As the environmental impact and rising prices of mined diamonds in Canada become increasing apparent, more and more modern couples are looking for alternative stones for their engagement rings. Lab grown diamonds have become a popular alternative due to their similarities to mined diamonds, their smaller environmental footprint and better value.
An increasing number of Canadians in particular are now searching for more ethical stone options. In fact, the global market volume of lab-grown diamonds is forecast to be nearly 19.2 million carats by 2030. As a result, the country’s jewellery retailers, especially in major cities, are embracing sustainable alternatives to meet the demands of their clients.
Here are some reasons contributing to the popularity of lab grown diamond rings in Toronto and other cities in Canada.
Lower Environmental Impact
Mining affects traditional habitats and, while most mining happens overseas, mining even has an effect here in Canada. In 2014, the First Nations group in Canada’s Northwest Territories reported increased chemicals at a local mine, affecting the surrounding lakes and a total habitat loss of 19.7 square kilometres.
Lab grown diamonds are a sustainable alternative to mined diamonds as they have a lower carbon footprint if produced under optimum conditions. Mining diamonds requires the removal of the earth, and the process consumes fresh water and fossil fuels. These steps can be eliminated when growing diamonds in the lab.
Lab grown diamonds are more budget-friendly as you can typically achieve a larger carat weight than mined diamonds on the same budget. Mining diamonds is a rigorous process that causes manufacturers. in the industry to incur higher costs and present heftier price tags for consumers. Because of the more efficient process, lab diamonds have become a more accessible option for those looking for a diamond engagement ring.
Typically, those shopping for a diamond can expect to achieve about a 30% larger centre stone if they opt for lab diamonds compared to its earth mined counterpoint. For example, if your budget can afford a 1.00 ct. earth mined diamond, you can expect to achieve a 1.30 ct. lab grown diamond.
Interest in Innovation
As one of the most innovative and competitive economies globally, Canada is a world leader in science, technology and innovation. The region’s performance is vital in measures related to the quality of education, market regulation, and social factors. So, more businesses and consumers around the country are interested in scientific innovations, such as lab grown diamonds. The broad interest allows many jewellery retailers in Canada, specifically Toronto, to grasp their clients’ attention with ethical diamonds.
Ability to Prioritize Other Expenses
Since lab grown diamonds are less expensive than mined diamonds, selecting a lab diamond allows couples to prioritize other expenses. You can save money to travel, spend on the wedding, and invest in a home. After all, saving up to invest in a property can be valuable for many future homeowners.
The continuous increase in prices for homes in the Greater Toronto Area (GTA) can be challenging without sufficient funds. In addition, the cost of the average property in the GTA is expected to rise by another 11 percent. Saving money on a ring allows couples to allocate funds to more important aspects of their life.
Aligns with Values
At the end of the day, the choice between earth mined diamonds and lab grown diamonds comes down to your own personal values.
Whether its economic, environmental, humanitarian or innovation-driven, the choice between lab grown and earth mined diamonds is a personal one. Research your options, communicate with your partner and rely on your local jeweller to help you make the best choice for you.