The UK market for man made diamonds is growing rapidly. In 2022, the market was worth £1 billion and is expected to grow to £2 billion by 2025. The growth of the market is being driven by a number of factors, including:
- The rising cost of mined diamonds. The price of mined diamonds has been rising steadily in recent years, making them increasingly unaffordable for many people.
- The increasing ethical concerns surrounding mined diamonds. The diamond industry has been criticized for its human rights record and environmental impact.
- The growing popularity of lab grown diamonds. Lab grown diamonds are chemically and physically identical to mined diamonds, but they are often much more affordable.
The Increase in Man Made Diamonds
The increase in man made diamonds is a relatively new phenomenon. The first lab grown diamonds were created in the 1950s, but they were not commercially available until the 1990s. In recent years, there has been a significant increase in the production of man made diamonds, and they are now available from a wide range of retailers.
The Benefits of Man Made Diamonds
There are a number of benefits to choosing man made diamonds over mined diamonds. Man made diamonds are:
- More affordable. Man made diamonds are often much more affordable than mined diamonds. This is because the cost of mining is eliminated.
- Ethical. Man made diamonds are not associated with the human rights abuses and environmental damage that is often associated with mined diamonds.
- Identical to mined diamonds. Man made diamonds are chemically and physically identical to mined diamonds. This means that they look, sparkle, and last just as long.
The Future of the Man Made Diamond Market
The future of the man made diamond market looks very bright. The market is growing rapidly, and there is a growing demand for ethical and affordable diamonds. As the market continues to grow, it is likely that the price of man made diamonds will continue to fall, making them even more affordable for consumers.
Conclusion
The UK market for man made diamonds is growing rapidly. This is being driven by a number of factors, including the rising cost of mined diamonds, the increasing ethical concerns surrounding mined diamonds, and the growing popularity of lab grown diamonds. Man made diamonds offer a number of benefits over mined diamonds,
including affordability, ethics, and identicality. As the market continues to grow, it is likely that the price of man made diamonds will continue to fall, making them even more affordable for consumers.