If you're reading this and were born between 1981 and 1996, then you're considered a millennial. Millennials, also known as Generation Y or Gen Y, and are the demographic cohort following Generation X and preceding Generation Z. This blog post is primarily focused on the increased adoption of lab-grown diamonds, especially amongst millennials.
If you're in your mid-twenties or thirties, and currently shopping for fine jewelry and, or an engagement ring for that special someone then you're most likely caught between lab-grown diamonds and natural diamonds. Here are some frequently asked questions regarding lab-grown diamonds, answered by a millennial.
What Do Millenials Think Of Lab-Grown Diamonds?
As a millennial, I can only speak for myself and voice my opinion on why adopting lab-grown diamonds is a financially good decision. Let's start with the basics:
What Are Lab-Grown Diamonds?
Lab-grown diamonds are a synthetic version of natural diamonds created in the lab. Lab-grown diamonds look exactly the same as natural diamonds and share the exact same chemical composition, carbon. Lab-grown diamonds feel the same as natural diamonds. Lab-grown diamonds sparkle the same as natural diamonds, if you get the quality you're going for of course. When it comes to grading the quality of lab-grown diamonds just as you would with natural diamonds, one should follow the 4C's (Cut, Clarity, Carat-weight, and Color).
When society speaks of fake diamonds, they're usually referring to cubic zirconia like other diamond simulants that are not made of carbon. Carbon zirconia is usually found in costume jewelry.
What Is The Price Range Of Lab-Grown Diamonds?
Lab-grown diamonds could cost an estimated 35% of the price of natural diamonds. For example, a lab-grown 2ct round G color VS2 clarity diamond could cost an estimated $7000 vs a 2ct round G color VS2 clarity natural diamond could cost an estimated $20,000. However, due to the increased supply of lab-grown diamonds, you could easily find a good buy if you do enough research.
Looking to compare diamond prices? Try PriceScope's Diamond Search.
So, you're probably asking why natural diamonds are significantly higher in price compared to lab-grown diamonds. Natural diamonds take many years to form so its rarity is the primary reason for the high price tag.
Should I Buy Lab-Grown Diamond?
Answering this question comes down to preference. As a millennial shopping for jewelry, I would 100% shop for lab-grown diamonds, especially for everyday use. However, growing up in a very traditionalist household, the topic of natural diamonds retaining their value over time frequently came up.
If I were to decide between a lab-grown diamond vs a natural diamond for an engagement ring, I would prefer the natural diamond. Primarily based on the perception that I have of natural diamonds. However, with that being said I am not against lab-grown diamonds either. Lab-grown diamonds are real and if the budget allows for a 2ct lab-grown diamond vs a 1/2 carat natural diamond. I would opt for the lab-grown diamond because size (Carat weight) matters - to me.
In closing, understanding what you want when shopping for loose diamonds for custom-made jewelry or diamond jewelry, it is important to know exactly what you want. We at PriceScope advise you to define your needs using the 4C's (Cut, Clarity, Carat-weight, and Color), that way you can gauge whether your budget allows for lab-grown diamond(s) or natural diamond(s).
Are you convinced yet? If not, browse through De Beers-owned company, Lightbox, and fall in love with lab-grown diamonds for yourself.
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Lab-Grown Diamond Mini Princess Cut Linear Ring at Lightbox.
Lab-grown diamonds vs. natural diamonds is one of the hottest spoken topics in the diamond industry to date. If you want to learn more about lab-grown diamonds. I highly recommend reading one or both of the following educational articles at PriceScope:
#1 Guide: Lab-Grown Diamonds: Everything You Need To Know written by PriceScope's Director of Education, John Pollard.
#2 Blog Post: Let's Talk About Lab-Grown Diamonds written by PriceScope's Director of Education, John Pollard.
If you need help shopping for diamonds? Try PriceScope's Diamond Concierge.
Vendor Update: Lab-grown diamonds are coming to Wolf|CBI this August!
Written by Bianca Mac Donald
