Sales glitter for lab-grown diamonds in China

China's younger generations are saying “I do” to synthetic diamonds for their lower prices and higher environmental standards comparerd to naturally grown ones.

Lab grown diamonds are made of the same materials as natural diamonds, but are manufactured with high pressure high temperature (HPHT) techniques instead of being formed naturally billions of years ago.

Rows of synthetic diamonds are on display at a VRAI store in Beijing.

A shopper said the U.S. based jewelry brand creates diamonds that are just as brilliant as the natural ones.

"I took a look at it and I think it [the lab-grown diamond] shines just as much as a mined one. I couldn't tell their difference. It [the lab-grown diamond] is more cost-effective [than a mined one]," said a shopper.

A senior executive of the Greater China branch of VRAI's parenting company Diamond Foundry said their sales have surged in China, especially in developed cities.

"Compared with January and February in 2021, both online and offline sales have increased greatly. Some stores even report a 300-percent increase (in sales)," said Li Yang, the General Manager of Diamond Foundry Greater China.

Similarly, domestic brands that create lab-grown diamonds are also making forays into the lucrative market.

SuperMatch, for example, is planning to open more in the near future.

"As their prices are low, young people can buy diamond jewelry too. As an increasing number of people know more and more about lab-grown diamonds, they gradually accept lab-grown diamonds," said Xu Guoliang, the partner of SuperMatch.

Another reason lab-made diamonds are gaining popularity is because they cause less environmental harm than extracting diamonds from mines, which damages the earth and pollutes the air and drinking water.

London-based consulting firm Technavio expects the synthetic diamonds market to grow at a compound annual growth rate (CAGR) of eight percent from 2021 to 2026.