Dr Xiong Lan upgraded her wedding ring by choosing a lab-grown diamond, which is cheaper and ethically produced compared to natural diamonds. China dominates lab-grown diamond production, with significant market growth projected. Dr Xiong launched her brand, PureVivid, showcasing it at a prominent UK wedding show, while stressing the need to change misconceptions about Chinese products.
The National Wedding Show in London, held on April 12-13, featured a lab-grown diamond ring. Dr Xiong Lan and her partner, after ten years of marriage, sought to upgrade their wedding ring. They discovered that a natural three-carat diamond was priced at nearly £80,000, prompting Dr Xiong to question the rationale behind such high pricing.
A friend introduced her to lab-grown diamonds, which are created under similar conditions to natural diamonds. These lab-grown gems are chemically identical to mined diamonds but can be up to 90% cheaper. Ultimately, Dr Xiong opted for a 5-carat lab-grown diamond, costing less than 40,000 RMB (approximately £4,300).
The lab-grown diamond market has rapidly developed, with China leading production. Statista reported that the market value of lab-grown diamonds reached over $27.2 billion in 2023 and is projected to rise to nearly $59.5 billion by 2032. China produced over 22 million carats in 2023, dominating the global output at 70%. Although India leads in diamond processing, the US remains the largest consumer.
Motivated by her experience, Dr Xiong launched her lab-grown diamond brand, PureVivid, showing it at the National Wedding Show as the only Chinese brand among 2,000 exhibitors. She noted the greater-than-expected popularity of lab-grown diamonds in the UK and their advantages of being more cost-effective and ethical.
Dr Xiong emphasised the need to overcome branding challenges for Chinese lab-grown diamonds, stating, “People still have a stereotype with the phrase ‘Made in China’, which is often associated with low-cost manufacturing, rather than innovation, design or luxury.” She hopes to shift perceptions so that China is seen as a hub for quality lab-grown diamonds.
Dr Xiong Lan’s experience highlights the growing popularity of lab-grown diamonds, especially from China. With significant cost advantages and environmental benefits, there is increasing interest in these diamonds worldwide. However, challenges in branding and perception remain, requiring efforts to shift views on Chinese manufacturing and establish the country as a leader in high-quality lab-grown diamonds.
Original Source: www.ecns.cn