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Market NewsNewsYoungsters embracing lab-grown diamonds, says Morgan Stanley report

Youngsters embracing lab-grown diamonds, says Morgan Stanley report

The idea of spending thousands of rands on a diamond is becoming less appealing as lab-grown alternatives of the stone are gaining traction. These lab-grown versions can look very similar to mined diamonds and can cost around 30-40% less, businessinsider.co.za reported.

This diamond-making process dates back to 1954 but has grown in popularity in the last decade. It's still small-scale, however, as manufacturers of these diamonds, such as Pure Grown Diamonds and MiaDonna, make up a very small part of the overall market share — around 1% of the $80 billion (R988bn) global business for rough diamonds. said the businessinsider.co.za report.

But this could be changing. According to a Morgan Stanley report cited by Forbes, lab-grown diamonds could take 7.5% of the total market share by 2020. the businessinsider.co.za said.

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