Lab-Grown Diamonds Gain Popularity as Affordable Alternative to Mined Stones
Lab-grown diamonds are increasingly favored by engaged couples as a cost-effective alternative to natural diamonds. Toronto residents Daniel Ng and Olivia Chan opted for a lab-grown diamond during their ring-shopping in 2024 due to the substantial price advantage over natural diamonds.
Industry experts highlight that lab-grown diamonds can be up to 90% cheaper than their natural counterparts. The accessibility and affordability of lab-grown diamonds are driving more young couples to choose this option over traditional mined diamonds.
A recent investigation by Marketplace revealed significant price discrepancies for identical lab-grown diamonds sold by different retailers. For instance, a one-carat D-color, ideal cut, VS1 clarity, round lab-grown diamond from Blue Nile cost $1,639.23 Cdn, while a similar diamond from Alibaba was priced at only $228.86.
Despite the price variations, experts confirm that the quality of lab-grown diamonds remains consistent across different retailers. Appraisers verified that diamonds purchased from Blue Nile and Alibaba, which had the same characteristics, were of equivalent quality and valued at $1,925 Cdn.
The diamond industry is witnessing a shift towards more affordable lab-grown diamonds, produced in manufacturing hubs like China and India. While some retailers may markup prices significantly, experts believe that prices for lab-grown diamonds will eventually align with wholesale levels.
Consumers are advised to conduct thorough research, read reviews, and have diamonds appraised to ensure authenticity when purchasing lab-grown diamonds. The transparency in pricing and quality assurance are essential for informed decision-making in the diamond market.
Chan and Ng, who opted for a lab-grown diamond engagement ring, emphasized the importance of fair pricing and accessibility in the diamond industry. They encourage consumers to shop wisely and seek clarity on pricing to make informed purchasing decisions.