Dr Xiong Lan’s experience in upgrading her wedding ring led her to explore lab-grown diamonds, which are cheaper and environmentally friendly. China’s lab-grown diamond market is rapidly growing, expected to reach nearly 59.5 billion USD by 2032. Dr Xiong launched her own brand, PureVivid, and showcased it in London, highlighting the need for stronger branding for Chinese diamonds.
Dr Xiong Lan and her partner decided to upgrade their wedding ring ten years after marriage. They initially considered De Beers but were shocked to find a three-carat natural diamond priced at nearly £80,000. This led Dr Xiong to question the valuation of such stones, prompting her to explore lab-grown diamonds.
Lab-grown diamonds are created under conditions that replicate those in the Earth’s mantle, sharing the same hardness and brilliance as natural diamonds. They look identical but can be significantly cheaper, sometimes costing just one-tenth the price of natural stones. Ultimately, Dr Xiong purchased a 5-carat lab-grown diamond for approximately £4,300, highlighting the affordability of this market.
The lab-grown diamond market is rapidly expanding, especially in China, which has become a major producer. The market value reached over 27.2 billion USD in 2023 and is projected to grow to nearly 59.5 billion USD by 2032. In terms of production, China yielded over 22 million carats in 2023, accounting for more than 70% of global output, while India processes 80% of these diamonds, and the US is the largest consumer market.
Inspired by her experience, Dr Xiong founded her own lab-grown diamond brand, PureVivid, last year. She presented her brand at the National Wedding Show in London, where it was the only Chinese exhibitor among over 2,000. She noted that lab-grown diamonds are gaining much popularity in the UK due to their price and ethical production merits.
Despite China’s production success, Dr Xiong emphasized the need to improve branding and perceptions of “Made in China”. She believes that there’s a misunderstanding that equates China with low-cost products rather than quality and luxury. “China produces the finest lab-grown diamonds with the best quality in the world, meeting the highest standards in the 4Cs,” she affirmed. Dr Xiong hopes that in time, China will be synonymous with top-quality lab-grown diamonds.
Dr Xiong Lan’s experience illustrates the growing shift from natural to lab-grown diamonds due to their affordability and ethical production. China’s leading role in the lab-grown diamond market underscores a significant opportunity for growth and enhanced branding, challenging stereotypes associated with Chinese manufacturing. The future could see lab-grown diamonds from China recognised globally for their quality and luxury.
Original Source: www.chinadaily.com.cn