The Cost of Lab Grown Diamonds vs Natural Diamonds
Why are natural diamonds so much more costly than lab grown diamonds? Discover the truth about the value of each and what makes lab grown diamonds so much more affordable.
Contrary to popular belief, natural or mined diamonds are not as rare as the market would have you believe. However, clever marketing and manufactured scarcity by leading natural diamond mining companies continue to perpetuate the myth that natural diamonds are rare, and therefore, much more expensive.
We invite you to explore the difference between the two types of diamonds and learn why choosing lab grown diamonds makes the most sense economically, environmentally, and ethically.
How Are Lab Grown Diamonds Different Than Natural Diamonds?
It’s important to note that lab grown diamonds are not fake diamonds. They are true gemstones. Lab grown diamonds are chemically, physically, and optically identical to mined diamonds. The only difference between the two is their origin.
Lab grown diamonds are created in controlled environments using advanced technology. Techniques such as Chemical Vapor Deposition (CVD) and High Pressure High Temperature (HPHT) actually mimic the natural diamond forming process but in a fraction of the time; just weeks versus billions of years.
And because they’re not mined from the earth, lab grown diamonds offer an ethical and sustainable alternative to mined stones. Ultimately, they are just as real, durable, and optically brilliant as mined diamonds. They are also a much more affordable alternative.
Are Lab Grown Diamonds a Better Value?
Industry experts state that lab grown diamonds cost on average 20% to 40% less than natural diamonds in a side-by-side comparison of gemstones with identical carat weight and grades. If they’re both “real” diamonds, how can we account for that large price difference?
Quite simply, natural diamonds take billions of years to form deep within the Earth and require extensive mining to extract them. By contrast, lab grown diamonds are rapidly produced in controlled environments using advanced technology in just weeks. This accounts for the affordability of lab grown diamonds. For example, pricing for a 1-carat princess-cut mined diamond might begin around $2500 and increase based on color and clarity, whereas a lab grown diamond of the same cut and higher quality might only run just $500.
As technology evolves and production of lab grown diamonds scales, the price gap between the two may continue to widen.
What Makes Lab Grown Diamonds the More Ethical Choice?
For years now, there’s been a growing awareness of the questionable ethical practices of diamond mining companies. These companies are more likely to exploit child labor, enslave workers, offer low, unlivable wages, and expose workers to unsafe working conditions.
Additionally, traditional mining practices can cause irreversible damage to the environment through deforestation, water pollution, groundwater contamination, soil displacement, and more. Mining also produces carbon dioxide emissions which contributes to climate change.
Conversely, because they are created in controlled environments using minimal resources, lab grown diamonds pose none of those threats to human beings, human rights, or the environment.
Can You Spot a Lab Grown Diamond Just by Looking at It?
Even gemologists need special equipment to distinguish between lab grown diamonds and mined diamonds. That’s because lab grown diamonds possess the same brilliance, sparkle, durability and shine as mined diamonds. What’s more, just like mined diamonds, lab grown diamonds are graded on the same 4Cs — cut, color, clarity, and carat — proving that they meet industry standards for authenticity and value.
What Are the Benefits of Buying Lab Grown Diamonds?
Because lab grown diamonds are lower priced, consumers can choose a larger sized gemstone than they might have otherwise. This savings allows couples to redirect funds they may have budgeted for a ring elsewhere such as to wedding expenses, a honeymoon, or a down payment on a home.
And since lab grown diamonds are produced in a controlled environment, you’re likely to find a gemstone with very few flaws, offering you a stone with more clarity than a mined diamond. Because these gems are lab grown you’re assured more consistent quality with exceptional visual characteristics.
Because retailers are not restricted by geological scarcity, lab grown diamonds offer greater access to a variety of shapes, sizes, and settings. Lab conditions make it easier to replicate and customize diamonds without the limits of natural formations which in turn, allows for a wider range of shapes and sizes of gemstones.
Finally, lab grown diamonds offer consumers peace of mind. Each stone comes with clear documentation of its origin. This eliminates the uncertainty surrounding traditional diamond supply chains and how they were sourced. This transparency allows consumers to make informed, ethical purchasing decisions.
The Future of Diamond Jewelry
Because lab grown diamonds are real diamonds, buying them is not a compromise, but instead a wise choice. Industry experts point to a 34% drop in the mined diamond market between 2022 and 2024. Among consumers, purchasing trends indicate a growing demand for choosing high-quality, ethically-sourced, and environmentally friendly lab grown diamonds at a lower cost especially among those in younger generations.
As demand shifts, retailers are embracing the gemstones and offering more lab grown diamond options for consumers. This retail adaptation highlights a wider industry trend in the diamond market, with a move toward greater sustainability, ethical sourcing, and technological progress.
Lab Grown Diamonds: The Smarter, Brighter Choice
When it comes time to shop for your diamond jewelry, whether that’s an engagement ring, bridal set, or other diamond jewelry, lab grown diamonds in lieu of mined diamonds are worth considering. Beautiful options are available in the same range of cuts and sparkling clarity at prices that are more budget friendly. We invite you to visit Plum Diamonds to shop our collection of exquisite lab grown diamond jewelry for every occasion.