Ilgar Hajiyev, founder of the SDI Group, created a center to help businessmen affected by the raider takeovers
What You Need to Know About Saving Money With Lab Grown Diamonds
The days of spending around two month’s worth of income on a diamond ring are long gone, and for more than one reason! Not only are consumers wanting to be more budget friendly they are also looking for environmentally conscious options. The ethical values of luxury companies are increasingly important, and businesses have to keep up with the needs and demands of their consumers. According to The Business of Fashion, 66% of global consumers are willing to pay more for sustainable goods. While earth-mined diamonds are still mined and sold by the gorillas of the diamond industry, Lab Grown Diamonds are skyrocketing in both popularity and ethical, sustainable value.
What are lab grown diamonds? Lab grown diamonds are chemically, optically, and physically the same as earth-mined diamonds. What makes them different is that they’re grown in a lab, and do not have a negative impact on the earth or humanity. Think of it like ice. You can harvest ice from an iceberg in the arctic, or you can use modern technology to get it from your freezer. Both earth-mined and lab grown diamonds are 100% crystalized carbon, however one is made with modern technology and comes free of ethical or environmental concerns.
But the best part is that lab grown diamonds cost anywhere from 25% to 40% less than traditional earth-mined diamonds due to a much shorter supply chain. With the earth-mined diamond industry, the diamond could change hands upwards of 20 times before reaching the consumer, and each of those people are making a profit, which increases the final price for the end buyer. With lab grown diamonds, the finished diamonds go from the lab to the crafting house to the consumer. The lower price tag means you can get a bigger diamond for your engagement ring without going over budget.
Lab Grown Diamonds are created via the High-Pressure-High-Temperature method, or the Chemical Vapor Deposition method. The CVD method has been the most successful in creating higher quality diamonds. With the CVD method, scientists start the process of growing a diamond by cutting a small piece of carbon, usually called a seed. The seed is then placed in a CVD chamber, where gas combines with electrical energy and ignites a plasma ball. From that point, a cloud of gasses develops and rains carbon on the seed. In 6-12 weeks, a rough diamond is formed, which is then cut, polished, and graded according to the same standards as earth-mined diamonds.
In the HPHT method, the earth’s natural process for creating diamonds is replicated. There are multiple kinds of technology surrounding this method, but the Bar method is the most well-suited to the process. The bar method combines inner and outer anvils to apply hydraulic pressure to the growth cell within the unit. Consistent temperatures reaching 1,300 degrees celsius and high atmospheric pressure are applied to the growth cell, and after a few days, the elements within the cell melt and reform creating a rough diamond ready to be extracted for cutting and polishing.
In regards to ethics, many people think that “blood diamonds” are an issue of the past, but unfortunately that is not the case. When the Kimberley Process Certification Scheme (KPCS) was introduced in 2003, it was believed it would stop the trade of conflict diamonds but the concept does not go far enough. Under the KPCS, conflict diamonds are described as "...diamonds that originate from areas controlled by forces or factions opposed to legitimate and internationally recognized governments, and are used to fund military action in opposition to those governments, or in contravention of the decisions of the Security Council.” But this definition does not go far enough. It does not take into account the child labor or crimes of rape and murder that occur frequently in diamond-mining countries, and the oppression of indigenous peoples in forcing them to mine the land for diamonds.
In recent years, it is estimated that 60 million carats of blood diamonds hit the international diamond market. The majority of these diamonds are from one country, Zimbabwe. In 2019, U.S. customs went so far as to ban rough diamonds mined from Marange Diamond Fields in Zimbabwe because they are “produced, in whole or in part, using forced labor.”
With lab grown diamonds, you can rest assured that your diamond is 100% conflict free. Your purchase of a lab grown diamond could even give back to diamond mining communities! At MiaDonna & Co., 10% of net profits each year go directly to their foundation, The Greener Diamond, where they advocate for a socially responsible diamond industry and repair the lives and land negatively affected by the mining industry.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes