Rings made with lab-grown diamonds / Courtesy of Novita Diamonds

The global diamond market is undergoing a transformative shift, with lab-grown diamonds emerging as a formidable force. This shift is particularly evident in Korea, where these ethically sourced and cost-effective gems are quickly gaining popularity, carving out a niche in the wedding and anniversary jewelry sectors, according to Iris Arnold, CEO and founder of the U.K.-based jewelry company Novita Diamonds.

Iris Arnold, CEO and founder of jewelry company Novita Diamonds / Courtesy of Novita Diamonds

"Lab-grown diamonds are undoubtedly a game changer in the jewelry industry. They are revolutionizing the market by making diamonds more accessible and aligning with consumer values around sustainability and ethics," Arnolds told The Korea Times in a recent written interview.

She said, however, the meaning of the diamond — a pledge of eternal love — will never fade.

"The intrinsic value of diamonds as symbols of love, commitment, and eternity remains unchanged. Whether lab-grown or mined, the significance of a diamond lies in the emotions and memories it represents, not just its origin," the CEO said.

Korea holds a unique position in the global jewelry market. Diamonds have long been integral to key life events, such as weddings and anniversaries, symbolizing love and commitment. However, with rising economic pressures and a growing awareness of ethical concerns surrounding traditional diamond mining, Korean consumers are increasingly turning to lab-grown alternatives.

Reshaping jewelry market

Lab-grown diamonds are synthetic gems created using machinery, possessing the same optical, physical, and chemical properties as natural ones.

Since the 2010s, advancements in lab-grown diamond production technology have enabled the creation of the gems in various shapes, sizes and colors suitable for jewelry. Today, many brands and manufacturers worldwide utilize lab-grown diamonds in their jewelry collections.

This trend reflects a broader global phenomenon.

According to Zola, a U.S.-based wedding service company, the average cost of a wedding in America is projected to reach $36,000 by 2025, up from around $29,000 in 2023, prompting couples to look for more cost-effective alternatives.

Iris Arnold, CEO and founder of jewelry company Novita Diamonds / Courtesy of Novita Diamonds

In this situation, lab-grown diamonds can be a compelling answer, often priced significantly lower than mined diamonds of comparable quality, sometimes by as much as 70 percent.

"They offer identical brilliance and durability to mined diamonds at a fraction of the cost, making them an attractive choice for budget conscious consumers, especially during times of economic uncertainty," the CEO said.

Recognizing the burgeoning demand for sustainable and affordable jewelry options, Novita Diamonds entered the Korean market in 2022. While not directly producing lab-grown diamonds, Novita Diamonds partners with reputable manufacturers globally to ensure high-quality products.

Since then, the company has quickly become a recognized name in the Korean jewelry market.

"We entered the Korean market in December 2022, recognizing the growing demand for ethical and affordable alternatives in the jewelry industry. Although specific market share data is sensitive, we are rapidly becoming a trusted name for lab-grown diamonds in Korea, thanks to our extensive range of styles, competitive pricing and a focus on customer service," the CEO said.

A model poses with jewelry pieces made with lab-grown diamonds from Novita Diamonds. Courtesy of Novita Diamonds

Ethical, sustainable appeal

Lab-grown diamonds currently account for around 30 percent of global diamond sales, a figure Arnold predicts will surpass 50 percent within the next five years.

This shift signals a fundamental change in the jewelry industry, driven by technological advancements that have made diamond production more efficient and affordable.

"Looking ahead, the future of the jewelry market, including diamonds, will continue to evolve with technology and consumer preferences," she said. "As awareness grows, we anticipate lab-grown diamonds will gain an even greater share of the market, creating a more transparent and ethical industry while preserving the timeless allure of diamonds."

The CEO highlighted the appeal of lab-grown diamonds, noting that they resonate with the growing emphasis on sustainability and ethical sourcing in Korea.

"Unlike mined diamonds, lab-grown diamonds avoid the environmental degradation and labor rights issues often associated with traditional mining. This is particularly appealing to younger generations who prioritize ethical and sustainable choices," she said.

"In Korea, where jewelry symbolizes significant life events like weddings and anniversaries, lab diamonds allow consumers to maintain tradition while embracing modern values and affordability."

In order to expand its market share in the Korean market, the company is expanding sales channels, which are concentrated in the capital Seoul, to the bustling southern port city of Busan within this year.

"To strengthen our presence, we are committed to raising awareness about the benefits of lab-grown diamonds through educational campaigns, partnerships with local brands, and an expanding online and physical showroom presence with the opening of our Busan showroom in the middle of 2025," Arnold explained.