Artificial gems
More bling for the money – lab-grown diamonds are on the rise
A lab diamond costs only about a third of a mine diamond.
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De Beers established diamonds as the standard for an engagement ring and as a symbol of eternity. But now there is competition. Lab diamonds are easier to afford a large stone and these artificial stones are real “diamonds” and not imitations.
An entire industry thrives on the myth of the “engagement ring” and has enforced a standard worldwide that a real ring should have a diamond. The extent of love can be measured by the size of the stone. But real diamonds have two problems, one is their price and the other is their extraction. The film “Blood Diamond” took the extreme and showed the murderous mining of diamonds in a civil war. Mercenary Danny Archer (Leonardo DiCaprio) etched, “Who do you think is buying the rocks I’m bringing? Dreamy American girls who want a fairytale wedding and a big, shiny rock, just like the ones they see in the ads of political correct magazines.”
The cheap alternative
But now the girls are not so dreamy anymore and there is an alternative for them: lab grown diamonds. Sparkling stones deceptively similar to a diamond have been around for a long time. But such stones had to live with the blemish of being just an imitation of a real diamond. A lab-grown diamond, on the other hand, is chemically identical to its more expensive mined siblings.
Economic analyst Nadia Tamariki found that real diamonds of the desired size were unaffordable for her and her fiancé. She told the Sydney Morning Herald: “I originally ordered a moissanite ring but the next day I changed my mind. The cost wasn’t that far apart and now I can confidently say it’s a diamond acts.”
No difference to the eye
That was important to her. She cannot tell the difference. “I’m not an expert, but at first glance I can’t tell the difference between it and a normal diamond.” No wonder. According to the Gemological Institute of America (GIA), the difference can only be recognized by special measuring devices. “Due to the fact that lab-created diamonds are so much cheaper than natural ones, the average budget that is typically spent allows for a much larger diamond,” said Jeremy Auslander, founder of diamond, jewelry and watch brokerage firm Roxbury Jewelry in Los Angeles of “Elle”. “The average carat weight of a lab created diamond engagement ring is significantly higher than that of a natural diamond engagement ring.” In Numbers: As of August 2023, the price of a lab grown diamond is $1425 per carat, while the price of a natural diamond is $5185.
The Michael Hill chain operates 145 jewelry stores and has been selling cultured diamonds for two and a half years. Discreetly, because the company does not want to jeopardize the traditional mine diamond business. Lab grown diamonds currently account for 6 percent of Michael Hill’s diamond sales and growing. CEO Daniel Bracken told the Sydney Morning Herald soberly: “Diamond giant De Beers convinced the world that mined diamonds were a symbol of timelessness and permanence, but now there are more and more customers looking for an alternative. It works basically they want to get more for their money.” Accountant Melanie Foote is such a typical customer. “I wanted lab grown diamonds simply because then you can get a bigger diamond.” The main thing is that the ring makes an impression, and it did.
Prices slide
But is it also a good investment? Lab diamond prices have fallen 75 percent since 2016. Their distribution also affects the prices of mine diamonds. They have fallen by 21 percent over the same period. A further drop in prices is to be expected in the future. India and China account for 75 percent of the world’s production of lab-grown diamonds. However, if prices continue to slide as they have been, the myth of the eternal value of diamonds will probably be over at some point. Then every woman can afford large stones, and the time of exclusivity would be over.
Leonardo DiCaprio didn’t let go of the role of the ruthless Danny Archer. He is a co-financier of Vrai, a jewelry collection of lab diamonds. At Vrai you can have your dream diamond grown and specify the shape, cut and size when ordering.
Sources: “Sydney Morning Herald“, “ell“