In recent years, moissanite has been steadily gaining popularity as a more conscientious and budget-friendly alternative to traditional diamonds. This trend is driven by a combination of ethical considerations, economic factors, and the gemstone’s inherent beauty. Let’s explore the facts and statistics behind Moissanite’s growing appeal.
What is Moissanite?
Moissanite is a naturally occurring silicon carbide, first discovered in 1893 by French scientist Henri Moissan. Today, most moissanite used in jewellery is lab-created, offering a sustainable and ethical alternative to mined diamonds.
The Growing Market
The global moissanite market is experiencing significant growth:
- The market size was valued at $576.8 million in 2020 and is projected to reach $1.65 billion by 2028, growing at a CAGR of 14.1% from 2021 to 2028 [1].
- North America dominates the market, accounting for over 40% of the global moissanite market share in 2020 [1].
Ethical Considerations
Consumers are increasingly concerned about the ethical implications of their purchases:
- A 2019 survey found that 70% of consumers consider sustainability at least “somewhat important” when making a purchase [2].
- The diamond industry has long been associated with concerns over conflict diamonds and environmental impact, leading consumers to seek alternatives.
Cost-Effectiveness
Moissanite offers significant cost savings compared to diamonds:
- On average, moissanite costs about 10% of the price of a diamond of equivalent size and quality [3].
- A 1-carat moissanite typically costs between $400 and $600, while a 1-carat diamond of similar quality can range from $4,000 to $10,000 or more [4].
Durability and Brilliance
Moissanite is not only cost-effective but also boasts impressive physical properties:
- On the Mohs scale of hardness, moissanite scores 9.25, second only to diamond (10) among gem materials [5].
- Moissanite has a higher refractive index (2.65-2.69) than diamond (2.42), meaning it can display more brilliance and fire [6].
Consumer Trends
The shift towards moissanite is reflected in changing consumer preferences:
- A 2019 survey by The Knot found that 10% of engagement ring shoppers considered moissanite, up from 6% in 2017 [7].
- Millennials and Gen Z, in particular, are driving the trend towards alternative gemstones, with 70% of millennials considering a lab-grown stone [8].
Conclusion
As consumers become more conscious of their spending and the ethical implications of their purchases, moissanite is emerging as a compelling alternative to traditional diamonds. Its affordability, durability, and ethical sourcing make it an attractive option for engagement rings and other fine jewellery. With the market projected to continue its rapid growth, moissanite is poised to play an increasingly significant role in the jewellery industry in the years to come.
Sources:
- Allied Market Research, “Moissanite Market Report”, 2021
- IBM and the National Retail Federation, “2020 Consumer Shopping Trends”, 2019
- International Gem Society, “Moissanite Value, Price, and Jewelry Information”, 2021
- The Diamond Pro, “Moissanite vs Diamond”, 2022
- Gemological Institute of America, “Moissanite Quality Factors”, 2021
- American Gem Society, “Moissanite”, 2022
- The Knot, “2019 Jewelry and Engagement Study”, 2019
- De Beers Group, “Diamond Insight Report”, 2019