Saying 'I Do' To Lab-Grown Diamonds : Planet Money A lot of money is pouring into the global diamond industry, but demand for diamonds has been less than lustrous of late. But, at the same time, money has been pouring into the industry. Why?
NPR logo Saying 'I Do' To Lab-Grown Diamonds

Saying 'I Do' To Lab-Grown Diamonds

The global market for diamond jewelry is worth $80 billion dollars a year. Money is pouring into the industry, but why - when demand for diamonds isn't as sparkly as it once was?

There's a new player in the space that might change the market in the near future. It's a different kind of diamond – one grown in a lab. But man-made rocks come with some big marketing problems. Traditionally, luxury products are about scarcity – not accessibility. And, unlike other consumers, high end shoppers can be attracted to high prices.

So how do you find the pricing sweet spot for a luxury product that can be cooked up, on demand in a lab? Set the price too high and consumers may buy traditional bling instead. Too low, and you risk losing that luxury vibe. What's a diamond dealer to do?

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