veteran with over 20 years of experience reporting on jewelry and accessories, assigned and produced this story.

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