I woke up today and went on TikTok, as Gen Zers do, and I saw a TikTok by my new favorite creator Bernard Garby. He gives daily fashion news as he makes his morning coffee and oatmeal. He immediately caught my attention as he opened by saying, "In today's fashion news, there's nothing else but diamonds." He goes on to say that 10% of the 2022 diamond market was made up of lab-grown diamonds. In four years, lab-grown diamond sales have increased by 8%, according to Rachel Deeley of Business of Fashion. The diamond has had competitors in the past, like its cheaper alternative cubic zirconia, but nothing that would threaten its replacement until now.
Lab-grown diamonds differ from regular diamonds because they are created rather than mined. Lab-grown diamonds are also more sustainable for the environment because mining is involved. They first hit the market in the early 2010s but did not gain popularity until recently. Most people wanted natural diamonds that came straight from the earth to their jewelry. Lab-grown diamonds were stigmatized for "not being real" or as expensive. But new "tech improvements, competitive pricing, and zeitgeist position as a sustainable alternative to environmentally-and-ethically messy mined diamonds" has increased their appeal, according to Deeley.
In 2021 and 2022, we saw that many popular luxury brands, such as LVMH, Breitling, and Pandora, are investing or have plans to invest in lab-grown diamond producers. Lab-grown diamonds are diamonds all the same, but at a lower price for customers and manufacturers, as well as being more sustainable and ethical for producers.
What does this mean for the future of luxury and diamonds? Paul Zimnisky, a diamond analyst, believes that the natural diamond market will be less intense while still maintaining its place in the luxury market.
Garby says in his TikTok that this is a turning point for all luxury and business in general. People are becoming more and more environmentally and ethically conscious. This sparked me to think about the future of fast fashion.
I feel as though fast fashion has been on the minds of consumers more in the past few years. Personally, I have started saving my money and investing in a quality, ethically-made piece rather than buying a cheaper alternative that won't last as long or was made ethically. I do believe this mindset comes with age. I shopped at Shein and Zara constantly when I was in high school and had little money. I also believe this day-and-age has impacted my views. It is evident that the environment needs to be handled with more care now than ever. I am excited to see that I am not alone in the sustainability mindset and can't wait to see how new inventions will impact the luxury market.
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