The diamond industry has seen a rise in the sales of lab-grown diamonds. According to Edahn Golan, an independent diamond industry analyst, the number of engagement rings sold that featured a manufactured diamond increased by 63% compared to last year, while the number of engagement rings sold with a natural diamond decreased by 25% in the same period.

The growing interest in factory-grown diamonds is likely due to their cost. The average retail price of the most popular one-carat round, man-made diamond, for an engagement ring in March was $2,318, which is 73% cheaper than a natural diamond of the same size, cut, and clarity,” said Golan. The world’s largest jewelry company, Pandora (PANDY), announced that it would stop using mined diamonds and would shift to lab-created diamonds. The move is part of the company’s effort to sell eco-friendly jewelry and meet rising consumer demand. Environmental concerns are making the younger generation reassess their purchases and switch to non-traditional engagement rings, based on a report from the wedding planning website The Knot.