Embracing the Future with McGuire Diamonds
Where tradition meets innovation, Dublin's engagement ring preferences are witnessing a remarkable shift. At McGuire Diamonds we are at the forefront of this change, embracing lab-grown diamonds - a choice that mirrors the city's progressive spirit and commitment to sustainability.
Lab-grown diamonds aren't just a trend; they're a testament to human ingenuity. Created in state-of-the-art labs, these diamonds are formed under conditions that mimic the earth's natural diamond-creating process. The result? Diamonds that are physically, chemically, and optically identical to their mined counterparts, but with a significantly reduced environmental footprint.
In the current market, a 1 carat natural diamond with specifications of D colour, VS1 clarity, and an excellent cut is priced at approximately €7,000. In contrast, a lab-grown diamond of identical specifications - 1 carat, D colour, VS1 clarity, and excellent cut - is available at a significantly lower price of €900.
If you're interested in lab-grown diamonds, either as an owner or a potential buyer, understanding the methods used to create these gems is quite fascinating. Lab-grown diamonds are created through two primary processes: the High Pressure High Temperature (HPHT) method and the Chemical Vapour Deposition (CVD) method. Each method has its unique characteristics:
Process: This method mimics the natural conditions under which diamonds form beneath the Earth's crust. It involves subjecting a small diamond seed to extremely high pressure and temperature.
Both High Pressure High Temperature (HPHT) and Chemical Vapour Deposition (CVD) methods are capable of producing 'D' colour grade diamonds, which are among the highest in quality. Generally, diamonds produced via HPHT tend to exhibit superior colour grades compared to those created through CVD. Conversely, CVD diamonds often boast higher clarity grades on average than those produced by the HPHT method.
The ascent of lab-grown diamonds in the market has been nothing short of extraordinary. Back in 2020, loose lab-grown diamond sales accounted for a significant 13.7% market share, a figure that was impressive at the time. However, this was only the beginning of their meteoric rise. Fast forward to 2022, and this figure has nearly tripled, reaching an astounding 33.8%. The most remarkable aspect of this growth trajectory is the sharp increase observed in a relatively short time span.
In January 2020, lab-grown diamonds held an 11.6% share of the market. By February 2023, this number skyrocketed to an incredible 46.6%. Within just three years, lab-grown diamonds have transitioned from occupying a modest tenth of the market to dominating nearly half of it. This rapid growth not only highlights the increasing consumer preference for these sustainable gems but also underscores a significant shift in the global diamond industry.
What sets McGuire Diamonds apart is our commitment to quality and bespoke design. Each engagement ring is a work of art, crafted to celebrate individual stories. Our designs are a blend of traditional craftsmanship and modern aesthetics, tailored to your personal narrative.
We invite you to experience the convergence of technology, art, and romance at McGuire Diamonds. Discover our range of lab-grown diamond engagement ring collection and see how we're redefining value and sustainability, just a stone's throw away from Dublin.
As Dublin grows and evolves, so do the choices of its people. McGuire Diamonds is proud to be part of this journey, offering lab-grown along with natural diamond engagement rings that are as unique and forward-thinking as the city itself. Join us in embracing a sustainable, value-driven future in fine jewellery.