Due to recent advances in technology, lab-grown diamonds are becoming more prevalent in the gemstone market and an increasing number of people are taking interest in these man-made gems. Unlike natural diamonds, lab-grown diamonds are created in a controlled setting, but have the same chemical composition and physical appearance as natural diamonds. Some people find lab-grown diamonds appealing because they’re environmentally friendly and conflict free while others are turned off by synthetics because they don’t have the same romantic appeal as diamonds formed by nature over billions of years. When choosing between lab-grown and natural diamonds, here are some important things to keep in mind.
- Lab-grown diamonds have very little resale value. Because the future of lab-grown diamonds is uncertain, no one really knows how they will hold value over time. Many experts believe that the value of lab-grown diamonds will only decrease over time. Their supply is expected to far exceed their demand, leading to diminishing prices. Because of this, you’ll receive a much smaller fraction of the price if you’re selling a lab-grown diamond compared to a natural diamond that has a more predictable, favorable future.
- Lab-grown diamonds aren’t necessarily better for the environment. After you consider where these diamonds are being created – in a factory that relies on fossil fuels to function – the environmental benefits of lab-grown diamonds begin to diminish. It’s also important to note that today’s diamond mining companies are held to sets of environmental standards set in place to discourage unnecessary environmental disturbances.
- Lab-grown diamonds aren’t necessarily the better ethical choice. While there certainly have been horror stories surrounding the diamond mining industry, a lot has been done to eliminate any conflict diamonds from the market. In fact, the diamond mining industry has had a major impact in Africa and other prominent diamond mining locations. Millions of people are able to go to school, get jobs, and earn a living wage thanks to natural diamonds.
- Lab-grown diamonds are less expensive than natural diamonds. Right now, lab-grown diamonds cost about 30% less than natural diamonds.
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