Picture this: you¡¯re about to pop the question, your heart is racing, and you¡¯ve got the perfect ring. You¡¯re down on one knee, and she says, ¡°Yes!¡± As the sun sets and the ring catches the last glimmers of daylight, the sparkle of your diamond signifies eternal love. and you¡¯re comforted by the knowledge that you¡¯ve made a commitment to a better world.?
At a time when conscious consumerism is gaining momentum, a sparkling revolution is taking place in the world of jewellery. Ethical diamonds, aka ¡°green diamonds¡±, or lab-grown diamonds, are the new darlings of young consumers, and they are making a statement that goes beyond just the bling.?
Diamonds have forever been a symbol of luxury, love, and eternity. But now, they represent something even more valuable and tangible¡ªa signal that you are an ethical consumer, conscious of the environment. Millennials and Gen Z are at the forefront of this ethical diamond movement, and they have compelling reasons for embracing it.
Younger people are environmentally conscious, and they want their purchases to reflect their values. Traditional diamond mining often wreaks havoc on ecosystems, contributing to deforestation, water pollution, and habitat destruction. ¡°Blood diamonds¡± are precious stones mined in a war zone and sold to finance an insurgency, thereby profiting diamond companies as well as terrorising factions (yes, exactly like the 2006 movie Blood Diamond).?
In contrast, ethical diamonds, often cultivated in laboratories, have a significantly lower ecological footprint, making them a greener choice.
Kaizad Nariman, a New Delhi-based businessman and part-time musician, told me that he was very excited to propose to his fianc¨¦e-to-be, especially because she loves diamonds. But it posed a pointed dilemma for Nariman, who is aware of how most diamonds are mined. ¡°I try to make conscious decisions with my buying, so I started reading up on lab-grown diamonds,¡± he said. ¡°I was pleasantly surprised with the quality of stones that were on offer, which seemed far superior in the 4Cs [colour, clarity, cut, and carat] than natural varietals. It was a no-brainer. And my conscience was free of any guilt, and my would-be wife loved the ethical touch.¡±?
In broad comparison, lab-created diamonds usually come with a price tag that is 50¨C70% lower than that of naturally mined diamonds. The price of a one-carat lab-grown diamond ranges between ?60,000 and ?90,000, depending on the cut and clarity, whereas the price of a mined one-carat diamond ranges between ?1,20,000 and ?1,60,000, depending on the same factors.
Nariman said he found a Surat-based ethical diamond manufacturer on Etsy with spectacular ratings and decided to buy the diamonds from him. ¡°More people should move on from mined diamonds for the sake of our planet,¡± he added.
The term ¡°blood diamond¡± has haunted the gemstone industry for years, and young consumers want no part in this dark history. Ethical diamonds, also known as conflict-free diamonds, ensure that your symbol of love doesn¡¯t come at the cost of someone else¡¯s suffering.
Delhi-based Raghu Raj Grover, CEO and founder of Luxury Souvenir, a jewellery and accessories brand, attributes the surging sales of ethical diamonds to not just growing awareness but also the superiority of the product. He told me that even ¡°experienced jewellers cannot tell if it¡¯s a lab-grown or natural diamond with the naked eye.¡±?
According to Grover, most customers of ethical diamonds belong to the age group of 20¨C45, as they are more aware and have a high capacity to tap into the latest trends and fashions. ¡°The sales of ethical diamonds have grown in the last two years by almost 100% year-on-year. And the trend is expected to continue,¡± he said, adding that the prices of ethical diamonds have declined in the past year, leading to higher sales figures.
During his state visit to the United States, Prime Minister Narendra Modi brought a remarkable gift for First Lady Jill Biden: a 7.5-carat diamond carefully nestled within an exquisite Kashmiri papier-m?ch¨¦ box. This diamond wasn¡¯t excavated from deep within the earth¡¯s crust. It was cultivated in a laboratory in Surat, India¡¯s diamond hub, which meticulously replicated the natural conditions that give rise to diamonds. A conflict-free gem, it was manufactured without any exploitative labour practices or harm to the environment.
This ¡°green¡± diamond was entirely produced using renewable energy sources, emitting a mere 0.028 grammes of carbon per carat during its creation. During this process, carbon undergoes high temperatures and extreme pressure within a controlled setting, ultimately yielding a diamond as the final product.
Traditional diamonds can pass through multiple hands before they reach the consumer, making it challenging to know their origin. On the other hand, ethical diamonds come with a clear path, offering traceability from source to market. This transparency provides peace of mind, ensuring you¡¯re not inadvertently supporting damaging practices. Moreover, they are affordable. So, commitment to your partner and a greener world is not a costly affair.
Thirty-three-year-old Akanksha Singh, a Delhi-based media professional, recently got engaged and made it clear that she only wanted an ethical diamond for her ring. It was an easy choice for her. ¡°We come from a generation that is aware, and a lot of our decisions are made keeping in mind the environment. I love diamonds but couldn¡¯t come to terms with buying mined diamonds, especially because the history of mining is entrenched with child labour and human rights violations,¡± she said. Though many jewellery shops in Delhi sell ethical diamonds, she also picked hers on Etsy.?
Lab-grown diamonds have made tremendous progress. Today, they are nearly indistinguishable from mined diamonds in terms of quality and appearance. Plus, the advancements in technology have opened up more options for customization, letting consumers craft their ideal jewellery. If ads on social media are anything to go by, these diamonds come in all kinds of shapes, colours, and sizes. And that's not all. Diamond manufacturers are now also making ethical sapphires, rubies, emeralds, and almost everything under the bejewelled sun.?
India, the diamond hub of the world, has not been untouched by the rising craze for ethical diamonds. The diamond industry has been a significant part of the country¡¯s economy. However, with the surge in sales of lab-grown diamonds, the industry is experiencing some seismic shifts.
According to reports from the Gem & Jewellery Export Promotion Council (GJEPC), the exports of lab-grown diamonds in FY¡¯23 through February have surged to ?12,500 crore, marking a 45% increase compared to the ?8,719 crore recorded in the previous year. Notably, out of the approximately 8,000 diamond polishing units in India, more than 20-25% have initiated the polishing of lab-grown diamonds, with an additional 15% exclusively focusing on the polishing of lab-grown diamonds.
Traditional diamond producers in India are adapting to this change by incorporating lab-grown diamonds into their offerings. While this transition is not without its challenges, it¡¯s a sign of changing times. Young consumers are steering the industry towards a more ethical and sustainable future, and the Indian diamond sector will have to follow suit.
The enthusiasm for ethical diamonds among young consumers isn¡¯t just a passing trend; it¡¯s a movement that reflects changing values. It¡¯s a way to express love and commitment while also caring for the environment. So, if you¡¯re contemplating buying a diamond, consider an ethical one today.