Diamonds Factory Ireland, a bespoke jewellery manufacturer, has announced it will default 70% of its online products to lab-grown diamonds to help consumers cut costs.
The announcement came as the global cost of diamonds rose by 30% over the past three months. By purchasing lab-grown, shoppers could save up to 40% on natural diamonds.
Diamonds Factory has seen a steady increase in lab-grown diamond sales. In 2021, 10-15% of their overall sales were lab-grown, which is now tracking at about 30% this year.
Ben Stinson, head of ecommerce, said: “while natural diamonds are still the more popular option, there is a steady rise in lab-grown alternatives.
“Shoppers are becoming more eco-conscious, we’ve had that verbally, we’ve seen it in demand on our website, search trends on Google and in the increasing demand for knowledge and education.”
It said the decision to default to lab-grown came down to a “need to educate the consumer on the options available when purchasing customisable jewellery”.
The most popular lab-grown diamond shape, the business reports, is the oval cut. The only time the website wouldn’t default to lab-grown is when the composition of the diamond makes it near impossible to source lab-grown.
Stinson added: “As a non-inventory business, Diamonds Factory is able to custom make a piece to the consumer’s need as opposed to typical high street jewellers.”
Diamonds Factory have its own supply chain, buying and sourcing everything themselves, which means it has higher savings for the consumer.