The Expanding Applications of Lab-Grown Diamonds Could Solve Supply-Demand Issues
During a recent visit to Zhengzhou, I had the opportunity to attend three major events: the unveiling of the Henan Lab-Grown Diamond Trading Center, the 2024 Lab-Grown Diamond Expo, and the Diamond Industry Conference’s Jewelry Forum.
You can find details of these events in a video we shared yesterday (check the link at the end of this article). Here, however, I want to focus on another key takeaway from the trip: the potential expansion of lab-grown diamond applications.
Both private meetings at the trading center and discussions at the jewelry forum highlighted the case of the Xiaomi 15 smartphone, which incorporates lab-grown diamonds. This is seen as a landmark example, showing how lab-grown diamonds have passed rigorous industry tests and now have a place within a major supply chain.
Large manufacturers are highly selective about their suppliers and materials, so when a new material is approved, it speaks volumes about its quality and potential.
Starting from this example, we can imagine lab-grown diamonds being incorporated into many more products, such as cutlery, lighters, and furniture. This could push lab-grown diamonds beyond the traditional realm of jewelry and make them a part of everyday life.
While this idea has been around for some time, the Xiaomi case marks a tangible success, moving beyond mere aspirations to actual implementation.
From an industry perspective, expanding applications could significantly increase lab-grown diamonds’ market presence, helping to alleviate the current oversupply. It could also accelerate the standardization process for loose diamonds, eventually leading to the creation of manufacturing standards tailored to specific industries or fields.
This combination of “growth and standardization” could become a key trend in the future development of lab-grown diamonds, aligning with the vision of making diamonds accessible to everyone, everywhere.
However, achieving this goal will require time and overcoming certain challenges, primarily in:
- Raising Public Awareness of Lab-Grown Diamonds: While most attendees at the expo were familiar with lab-grown diamonds, awareness nationwide remains low. This poses a barrier to expanding application scenarios. Therefore, a major task ahead is promoting the benefits of lab-grown diamonds to consumers, helping them establish a unique identity and strategy separate from natural diamonds. Support from governments and third-party organizations is crucial.
- Exploring Various Industries for Opportunities: As awareness grows, suppliers must think creatively and explore new sectors where lab-grown diamonds can add value. Each industry might have different standards, such as uniformity in size, shape, and color, and light refraction angles, which may be more important than traditional jewelry standards like clarity and cut.
- Establishing Industry-Specific Production Standards: After understanding customer needs, diamond producers may need to adjust their production standards for different sectors. This would involve creating “client-specific” or “industry-specific” standards to meet precise demands.
In conclusion, these events have prompted a shift in thinking. Instead of focusing narrowly on one niche, we need to broaden our perspective on lab-grown diamonds and align our approach with market demands. By focusing on mass production and understanding customer needs, we could address the supply-demand imbalance.