Millennials are all about this major change for engagement rings.
Such is the case for one rising engagement ring movement, specifically among millennial shoppers. "The idea of spending thousands of dollars on a diamond is becoming less appealing as lab-grown alternatives of the stone are gaining traction. These lab-grown versions can look very similar to mined diamonds and can cost around 30-40% less," explains writer Mary Hanbury in a recent piece for Business Insider on the lab-grown diamond ring trend. While the technology has been used successfully since the 1950s, synthetic diamonds are estimated to make up only 1% of the global market share. Now, however, a report from Morgan Stanley predicts that lab-grown diamonds could "[take] a 7.5% share in sales of larger diamonds by 2020."
Millennials, in particular, are jumping aboard the bandwagon. In fact, as the Business Insider article notes, a survey from MVI Marketing of 1,000 individuals between the age of 21 and 40 found that nearly 70% would consider a lab-grown diamond for an engagement ring.
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With a very similar appearance to real diamonds and boasting a price discount of about 30-40% compared to mined diamonds, we're all about this ethical, wallet-friendly move. Get ready to spy some bling on hands near you. Well, actually...