My wife is in the retail side of this market and I’ve had a lot of second hand familiarity with the transition to lab grown.
What I find most interesting is the weight put on the ethical side. I think it’s overstated. When the issue became big, the Blood Diamond movie, sales of lab grown did not markedly increase. It took another decade or so to become more prevalent. What changed over that time is the price, IIRC the price was comparable to natural at the time the movie came out. Ethics were not compelling enough for most people at that price. When prices got about 50% of natural, it became much more compelling. Now that it’s around 10%, it’s practically so compelling that buying natural isn’t even a real consideration for many people.
Anyways, I think people use the Blood Diamond talking point as a socially acceptable reason- it’s what they tell their parents and grandparents who might judge them- but in reality it’s almost completely a financial decision. If the tables were turned and natural diamonds became 1/10th the cost of lab grown, the market would completely flip back practically overnight.
What I find most interesting is the weight put on the ethical side. I think it’s overstated. When the issue became big, the Blood Diamond movie, sales of lab grown did not markedly increase. It took another decade or so to become more prevalent. What changed over that time is the price, IIRC the price was comparable to natural at the time the movie came out. Ethics were not compelling enough for most people at that price. When prices got about 50% of natural, it became much more compelling. Now that it’s around 10%, it’s practically so compelling that buying natural isn’t even a real consideration for many people.
Anyways, I think people use the Blood Diamond talking point as a socially acceptable reason- it’s what they tell their parents and grandparents who might judge them- but in reality it’s almost completely a financial decision. If the tables were turned and natural diamonds became 1/10th the cost of lab grown, the market would completely flip back practically overnight.