The increasing demand for lab-grown diamonds, largely influenced by rising living costs, is challenging the traditional diamond industry. While both lab-grown and natural diamonds share identical certification in terms of their chemical and physical properties, lab-created versions are significantly more affordable. Steve Richards from Ecolab Diamonds highlights that consumers can purchase lab-grown diamonds for $2,000, whereas similar natural diamonds would cost between $12,000 and $15,000.
Produced mainly in India and China, lab-grown diamonds can be created within days, contrasting the millions of years required for natural diamonds to form. Roy Cohen from the Diamond Certification Laboratory notes that these alternatives have made diamond jewellery accessible to more people, as they are visually indistinguishable from their natural counterparts.
Despite this, natural diamond dealers maintain that their products hold intrinsic value. Simon Kushnir from Kush Diamonds argues that lab-grown diamonds lack resale value, questioning whether they truly represent love and commitment. The lab-grown diamond market is projected to reach a staggering $90 billion by 2032, highlighting the shifting landscape in the diamond industry.