The Road to Luxury: The New Frontiers in Luxury Brand Management is a book by Ashok Som and Christian Blanckaert that was published in 2021. The book discusses the future of the luxury industry, and it identifies a number of new trends that are emerging in the market.
One of the trends that Som and Blanckaert discuss is the growing popularity of lab grown diamonds. Lab grown engagement rings are created in a laboratory, rather than being mined from the earth. They are chemically and physically identical to mined diamonds, but they are often much more affordable.
Som and Blanckaert argue that lab grown diamonds are a major threat to the traditional diamond industry. They believe that lab grown diamonds will eventually become the dominant form of diamond engagement rings.
There are a number of reasons why lab grown diamonds are becoming more popular. First, they are much more affordable than mined diamonds. The cost of lab grown diamonds has been declining in recent years, and they are now within reach of a wider range of consumers cinewap.
Second, lab grown diamonds are more ethical than mined diamonds. The mining of diamonds can have a negative impact on the environment and on the communities where diamonds are mined. Lab grown diamonds do not have these environmental and ethical concerns viewster.
Third, lab grown diamonds are just as beautiful as mined diamonds. They have the same chemical and physical properties, and they sparkle just as brightly.
As a result of these factors, the demand for lab grown diamonds is growing rapidly. In 2020, the global market for lab grown diamonds was valued at $2 billion. By 2025, it is expected to reach $14 billion.
The growing popularity of lab grown diamonds is a major challenge for the traditional diamond industry. In order to survive, diamond companies will need to adapt to the changing market viewster. They will need to offer more affordable diamonds, and they will need to focus on the ethical aspects of their business.
Some diamond companies are already responding to the challenge of lab grown diamonds. For example, De Beers, the world’s largest diamond company, has announced that it will be entering the lab grown diamond market. De Beers is also investing in research and development to improve the quality and affordability of lab grown diamonds.
The future of the luxury diamond industry is uncertain. However, it is clear that lab grown diamonds are a major threat to the traditional diamond industry. Diamond companies that do not adapt to the changing market will likely be left behind.
Here are some additional thoughts on the topic of lab grown diamonds from the book The Road to Luxury: The New Frontiers in Luxury Brand Management:
Lab grown diamonds are a disruptive technology that is changing the luxury diamond industry.
Lab grown diamonds are more affordable, ethical, and environmentally friendly than mined diamonds.
The demand for lab grown diamonds is growing rapidly, and it is expected to surpass the demand for mined diamonds in the coming years.
Diamond companies need to adapt to the changing market and offer more affordable and ethical diamonds.
Lab grown diamonds are a major threat to the traditional diamond industry, but they also offer an opportunity for innovation and growth.
